Show BUSINESS t I WHAT PRICE PROSPERITY Amid increasing signs that the nations nation's economic slide is slowing there is now a greater tendency to look ahead toward recessions recession's end Still lagging industrial production and deepening unemployment may hold the headlines but those who are wise to the ways of business cycles and the challenges of their ebb and flow are ready to focus on the recovery and what it may be expected to bring Encouraged by what they see ahead many company managements are giving evidence of their faith in the future by making plans for fIX expansion or and-or plant upgrading even though the capital needed for these programs and projects is still lacking in many instances That Tha Thatis t is why there has been such a boost in bond market activity That too is why you will soon see a resurgence in term short borrowing Freedom In all this business is taking a calculated risk It is acting quickly and in many cases daringly to take advantage of the readier availability of funding at more favorable rates rata than prevailed only a few weeks ago It may turn out to be an illusion but there is a feeling that business is going to get a aspeck aspeck aspeck speck more freedom to operate and a fairer chance to recover Boost of the investment tax credit to 10 percent is looked upon in some circles as an augury of better things to come come While there is little disposition to expect miracles from a Congress that generally regards business as a whipping boy there is hope and some foundation for it th that t Washington will be inclined to lessen its overstress on on regulations and restraints on business More Tax Relief For Business l 1 HI n An Any relax relaxing ng of f the bureaucratic urge to dictate and regulate often orten in considerable considerable con con- excess of what Congress intended would be welcome But this type of relief will likely come slowly with its progress subject to frequent interruptions What business really needs and did not get in inthe inthe inthe the tax cut bill are adjustments adjustments adjustments ad ad- in the tax structure making it easier to raise necessary capital funds These must be attained quickly and in volume if business is to build on recovery when it comes The American industry business complex has with few lapses not its own fault usually been the leading source of work and jobs It can be again but the extent to which it succeeds depends on the number and quality of the incentives available The President seems prepared to press for enactment of the measures that would facilitate procurement of business capital capita but the outlook for congressional acquiescence is no more than fair Reco ery Limitations Business would like the fairer shake that additional tax adjustments adjustments ad ad- could bring and the economy could profit measurably from more realistic levies on capital gains But business is used to having its knuckles rapped and being told to make do with w what hat it has So what we are likely to see is the fullest exploitation by business of every opportunity offered to improve its position It will capitalize on lower interest interest in in- terest rates to build improve and expand facilities that in time will lead to encouraging boosts in employment Just how far business can take the nation on the recovery road depends on the kind of roadblocks Congress places in its way The consensus is that we will have turned the corner to better things economically well before years year's end How far we will progress along the up- up trail hinges on consumer confidence as reflected in buying volume and on the ability of the President and Congress to keep deficit spending within bounds bound by way of further heavy federal deficit spending pending would gravely impair the a of business to finance needed expansion next year and could lead to an Inflationary in inflationary In In- upsurge more damaging than anything yet seen t |