Evening star., 1932-01-11
Everybody's
Business
Courage Should Guide u. S.
to Substantial Readjust-
ment and Rehabilitation,
Says George w. DAWSON,
Gotham Banker.
BY DIR. MAX WINKLER.

NEW YORK, January IL (NAN.A.).
Courage should guide the people
rather than fear and apprehension, &C
cording to George W. Dawson, presi-
dent of the Central Hanover Bank d
Trust Co.
Only hard work and substantial re-
adjustment can cure the Nations Ills,
Mr. Dawson continues, adding that the
existing problems can be solved not by
legislation but by intelligent and cour-
ageous effort
The tremendous natural resources OF
the United states and a versatile and
intelligent people should afford an eX-
cellent basis for an early Rehabilitation.
Depositors' Aid Proposed.
1t is becoming difficult to keep track
of all the institutions proposed to solve
Americas financial problems. The lat
est project is the depositors' relief cor
poratior, with an initial capital Of
$3.50, 100000, to aid depoSitors in banks
which have closed their doors since
December 81, 1880. Such aid Is to be
in the form of loans to receivers OF
national and State banks upon prom
issory notes by the receivers.
The proposition is highly conStruc-
tive and should receive the assistance
it merits The effects upon the economic
life of the country should be favorable,
because the corporation will tend to
increase materially the purchasing
power of the people.
Within two weeks the United States
Steel Corporation will meet for divi-
dend action. 1t is possible that a
declaration may be deferred until the
April meeting, when the management
should be in a somewhat better posi-
ton to judge the outlook for the bal
ance of the year Such step will pos
sibly be interpreted to mean that the
corporation will for the time being
adopt policy of paying dividends semi
annually rather than quarterly.
Guggenheim Favors Dividends.
Since Steel common is included in
the portfolios of many investment
trusts, which provide for the elimina-
tion of shares on which dividends are
passed or deferred, some selling is likely
to develop. Should, however, conditions
improve, as it confidently is expected,
such selling will be readily absorbed.
Although prices of non-ferrous
metals, including copper, lead and zinc,
are near bottom, any appreciable rise
in price will depend upon improvement
in tteir consumption. The outlook for
American Smelling & Refining, large
producer Of these metals, will depend,
therefore, to a considerable extent, on
what the future holds in store for the
bulk of its products.
1t will be recalled that Senator Simon
Guggenheim, president of American
SmelterS, pointed out recently that it
was his belief that dividends should be
maintained in bad times as long as the
situation will permit.
Concern Plans Dividend.
At the present time earnings are at
low ebb, and nothing is shown for the
common, which is now on a 50-cent
dividend basis. Should conditions i'm
prove in Europe, normally large con-
sumer, one would be justified in view
ing the future of American Smelling
with optimism.
The Colgate-Palmolive Peet Co. is
expected to show for 1881 the dividend
on the common, amounting to $3.50 a
share, earned by an appreciable mar
gin, according to Charles S. Pierce,
president. This should be considered
as very encouraging, especially because
of the increase during the year in pre-
ferred dividend requirements on the ad-
ditional 10000 shares of per cent
stock issued in the course of 1881
Mr.. Pierce also points out that the
reduction in operating expenses last
year of about $1,000,000 was effected
through equalization of salaries and
wages, but not by any general reduc-
ton of these.
Auto Tags Hint Pickup.
The stage for a turn in business is
occasionally set by the automotive in
dustry, many competent authorities
maintain. This view is also shared by
J. J. Reuter-, president and general
manager of the Oakland Motor Car Co.
If correct, a change for the better
cannot be very far off, as may be gath
cred from the gain of more than 10000
in the number of automobile licenses
issued in New York State this year as
compared with last year.
Germany's situation makes impossi-
bic her continuing to make political
payments, Chancellor Bruening declares
in formal statement. There is moth
ing new in this. The recently pub
lished Basel report holds the same view
French Buying German Bonds
DR.. Bruening's emphasis on 1t Is
destined chiefly for home consumption.
required at this time in view of the
Forthcoming conference at Lausanne,
where the question is expected to be
taken up with view to bringing about
satisfactory and, it is hoped, perma-
nent solution.
Investigation reveals that a consid-
cradle amount Of German bonds Is be-
ing bought for French account One
tlrm closely identified with leading
French institutions is understood to
cave placed substantial orders.
&c NJ
the part OF France toward the German
debt problem is undergoing an appre-
clable change, and that the French do
not consider it at all impossible that
another downward revision of repara-
tlons payments may be effected.
In such case the status of German
commercial debts should improve very
materially. Buying of these may there
fore be one way Of offsetting losses re-
Sulting from further cuts in Germanv's
payments to France on account of polit-
ical obligations.
G. F. Swift Optimistic.
The business of Swift & Co, should
give a good account of itself during
1882, according to G. F. Swift, president,
Ihe companys manufacturing and
distributing costs have been greatly re-
ouceo, Mr. Swift says, adding that the
business has been highly diversified,
ana that it varies hardly at all with
the ups and downs Of other industries.
commenting on the rather large in
ventory loss which the company took
last year, Mr. Swift calls attention to
the TACT that the loss was offset by
manufacturing profits and by profits
from the sale of various capital assets,
'Copyright; 1882, by the North American
Newspaper Alliance, Inc)
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