The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-01-19
Senator Bloch Introduces
Bills for Production Tax
Federal Bank Chief
Is Optimistic Over
The Business Outlook
By DAVID LAwRHECE
Copy r!ght by The lntei..SeEcer

Washington. jan 1S.-W. T. q. Hard
iaS, governor Of the fedora: reserve
hoard. doesn't talk about business cor
Git.ouS very often. But when he does,
uc tells SOME significant ia!aGs about
the rn,Ire financial and business si;uA-
;iun. That's why the address which he
prepared for the New York Bakers
meeting. complete copies OF wn!ch wee
yuads available toGey, IS worthy O.
s:udS.
I nave aIways been impressed
sa:.s NJ. HARDING. by tEs philosophy
cf ~ old sa.ine whlc!, I believe. IS
one os III ulany bits or wisdom attrs-
puted TO Concuctus-'tain are never
as good or as baC as the, seem. While
,n!s philosophy IS 100 often overlooked
IN boom times. I: Saould always b.
taken 70 heart IL :he periods OF reaction
which follow. am sure that We have
all heard more pesSimisliC tax during
Ine last SIX months than We usually Aea-
in t"n years, and II may be pe-m:iicd
20 Use an over~orksd term The 'phychO-
logical effect oC public sentiment has
.aurh 70 Go With mold!ns ,c;ia1 cen~
dttious.
Readjustrsnts Inevitable.
-: - evident now tnat the rHaGJcSt-
!nsnts which have taken place were N
syitab!. and unavoidable. and n Yiew Ok
gorl6-H.ds conditions cou,d no: have
been luag deferred II th.s country. 70
matter what cSyeG!ents might haze
beer resorteG ~" Great VAS Gave m,
varia hly caused 'g2ea; eXpausioH. and
the recent war was no exception. Periods
II great expansion have a.w&y~ bcSn
followed ~ pc riods nE reaction. and the
reaction - usually :uns: seNe-e where
-xpanS51' has been greatest. TE> re-
s,iius;u,rutS wa!rh have t@!trG pace IL
this country s!acs las, spri2G have been
painful. Paper profits have heci. wiped
oue anI ln many eases thos- Nao nave
produced goods and commodities a;
A!l;h COS, ind themselves unable 20 OBJ
ain cost OF proGurtioH for them. ard
arc thus faced With loss % aScImG-
lated PROFITS. Tl.eSc cou"ItoH. nave
aeen widespread. They h0Sc AFFECTED
every eec,iru o. i..c country and " -
not unr-t,ira' that dLrinS -"ceE; months
the sp:r.l vt pcssimism should have run
amuck juSt as in months preceding the
splri. OF npctuis:E exceeded all reason
able bounds.
But present conditions justly soae
conclusions which ouSht 20 encourage
and herreen Us aN.
Note Of Optimism.
our ban<'ng POSITION is sound ana
stronger than II has been FOR many
months. ard the business community
which has been frSt over -GNil'a-ated
and tneu urGuiy depressed has he
covered It's natural state Of mind.
Public sentiment today undoubtedly
approves ot working back TO norma.
Whatever danger OF crisis there may
have been, has been passed.
The gloomy t"rcbodfngs wa'cn may
Sclt a year ago berause OF the knowledge
.nat establishments we're pending have
given WAY, IN the assurance that the
most trying and critical stage OF the
-eadju<tmcnt period Is safely over, 10
(, iecttag % conservative optimism. re-
aeycd courage and restored conrdeacc
Europe Needs Hslp.
we should keep clearly IN mind the
though: that our problems in working
hsck 20 normal are not domestic prob
ems merely. bu' they are problems
..ounoctrd uitn the working back 10
normal % he war-;"rn world. Europe
cannot work back 10 normal without
he,p oS America and America cannot
oeC"'E" ""I"'"' .,,- =,
:'or:na'SE OF ''"' 'p' w ..t,a ..,
restored S.'u u"'A '"I r,:,'.n N'
rroeecaea oar en"oS" " y.,;,,I.. -
c!uS'@H '"'' '' va
"'eSsr =; ,,i. ,ouot-y
hhe'T ~ - ,,d.t,,x -,
c'ery year -, -.,,,.r.-
'"'I'h' e" ,,,,,,,,i,y n-o-
..,,c..or s. essential - economical pro-
''c'>."'' - ,I.~. 80 ar ,,.n-
''.,,s 49,, .nus, sau ,n.;u 20
.''uS - :; -, n~.ssr,
-,, s,,i-s 1, - ou. or the
-, ,o,,.ricD IN nav.
....s, bor. {, ,ss osusl
''' k'''-' s,'. 49,. ,,,,,- GOOD. =
''ahn''' ~ a,,,, ,ora,rg
=" ,,,-r,,, oroduc,,.a
=. -, an. =, E,uron.
''', N' ....i,.u,.s b,r.
""' ,. -, a., ,nc.ssary that
''eh NO., '.'' .,'', -. 80 s,onr-
y" S.''N'N
'"s
-. .,,, N,
MT ''''H''h ,.t-i,s ~. 80
eAp"'' ~, ,,SoT,,I thors,.
tdhV ~ -, 90 l,dics,s
MS "uu' 49,, ,.,,..I ~ ~. w.
. unuvh 90. ,,,,., ,,n- xb,cp COW.
rthSho' ,s,,, axo,,,,;,.s c,.shaa
? SEess ""d ,a.as,., 60 a., onIic.,.
... 1,scus. ,be rarir
. r-,o,y mn, rhe hin, which 10
giving IN tHe ror"&o,nE qu"'a''"n ''., ma,
,,,,hers ~ the federal reserve board