| Show Toda Today's 0 a s Forgotten Man ManA A lot of members rs of the long-haired long fraternity have been telling the American people about high corporation profits They have had some folks believing that the stockholders of corporations corpora corporations cor cor- pora ons have been taking an unreasonably large share of the national income Of course anyone who owns a few corporation stocks knows that isn't true be because ause he hasn't seen any appreciable increase in his dividends But not everyone owns such stocks stocks although although it might be a avery very good thing if all of ua us Ul did own a few at lea least t. t Anyway it itUs is ls good to have from an authoritative source the U. U S S. S department of commerce a report on corporation dividends dividends dividends divi divi- paid between the years 1929 and 1946 inclusive The report reveals that corporation dividends paid to stockholders stockholders stockholders stock stock- holders in 1946 amounted to approximately 3 per cent of the national income The percentage was waa slightly higher in 1946 than it was in 19 1943 19 1944 and 1945 but ut well below that of any year prior to the war war In 1929 a good year t the e percentage of national income paid out in dividends was just over 7 1 per cent In the depression years it fell feU to about bo t 5 per cent but rose in the period of partial recovery recovery recovery re re- covery just before the war to around 6 per cent The only fair way to figure stockholders' stockholders earnings on their invested capital is as a percentage of the national income It isn't fair to compare the total dividend payments in dollars and cents today with payments before the war All prices have gone up since then The farmer fanner m makes more The worker makes more Why should not the owners of ot a business or industry be entitled t to greater earnings greater earnings Their costs costa o of living have increased ed as much muchas as anybody eIse In th theory ry the stockholders stockholders' share of the national in income ome should be perce as it ever was But in fact his share is Is' much less Jess than it used to be Even though t total tal corpor corporation tion dividend payments from a dollars and cents standpoint standpoint standpoint stand stand- stand stand- point are higher than they were the stockholders stockholders' share hare of the business income dollar is less les's proportionately and he is in relation relation rela rela- tion to other economic groups worse off than he used to be A 3 per cent share of the national income compared to a prewar share running from 5 to more than 7 per cent doesn't look like profiteering Indeed the corporation stockholder seems to be today's today forgotten man who deserves sympathy not vituperation |
