The Birmingham age-herald., 1921-06-02
GOVERNOR HARDING
 SEES NO ROOM FOR
 ANY APPREHENSION
Says Survey Has Convinced Him That Country Has Now Passed Most Trying Re-
 adjustment Period
Fly HUGH W. ROBERTS washingten Bureau The Ase-Hersld
 500 Davidson Building

Washington, June Especial. )-- There Is no apprehension regarding financing of either agriculture or in- dustry in the United States"
 This was statement made to the representative of, this newspaper to- night by w. P. G. Harding, governor of the federal reserve. just as he caught train for New York, where he VI address tho Automobile Chamber m Commerce of the United States.
 Governor Harding was never in . more optimistic mood regarding condi- tions. He was obviously delighted with the impression gained from his recent trip west and south. In the galaxy of states Alabama, he said. easily holds its own, and there is no reason why citizens of Alabama should be disappointed in their expectations of greneral trade revival in the fall.
 q have stated" said he, that the Urited States has passed the period which was pregnant with danger or panic. Likewise, the United States has turned from the road where travelling was very hard and difficult. The opti- mistic sentiment everywhere prevail ing is most gratifying.
 MOST TRYING PERIOD
 HAS BEEN PASSED
 By Associated Press
 Washington June 1.--Conviction that the country has passed the most try ling period of readjustment and Is on the road to recovery was expressed to- night by Governor Harding of the fed- eral reserve beard. upon completion of a two-weeks survey of the agricul- tural and industrial sections of the middle west and south.
 Mr Harding travelled through Illi- nols. Missouri. Kansas, Oklahoma, Ar kansas. Tennessee and Alabama. and declared he saw everywhere great ac- tivity on the farms and an abundance of farm labor. with apparently every acre of land cultivated heretofore be- ing used this year
 Summarizing his report of conditions made to the board, Governor Harding said:
 "The most optimistic sentiment which prevailed everywhere was most gratifying The bankers and business tnOD VI lHOoc bCStiOHo ttio ioohiH6 AOt a trade revival in the autumn, and seemed to have no doubt that there would be ample credit for both agri- cultural and trade requirements. The only exceptions were the live stock mon l met in. Topeka. who seemed anxious to obtain two or three year loans either through private agencies or through the war finance corpora ton or the federal loan banks. Conviction Confirmed
 The trip confirmed my conviction that we in this country have now passed the most trying period of the world wide readjustment of trade and prices. and are on the road to recov- cry. We are approaching the new crop sea son with underlying conditions far sounder and more favorable than they were a year ago. and in spite of the unprecedented carry-over of cotton and grain. largely financed son bank credit. | the reserves of the federal reserve system are nearly 40 per cent higher than they were year ago. which leaves no room for apprehension re- garding the financing Of either agri- culture or industry Indeed, with tho recent easing of credit and with tho federal reserve board ready. as usual. to extend liberal credits to member banks for legitimate requirements of their customers, bankers everywhere seemed disposed to dismiss credit as . (Comttnued ou Pa~e r~mN