Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28

In any event, the distribution to
stockholders is perhaps more desirable
than the sale to a third party at this
time. when quotations are admittedly
at or near the bottom, whereas. at the
time of the formation of most of the
holding companies, securities were at or
near the peak.
1t is still too early to gauge the ef-
fects upon the copper market Of the
formation of the Congolese Copper
Syndicate. The syndicate has just
been organized by a group of Belgian
producers there, and includes among
tanga. The capital Of the syndicate is
given as 30.000,0 900 francs, equivalent
to about $685. 900, and its aim is a
larger copper production through the
various member companies.
American Capital Interested.
While the cost of American produc-
ers is appreciably higher than that of
the Katanga group, many American
controlled companies can produce even
more cheaply. Furthermore, it is def
nitely understood that American CAPT
tai is interested to some extent in the
Belgian enterprises, which would lead
one to believe that nothing will be un-
dertaken to affect adversely the copper
market in general. and American pro-
duce-s in particular.
Announcement that no action will
be taken on the New Haven dividend
until September was accompan ed by
q statement from j. J. Policy president
of the carrier, to the effect that earn
ings are likely to exceed $3.50 share
for the current year. 1t is possible that
the postponement was prompted by the
belief that within two weeks il may be
easier to gauge the future and take
action accordingly.
This view directs attention to the
British system of dividend payment
which might be employed advantage
ously by American enterprises. Cor
porations in England declare. as
rule, an interim dividend and a final
disbursement. the latter being based
upon actual results of the enterprise In
question.
Shoe Industry Improves.
The boot and shoe industry is the
first major industry to show definite
Improvement according to Secretary OF
Labor Doak. who bases his remarks on
reports coming from all sections of the
country. and which indicate that the
industry is operating on an average OF
80 per cent or better.
Mr.. Doak's views are borne out by
E. r. Mccarthy, vice president OF the
Brown Shoe Co, who informs US that
his company's output during the past
three months registered material gam
over the corresponding period last year
and that September is likely to show
increased activity consequent upon Gus
toners shelves being stocked conserva-
lively to meet the Fall and Winter
trade.
Public leaders often commit the UNI
pardonable blunder Of vying with one
another in the creation of channels into
which the taxpayers money can be
poured In order to win the favor OF
the voters, they often launch costly and
sterile projects which exceed the tax
able possibilities of the community.
Holds Dole No Panacea.
Nothing is more commendable than
efforts on the part OF those who possess
the means of doing so of coming to the
aid of those who are without means.
But it is unsound, on economic as we'll
as on ethical grounds, to penalize the
large taxpayers without due regard to
the consequences.
No one can iT,aorse unuualifledly the
several hasty movements on foot to
raise taxes fol the sole purpose of dis
tributing funds among the unemployed
of the country. The unemployment |
problem Is very serious one and should |
be attended to, but the dole has not |
afforded q panacea for the existing ills |
in Great Britain or in Germany or |
wherever else 1t has been tried The /
United States cannot expect to prove /
an exception.
Many observers regard Germany as I
the erIIx Of thu present crisis and feel /
that change for the better in the ecO- /
ncmic status OF the Reich would be the |
forerunner to a general revival of |
business
Daniel g. lacking. president of the /
Utsh Copper CO., Is one Of those hold /
ing such view6 Although previous i'm /
dicatinrrs Of aflaalnward T1nYnrnenf haYe