The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1919-04-25
Business and Finances
Nv w. S. Cousins. Editor American Benker.

cent respectively for taxable and non
taxable bonds, and the interchange
ability OF the conversion privilege, to
say nothing of the character of the Sc
curity itself, makes the loan one of
the most ideal ever offered to the
American public From purely in
vestment standpoint, to those liable
to pay the normal income tax, the Az
per cent notes are equivalent to the
individual of a per cent note or bet
ter, and to corporations paying 10 per
cent normal tax they are equivalent
to an investment yielding per cent.
The effect of the inter convertibility
will be to keep the prices of the two
issues on the market on a parity. for if
one falls too low it will be profitable
to buy and convert into the issue
commanding the higher price.
Canvass of Business Situation
Many lines of industry are now be-
ing operated at only SO per cent of
the present war normal, while other
activities are running as low as Is per
cent of normal, according to a post
armistice survey of trade conditions
among 1000 industrial establishments
made by the National Association of
Manufacturers.
1t is significant that, while hest
fancy and uncertainty appear in many
of the substantial branches of ma
tional industry, those which are dc
voted to the manufacture of articles
of luxury report predoninating con
dition of prosperity. These are the
jewelry and silverware trade, musical
instruments, vehicles Chiefly auto
mobiles), tobacco and rubber goods.
Sixteen out of twenty-five major
groups Of business concerns are en-
tirely dissatisfied with present condi-
tons, and are unable to see anv def
mite promise Improvement until a
few more of the perplexing interna-
: tional problems have been solved
I'm the general order of importance
the following factors are believed to
be the chief obstacles now prevailing
to prevent general business activity
U) Delay in signing the treaty o
peace; (2) General high cost of labo
and materials; (3) Sudden cessation
of the war buying operations by tn
United States and foreign govern
: ments; (4) Hand-to-mouth buying b,
s iobbers, retailers and consumer
: awaiting expected price reductions
: (5) Continued government contro
e management and operation of rail
S roads, co. Sudden imposition of heav
v war revenue tax burdens on indus
S try; (7) Labor unrest agitation an
e industrial strife; (8) High prices @
c wheat due to government guarantee
e (o) Unemployment and poor distribr
v ton of labor forces released from mi
: itary or naval service; G0) Delay i
t, settlement by federal government {
: claims for payment under inform;
: war contracts; (1D Partial shuttin
If off of important European market
due to import trade embargoes b
Great Britain, France and Italy.
If The production of iron and steel
IS universally regarded in business CT
st cles as the most reliable barometer
n trade conditions. With respect
N present business in this industry
is many localities, the trade is in con
IS parative state of lethargy, due main
he to market and price conditions, as we
,e as a general lack of buying on Il
lie part of the railroads. Similarly, it
ut found that 81 per cent of the iron al
at steel manufacturing plants do not r
$ gard the trade prospects for 1919
ne very bright
+ The department. of labor points
he a number of recent significant deve
ar opments as evidence that much pr
It's gress has been mad in the revival
l." business since the turn of the We;
in This is indicated by these circur
on stances. -,
d. "a Bank clearings and bank
sources are comparatively large; ia
q uary's clearings were 23 per ce