Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-27
The Prevailing Prosperity.

The Washington Post can by no
means be accused of Republican
leanings, but it has compiled some
prosperity statistics which read like a
page from Republican campaign
text book 1t finds its text in the sale
of 100000 900 per cent short-term
Panama canal bonds at 104. While
this is going on in the United States.
England is facing a crisis in South
Africa; France and Germany are
affected by the Russian situation, and
Russian bonds last week fell 10 points
below the lowest point reached during
the war with Japan. Gold is beginning
to drift to the United States in payment
of the enormous balance of trade in
our favor The Post goes on to show
that the practical assurance of I'M
mense crops of wheat. cotton. and corn
has further stimulated industrial &C
tivity in this country, and forthcom-
ing exports of these crops promise 10
make further drains upon Europe
Harvesting of wheat is in progress,
and the quality and quantity of the
yield are unprecedented. Prices are
slightly lower in consequence. The
corn crop will be a record breaker.
from present prospects. The yield of
oats will be much larger than was ex-
pected three weeks ago. and prices
have declined cents.
The price Of cotton for immediate
delivery advanced ten points last week.
but specula ton in futures is almost
absent. with declining prices on ac-
count of the increasing evidences of a
big crop and the ability of planters to
hold their product for a good price.
There is considerable activity in the
cotton goods market. Mill owners are
encouraged by the prospects, and
throughout New England they have
voluntarily announced increased wages.
The Post says that the scarcity of
pig iron is beginning to be felt
seriously, on account of the steady in
flow of orders for structural steel, steel
rails, &C There is more activity in
steel manufacture than ever before in
midsummer. Among the orders book
ed last week was one from the
Southern Railroad for 10000 tons of
rails Some of the big mills report
that they have orders for next years
delivery that will tax their capacity.
Pipe mills are also busy, one order
from Kansas calling for 200 miles Of
pipe. Building operations all over the
country are pushing the mills for
structural steel and hardware.
Railroad extension is more active in
the South than in any other part of the
country. The prosperity of the South
is shown. moreover, in the reports of
the Post office Department. The
revenues Of the post offices increased AZ
per cent during the year ended June 80,
while the increase last year was "a per
cent The States showing the largest
percentages Of increase were all in the
South with South Carolina in the van.
For the five months ended May 81.
ninety three railroads show gross
| earnings two and a quarter times as
large as those of the corresponding
period in 1905. The net earnings this
year We're three and half times as
] large as those Of 1905. Bank earnings
last week were 1871 per cent greater
| than during the same week last year.
| The demand for labor is apparently
unsatisfied. in spite of unprecedented
! immigration and the absence of strikes
and Iockouts. Broadly speaking. every
man I'm the United States able and
willing to work is now employed. 1t is
little wonder that this expenditure of
energy and bountiful crops should
create wonderful prosperity. 1t is
! also little wonder. although the Post
fails to mention the fact. that the
| country is perfectly willing to stand
pat on Republican industrial policies.