Smyrna times., 1900-07-04

THERE is nothing that so stiffens
the back of an individual. or nation,
as prosperity. This is apparent in a
memory running back only four or
five years. Things are just the op
posite now what they were then.
Holland, in writing from New York,
speaks of the millions that are being
paid out there this week in the way of
returns for investments:
''The estimate here is that the pay
ment of dividends and interest will
be in the aggregate the largest sum
ever disbursed in the United States in
this way. 1t will surpass the splendid
figures reported last January. The
aggregate payments, most of which
will be disbursed here, or profits
represented by interest and dividends
for the fiscal year that will end on Sat
urday, will be found to be not far from
$3.50, ,OO0,O 900.
The larger part of this by some $15,-
100000 at a rough estimate is to be
paid this week. OF course, the pay
ment of so much money may entail
the calling of some time loans and the
preparing of resources by the bank and
that may result for two or three days
perhaps in a little stiffening of rates
charged for loans. But this is sign
OF prosperity and not of distress and it
makes an unprecedented record for the
beginning of Presidential campaign.
The rough estimate, rough only in
the fact that it is not complete, of the
amount that will be required for the
payment of interest and dividends is
little over $1O0,OO0,O0O The railway
corporations make a fine showing.
Thirty y-eight railways of the United
States are to pay dividends aggregat-
ing for each corporation more than
100000, and the eaanings of these
thirty-eight roads as represented by
dividends, some of which are semi-an-
nual and some quarterly, are very
nearly S15, 100000.
But while the railroads have made a
fine showing, the aggregate of the
dividends that are to be paid by the
industrial corporations ought to be
carefully considered by those who pur-
pose to make political campaign upon
what is called the trust issue. The in
dustrials have beaten the railways in
the amount of earnings, the aggregate
of the more important industrlals
being nearly twenty. three millions
dollars. Almost every one of these is
organized upon what is called the
trust system, that is, it is a combina-
tion of various corporations engaged
in like business into one corporation
OF course, it is easy to see that any
political campaign that proposes to at
tack Unfortunately combinations OF
this kind, proposes either consciously
or unconsciously to make an assault
upon interest so great that if they b,
successfully attacked no one can estl
mate the decentralization and panic tha
will follow.
AhC oNOlJ lCdO DClWccu III
lines of these dividend reports of tn
industrial corporations is one of un
precedented prosperity in all lines Q
American manufacturing, and to N
small extent reflects our great expor
trade in the fiscal year now closing.
The disbursement at this time G
perhaps as much as one hundred an
twenty-five millions dollars, certainl
not less than one hundred million dol
lars; in the form of cash payment
representing interest and dividends
mnst, of course, have most benefcii
influence upon business conditions
and will do much to relieve any apprt
hension as to it's possible financial r,
straint when crop moving time come