The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-29
HEAVY DIVIDENDS
TO BE D|SBURSED
September Should See General
Business Revival
TRADE rs VERY SOUND
Underlying Conditions In the Financial
World Are Firn, and Political and
Crop Scares VIII Hardly
Affect the Situation
BY RALPH EMERSON

BY RALPH EMERSON
New York, August S.-(Special.)--I
Is estimated that dividend and interest
disbursements In September by rail-
road, Industrial and other corporations
Will aggregate $10O,O0OO 900. This is
500 1000, 900 ahead Of last year, which
his a pleasing showing indeed. Ever
since American manufacturers and rail-
roads have entered to their present era
Of prosperity disbursements on invest
ments have been gradually increasing.
The increase has been slow and sub
stantial, which is the best kind Those
rocky jumps are unnatural, but the
steady climb in dividends and earnings
which has been in evidence recently
betokens soundness. The dividend pay
ments next month will exceed s5S.95s,-
900, and interest payments will be in
the neighborhood of $37,236.o00.
The disbursements for the nine
months of this year, September In
cluded, of course, are s1,1s4, $4,000, an
increase of s1500o0,Oo0 over the same
nine months of last year. Already this
year dividend and interest disburse-
ments are S27,o0o,000 ahead of the dis
bursements of the entire year of 1907.
In the face of these conditions. it
is the height of absurdity for any man
to attempt to discount prosperity All
of the underlying conditions of busi-
| ness and finance today are f1rm. IL 10
true that few Wall street "Napoleons'
who are alarmed over the political
trend have been attempting to falsify
actual conditions, but the statistics
herewith set forth eloquently defy all
false assertions.
New York Bank Surplus
1t Is stated here that the New York
bank surplus will not be sufficient IN
the early fall to assist the middle west
in the movement of crops. There Is
nothing for alarm in this statement,
for the financial conditions in the N
terror are such now that financial help
from New York will not be needed.
There is plenty of money in the in
terror. In fact bankers from the mid
die west have complained that they
have too much money on hand.
On the currency operations of the
| present week New York banks have
lost approximately $4,000, which was
offset by the fact that 1921 ,261, 900 was
paid into the United States subtreas-
ury more than was received. To this
must be added $550,000 gold which was
withdrawn on Thursday for shipment
to Montreal
Failure on the part of the Bank of
England to increase its rate of dis
count according to expectations in GER
tain quarters here caused no marked
| change in the foreign exchange mar
ket 1t was said that speculative COM
mitments for and against such de-
velopment pretty well counteracted one
another in the market. AS matter OF
fact 1t is only the outside discount rate
in London that is causing concern, as
crop conditions are satisfactory
Satisfied with Conditions
The United States Steel corporation,
| which keep in close touch with crop
| conditions havesissued statements that
| they are eminently satisfied with con-
ditions as they exist g. present through
out the middle west and the western
states Late reports Indicate De-,
cided improvement in the cotton field,
and it is said that the corn crop Will
go to 5000 600, 900 bales.
| With these broad conditions so salts
factory, industrial and financial inter-
ests are turning to the new year to see
what 1t Is going to offer. From the
Industrial and mining fields in Penn
sylvania, Alaska, Indiana and Illinois
come optimistic signs for 1911. The
labor differences which have seriously
affected the coal and steel trade are
now about over. Already the order
books show a substantial Increase for
the initial period of the new year.
| Progress in the railroad field has
been somewhat handicapped through
the dullness of the bond market and
the caution of American and foreign
investors. Frankly speaking, railroad
men will be glad when the November
| elections are over. There nave been
sundry expressions appertaining to the
activity of Colonel Roosevelt. Plenty
| arauies Of Roosevelt have declared
that his utterances will cause unrest
| in Wall street However, that will do
no great harm unless Wall street takes
| It into its head to act like 1t did three
wears ago. Dizziness prevails in the
| conner market. The constant crop
ping UP of reports are greatly respon-
sible for the prevailing conditions.
Earning Are Large
with few exceptions, the important
Industrial companies are In position
to finance their business and put
through the construction work they
have under way this year. Earnings
since early last year have oeeen large
and the aggregate amount or cash
carried Is above the average The cash
in bank held by the United States
steel corporation runs over $75.O0O,O00.
international Harvester Is so long on
resources that 1t has turned ledger.
Standard OIL, American Tobacco, Beth
lehem Steel. Westinghouse and Sears
have the biggest cash resources on
hand now in their history.
Considered all in all, conditions ara
beyond fear of cavil.
| The stock market this week has been
with out moment Trading has beer
narrow and light and movements have
| not been exceptional. The tone has
nuctuated without going to extremes.