The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-27
Is SEEN
ON WAY IN CANADA
President Of Sterling Bank
Looks for Good Times AZ
ter Readjustment.
specia, Correspondence 10 Tn, sus.

Special Correspondence 10 TIE sus.
TORONTO, May 26.-Several additional
annual financial statements. 5ust made
public, give further evidence OF the
prosperous times enjoyed by large COM
panies last year. Two are banks whose
financial year comes we'll into the CAL
endar year. and they are about the last
OF the Canadian banks to issua their
statements.
These were the Imperial and the
Sterling. Neither Is among the first In
point OF size but both are we'll managed
and show considerable advance in
profits and general financial position
compared with the previous year.
The Sterling marked the annual state
ment and annual meeting by an In
creased dividend-trom 6 per cent. to
per cent. The Imperial, whose annual
meeting. takes place this week, had no
| special announcement to make, but its
| net profits Increased from S1,lS5, 066 in
| 1918 TO S1,2<7s516 last year. A sign of
the times Is seen in the appropriation OF
s1ts.5oo for pension and guarantee
funds. as compared with $500 in the
previous year.
This banks assets have increased to
s112, 000. 000--a gain OF more than slO,-
| 100000 during the year and OF $50, 000.-
900 IN three years Cash and liquid re-
serve amount TO over $4,000. 900. or
over so per cent. of the total liabilities
| to the public
The annual meeting OF the Sterling
Bank was marked by an expression OF
optimism by the president. @. T. Somers
who said:
While business conditions will not
be the same as before the war, I still
| believe they will be good. The financial
burdens imposed by the war are heavy.
and the problem will be TO see that
every one without exception bears
| proper share. II this he fairly adjusted
these burdens will not be too heavy;
and after adjustment to the new con-
ditions look for prosperity"
Increase in Profits.
Profits by the Sterling showed n sub
stantial increase to s213,632, compared
with $lS6,120 in 1918. These represented
l7.51 per cent. on the paid up capital,
so that the bank was able TO set aside
$4,000 for reserve fund. bringing that
fund up to $500, 900. while $4,000 was
| allowed for general depreciation. and
$4,000 for reduction of bank premises
| account Cash assets amount to So
730,597, or 81 per cent. OF the liabilities
TO the public. Total assets have in
creased during the year from S16.10S,267
10 s1s,430,SS4
Labor troubles have long been the
bane of the Crows Nest Pass Coal Com
PAW. With has large coal fields in the
Rocky Mountains at the western border
o. Alberta, Last year. however, was
more favorable, and the company showed
profits Of s2l6,9S4, compared with s57,-
eS5 the previous year. Operations in
1917 suffered much from strikes and
shortage of labor.
Coal mined last year amounted 10
esl,s42 tons, against 5o4,76S in 1917,
and coke produced was 1871 tons.
against 1858 in 1917. Three dIyi-
bends OF 1-2 per cent. each were paid
last year, amounting in all TO S279,4e9
whereas in the previous year no divi-
bends were paid.
Quarterly Dividend Declared.
The companys total assets are
s6,S'2.o05 ard paid up capital stock
S6,"l2666. At the annual meeting w
K. Wilson, general manager. was added
to the directorate as second vice-presi-
utAl, owing 10 the physical condition OF
L. {. Whitney, Vice-president No prom
Use was made as TO future dividends. al
though declaration of a N per cent
quarterly dividend was made.
This company was a political storm
centre at the time of its formation in
the late nineties of the last century, be-
cause certain well known Liberals were
charged with getting too much from the
country In the way Of concessions of
coal lands from their friends the Lau-
rier Government, who had just come into
Office. The company did valuable pio-
neerlng work in opening up a coal and
coke industry in southern Alberta and
British Columbia and has been factor
in the mining and Industrial develop
mont or western Canada.
This is one OF n few extensive coal de-
posts OF the Dominion, and with any
thing like settled Industrial conditions
the company should have an assured fu-
ture for generations.
TURNING
TO CARIBOU HERDS