The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-03-03
HIGHER WAGES
STOP DIVIDENDS /. u
In Germany the Complaint Is
Made That the Values OF Ma
terial Are Too High.
CHEMICAL GREATEST FARMER
Makes a Dividend Of 10 Per Cent.
Rubber and Paper Show
Losses.

HAMBURG, March 2.---Tlle unusual
expansion OF trade and Industry
throughout the German empire in 1906,
and especially by its exports to Amer
lea. which formed the text of so many
expert commercial reports and fore
casts, led most people to form ratlorjI
sanguine views as to the yield or re-
turn in the shape of dividends of the
various public companies concerned In
trade or manufacture. Those rosy OK
pectations. 1t is true have been full
filled In the case of some or the en-
tcrpriscs that have been favored cx-
ceptona1ly by the circumstances OF
the year. such as the cement works,
one of which has only this week de-
clared a dividend OF Is per cent,
against per cent. In the previous
year; and some OF the mining or ship
ping companies that have had sur
roundings unusually favorable to help
them.
But In the main. the dividend an
nouncements. while releasing larger sums
of money than the average Of the pre-
ceding year have fallen little fiat
The chairmen of the company meetings,
therefore, have been in the singular
position Of having to congratulate their
shareholders on n most encoura ging In
crease In business, and at the same time
apologize for mot being able to afford
ENHANCED WAGES TO BLAME,
The general explanation mas been that
for traders and manufacturers the past
year has been comparatively adverse be-
ause of the enhanced wages bill and
the still more dlsproro rtionate advance
IN raw materials Of every description.
Nothing APPEARS to have become any
cheaper. while tisc advances range from
10 per cent. TO quite inconceivable figures,
al inv rgta Ga,,
risen 10 iire times their former values.
The high discount rates have also con-
trlbuted to lower the yield on trading.
especially IN building and land SO thar
ON the whole the Advance OF investment
Interests is less than In 1906. ana in the
prior burner year
II, for example, the average yield be
taken, $50 representative companies
quoted on the Perrin Bourse. having. a
capital OF $500 100000 marks. return
2al,9S0.oo0 marks or Ie.5S per cent.
which Is about ] per cent. above 1905.
in the latter year the increase was liz
per cent. over 1903.
CHEMICAL TRADE HEADS. LIST.
The most striking increase has been
shown by the chemical trade. averag-
Ing III per cent In 1906. against ii per
cent. in 1903 As regards the coia-
garrison with the previous year. only
the cement industry had better results
for 1905 than the chemical works.
Mineral, coal and foundry companies
follow in the third place. averaging
dividends OF nearly Il per cent .
against 10 per cent. in 1905. Iron ard
metal works and railway equipment
rompanies. although busy all the year.
have not done more than increase their
.:icld by per cent over 1906
Ceramic, glass. textile and electrical
works have also managed TO pay rather
more than in Z he previous year but
aimcntary trades, builders rubber
WORKS and paper makers have all failed
to maintain the previous record while.
sugar factories are averaging only 7
per cent. for 1906. against ga per
cent in 1905.