The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-03
TIE JUNE PAYMENTS

.-.".. T.-- -.
A more interesting and significant
conde nsathon bearing upon the state of
CONN, .rce and the financial situation
could scard ely be fonud than the table.
of divide disbursements for June
which has just appeared. It is an
axiom tn at. when labor is well employed.
at good wages the country cannot fail
of prosper iEy. The agricultural return,
the wealth yof the country masses, and
the purchas tmg power of the great rural
population .,re considerations Of prime
Importance. Indeed, the economist of
practice. ratl Ter than of theory con.
cerned with the problem Of conditions
to come, Civ els first thought to the
crops. Yet of Importance scarcely a
degree less is the. industrial situation.
T One fits into IL We other and usually con.
ditions correspc nd, yet there have been
years Of good G. cops and Low prices and
Industrial distur Dances and depression,
the bad features 'offsetting very largely
the good. The pr esent is a time Of gen
eral good things Tor agriculture and in
dustry together are prosperous and
profitable.
In June the railroads and the great
Industrial compani, IS will pay out in the
form Of dividends to stockholders
$2s,267. 115, of VIII ich the industrials
will contribute $21, S71Ts5, an increase
of $2,129,98l. over. a year ago and Of
$6,26O,2S6 over Ju ne, 1904. For the
first half of the cur renb year the indus
trial dividend pay1 pents will be $780,
965,O27, a gain, Of bl2,710,331 over the
first six months of, 1905 and of $17,-
9s2, 36l over the corresponding period
of 1904. The figures speak Of activity
in manufacturing, of the turning out of
great quantities of new material, and,
While dividends are always in a sense
reflective, covering net results in things
past. there is later report to show that
demand is more than equal to produc-
ton, for in many ines-notably iron
and building material-it is difficult to
meet the call and everything points to
,continued activity. :.
F; The figures mean not only profit for
the owners and stockholders in com
panies whose: securities are quoted,
which is but the smaller part of the
whole, but that; the. same degree Of ac-
tivity was for the greater part main
tanned in the Numerous smaller com,
panies whose sto cks are not heard of in
the securities market and whose re.
ports the public does not see. They
/ mean, moreover, that the prosperity has
been mutual-that as there was bust
ness enough to tax, capacity Of plants
so there was work for the wage-earner
Nor do the dividends represent wholly
returns upon capital invested in large
amounts, for in many corporations the
small holdings Of employees who put
their surplus cal nings back into thu
companies that employ them amount t.
considerable in the aggregate.
) The month of-June also came in will
, some measure of relief from late I'm
r }seasonable. weather. and with doubtful
: or unf aVoTa bic repdrtsF from the grain
;. Estates giving way to better news. Thu
, southwest is nov III good condition
9 again, rains having come in time to pre-
= vent serious drought damage, and TIL
|. northwest crops, except in a few local.
t ties where conditions have been unfa
0 yorable for several years, are highl..
q promising. erAsss4. - As~~.- ~ Il
Z Rumor from Washington that con
=. gress will not adjourn until July vii
be disappointing TO the Wall stree
y bulls, who had been looking for ad
: iournment somewhat earlier and talk
; ing of the great things to come in tn
T. way Of price enhancement. The bull
l. have also been emphasizing the fac
l. that the return Of money from Sa
o Francisco to the east had started. IN
+ winter wheat harvest will begin mex
y week, wheat having already been cut i
n the advanced places in Fexas. Whe
0 the harvest gets north into Kansas tn
s first of the demand for crop money Wi
u be felt. This will come easy at frs
, for there is plenty of money in tn
). west, but unless precedent fails Their
Il will be the usual call later on. Th
e west is not Boosting quite SO much o
e it's financial independence this yea
Il Last year there was a great boast Q
Il ability to move the crops without east
# ern assistance, which held good for
N time, but failed finally. The west
d richer than ever before and it's bank
IS hold more surplus money, but croI
II moving time is likely to have it's effec
ttss nevertheless, for if the yields are larg
n and the harvests early, much none
D. will be required to finance the move
T., ment.
le The outlook, therefore, is for quie
l1ei period in stocks, while the country
- getting ready for the annual bushes
Of marketing the crops, and in watcl
II ing the outcome. Advantage may b
= taken Of particular features to wor
i about manipulative advances, but n
At pronounced movement seems probabl
is for >the near future. The country hs
j., undoubtedly made new his high records
k, many things for the first five months {
N N 1906, but comparisons will not be Pc
~ sible until the six-month figures al
% tabulated. Then it will be found ths
* more business has been done than eve
te before in like period, and the yea
~ will have clinched a place at the to-
IS Even with moderate returns from tt
y harvest fields, it is unlikely the yea
d. will fall back, while if the harvests al
' bountiful new records may again
looked for in railroad earnings, ban
clearings. and all figures covering tt
general commercial and financial a
m tivity in 1906.
ao DApc 1rrTE TOD Arsrtn TpTTcT