Show MONDAY Y EVENING EVENING FEI ARO SWING S f PENDULUM DUE OBE sport Declares That Business Business Busi Busi- ness ess Prosperity Is About to to Begin to Get Ready to 1 Return to the Country WASHINGTON ASHINGTON Fe Feb 20 Business Business O. the country progressing cough gh well defined circles Is nearl near- near l g the point of the upward swing of economic pendulum according to toIe toie Ie annual report of the federal re- re board transmitted today to con con- ress errs There aro are those the report said vho 11 believe that the beginning of m val Is 15 not far distant When It ito itoe oe oes oe's o oes s definitely set in it will be fold fol- fol wed d in due course by a new nev era of Business in one of its Us long swings O om 1 prosperity the report said has I flowed wed its usual rotation This ro- ro Uon tIon on is described as follows Business activity and increased ased pro- pro I excessive vI I expansion n and J followed d h hitherto th tb by p panic c ld ids forced liquidation a long period Islow liquidation business depres- depres on on and stagnation and th then n revival n the light of recent experience e gk report warned we should re- re ember when we again enter into a arlod of lull full prosperity that a re- re tIon will follow sooner or later id lIr 1 the flow of the incoming tide UT n be controlled so that the crest ay not be reached too rapidly nor norS norse S se too high the subsequent reaction ill m be less severe and the next period Industrial and commercial activity id general general prosperity will be marked methods greater achieve achieve- ent erit along constructive lines and by nger duration than any which we wa weve Lye ive ve had before J ie e earning assets of all aU federal re- re banks the report said amounted December 28 1921 to with on Dember Dember Dember De- De 31 1920 a reduction of 63 53 per pert nt nI t which was accompanied by a aidy gady idy increase In gold reserve and an most most contiguous decrease in federal sTy ve see note circulation gross ross earnings of the federal reffie re- re ban banks s for 1921 the report coned coni con- con i ed amounted to come com- com l e with In 1920 ilem- ilem r bank ank borrowings according to the thep p port showed a continuous decline m W at the end of 1920 bout at the end of 2 21 21 due to a reduction of over 1900 2000 OO in the volume of federal re- re rYE notes note in circulation Dec December mb r 28 28 th the report con- con rued the federal reserve banks held gold reserve of For r some months past the report rd Td mf there has been jeen a marked easing Notwithstanding some favorable features in the revenue w ws the investment market Js is now now's I Is I's s 's securities at reasonable t which could not have been con con- Jered a few months ago Market I rations illations of or Liberty bonds are now poaching Preaching par Good railroad and trIal bonds have ha-e also a preci- preci a and there have been some some no- no nO-I nO ble advances in standard stocks iEh commodity prices and great I 1 lyness activity usually mean lower I Ilces ices for bonds and other securities a fixed income while reduced I prIces and lower money moneys lye tes s bring higher market prices for or I |