The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-01-26
SEES REVIVAL OF
BUSINESS IN SPRING

Governor w. +. ". HaTulhS VI 'he
Federal Reserve Board in an address
here today before members of the
Winston-Salem Chamber of Com
merce summed up his view of the
present situation as follows:
81 think the development of the
past 80 days have convinced even
those who are never so happy as
when miserable, that not only has all
danger of a greatffnancial crisis or
money panic been passed, but that
business generally is safely over the
most critical and trying stage of the
readjustment period.
"Heretofore, following periods Of
artificial expansion, the reactions that
have come have usually been sharp
and sudden, accompanied by money
panics. Nothing of the sort has oc-
Cured in the present readjustment
period. While many predictions were
made that an old fashioned panic
was inevitable, / never once douo1ea
the ability of the Federal Reserve
system to prevent any such condition.
No Question of Solveney'
"The decline in prices was neces-
sarily disastrous to those producers
who had gone heavily into debt, with
the expectation that the level OF
prices which existed a year ago would
be sustained or even advanced and in
many individual cases great losses
will be suffered, but as far as the
community as a whole is concerned
in any state there is no question of
solvency.
I'm working out the situation it is
necessary that those who have ex-
tended credits should exercise patti
ence, moderation and forbearance in
cases where debtors show themselves
to be worthy of confidence and are
willing to meet reasonable require
ments.
81 have observed no disposition on
the part of banks to finance collec-
tions by foreclosures or other drastic
means except as a last resort. There
are signs everywhere of a revival of
business in the spring." declared
Governor Harding.
Tonight Governor Harding will be
entertained at a dinner at which a
number of prominent business men
will be present. He will then return
to Washington.
Harding is Critized.
Washington, Jan. 22.-Considera-
ton by Governor Harding of the Fed
eral Reserve Board of an offer to be-
come President of foreign export
corporation at 100000 a year was
criticized today by Representative
King, Republican, Illinois, before the
House banking committee.
Reference to the report concerning
the officer was made by Mr.. King
while expressing alarm at efforts by
county farm organizations to support
the Edge corporation plan which, he
declared, would unload on the Am
erican people all sorts of wildcat Sc
curities from Europe while trying to
give temporary relief through sale
of farm products.
"It has been printed that Cover
nor Harding is to accept the presi-
dency of one of these export coropr-
ations at salary of 100000 after
i working a year to perfect them" Mr.
King said, land want to add that
he had the act amended so he could
accept when he had been appearing
before committee for the last year in
Behalf of the people"
Representative Phelan, Democrat,
Massachusetts,, declared Mr.. King
had net expressed his views on the
subject and that he saw no reason for
criticism of Mr.. Harding.
Textile Trades Improves
Spartanburg, S. c., Jan. 22.-Del-
egates to the spinner's div Jon of the
Southern Textile Association in an
nual convention here today, say
trade conditions are rapidly improv-
ing and that nearly all mills which
curtailed their output last fall are
running on full time again.