The daily times., 1922-02-20
There Has Been No Spectacu-
lar Improvement in Business
But the Report of the Comp
troller of the Currency
Shows the Credit Situation
is Much Better.
(By David Lawrence.)
(Copyrisht, 1922 by The Daily

Times.)
Washington, Feb. 18.-Business is
better. President Harding says SO and
offers figures and statistics to confirm
his optimistic view. Heretofore his
about the business sit
uation have been general in character
and tinged with vague hopefulness
that the depression must sooner or
later come to an end. Now, however,
with a smile of happiness on his face,
the President takes occasion to anal
we the latest data received by the
Comptroller of the Currency.
The President explained that his pur
pose was neither political nor parti-
san. Mr.. Harding is no more anxious
to claim credit for the better turn in
business affairs than was his Admin
istration ready to take responsibility
for the economic depression which
became acute in the six months of his
term of Office.
The day is passing when politicians
are claiming that they are able by
effort to bring pros
perity when at the same time it has
been demonstrated that the policy OF
a government does not always bear
relationship to economic factors of
worldwide extent. This doesn't pre-
vent the partisans from making all
sorts of claims but the shrewd lead
ers no longer try to take the credit
for an upward turn in business condi-
|tions.
President Harding, however, has
another object in making it plain to
the American people that the data in
the possession of the government
shows a marked improvement in the
credit situation. He wants to Offset
the apprehensions of the pessimist
who can create a psychological situa-
| tion that will hurt business. There
are still many business men in Amer
| lea refraining from doing certain
things that would benefit themselves
and the country but who hesitate on
account of "the business outlook u
For this reason the government
doesn't mind interpreting the bust
ness outlook.
| The Comptroller of the Currency
whose duty it is to issue regular
calls for statements from the national
banks of the country has had moth
ling to boast about for many months
The improvement has been gradua.
and steady but it never could be call
ed pronounced. When he found al
last that the peak of the depression
so far as the banks of country haC
lbeen reached and that the statement
Registered for the first time "a very
Substantial upturn in resources" he
ldire cted the attention of the Presi
ldant and his Cabinet to it, and wheI
tMr. Harding met the Washington cor
respondents he had copies of the
|statement for their examination.
cit demonstrates" read the state
Iment of the Comptroller, 'that the
lprocess of liquidation has been pro
iceeding at such an excellent rate tha
lit may fairly be said that we are wei
lon the road to getting the 'froze1
lcredits' thawed out. In this regart
Indeed, it is by far the most salts
, factory showing that has been mad
lsince the phrase frozen credits wa
invented
Even more promising is the dat
available at the Office of Eugen'
) Meyer, Jr.. managing director of tn
eIWar Finance Corporation. Not onl.
) lis an improvement in agriculture
3 conditions reported but the repay
: ment on recent export loans AM
lother credits advanced for domesti
r farm purposes are better than any
J, body dreamed would be the case. TIL
: beginnings of an export trade ar
| (Continued on Page Six.)