Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-09-24
PARTIAL LABOR SETTLEMENT
IMPROVES GENERAL BUSINESS
IN U. S. DURING PAST WEEK
(By Wells Dickey Company

There has been a distinct Improve
ment in general business sentiment
during the past week, with a partial
settlement of the labor difficulties.
Now that coal production has been re-
sumed and the railways are gradually
working back to a more normal basis,
the two big unsettling factors are be-
ing rapidly removed. Fortunately, the
labor difficulties in the cotton manu-
featuring centers of New England are
also reaching a happy solution.
While business has been much slack
| ened because of the slowing down of
transportation and coal production, the
fundamental condition of business has
! not been changed. A continuance of
active business depends upon buying
demand coupled with an adequate pur-
of general business during the past
few months has not meant a diminu-
ton in either of these elements. ANY
easing of the congestion in ~transporta-
ton channels, therefore, should serve
simply to allow the backed up demand
to catch up with itself. Purchasing
power is showing a gradual increase,
especially in the northwest, where gen
eral prosperity is so closely tied up
with prosperity of agriculture. Farm
crops this season are larger in vol
ume than they have been for several
years past, although prices are not as
high as might be desired. The ques-
ton of orderly marketing to prevent
depression of grain prices Immediately
after the harvest, is receiving much
consideration. and several suggested
arily are now being considered. Gov
ernor Nestos of North Dakota recently
called a conference to consider the
question and his committee is now pre-
pared to make recommendations as to
methods for meeting the situation in
that state.
The principal distributing factor on
the business horizon is the recent up
rising among the Turks. European
conditions generally are so unsettled
that the present troubles among the
Moslems is of far greater significance
than would be the cas- were the rest
of the continent in a more stable con-
dition.
The bond market continues it's grad
ual upward trend in spite of all dis
turbing. elements. During the past
pieces of new financing, all undertaken
at interest rates which indicate that
we are permanently on the low level.
Notable among new offerings was the
5 per cent issue of Kansas City Power
G. Light bonds, which were put out to
refund the TVS issued about two
years ago. Unless investors recognize
the new situation it is rather hard to
accept around 5 per cent to 81 per
cent on investments of the same type
which q few years ago yielded a much
higher rate. 1t must be remembered,
however, that the period through which
we have just passed has been abnormal
in every respect and that interest rates
available at that time were a direct
result of this abnormal condition. Not
once in a generation has it been posi-
bic to obtain the interest returns which
investors have been enjoying.
During times such as these invest
I ors who have been accustomed to re-
ceiving unusually attractive income re-
turns are slow to accommodate them
selves to the new condition and in their
anxiety to maintain a high interest
level oftentimes make sacrifices of Sc
curity which are entirely u~nwarranted.
Keen investors still make safety of
principal their first consideration and
allow income largely to take care of
itself.
The National Tax conference now
in session in Minneapolis has brought
together tax experts from all sections
of the country to discuss tax problems
as relating to national, state and local
affairs. IT is significant to notice that
while previous conferences of the same
body were concerned largely with new
methods for levying taxes and for Sc.
! curing q more equitable distribution of
the tax burden, the present meeting
has concerned itself very largely with