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Show BUSINESS NEAR t! sue Federal Reserve Board Says Beginning of Revival Not Far Off WASHINGTON", Feb 20 Business throughout the country. progressing through well defined circles, is near-Ing near-Ing the point of Ihe upward swing of the econofnlc pendulum, according to the annual report of the federal reserve re-serve b()ard transmitted today to congress. con-gress. "There are those " the report said who believe that the beginning of revival is nit far distant. When it does definitely set In it will be followed fol-lowed in due course by a new era of prosperity." llOTAl I' tti Dl st RIBED. Cusiiv's's. in one o' Its "long swinK'" from prosperity, the report said, has followed h" usual rotation. This rotation rota-tion Is described as follows: Business activity and increased production, exoessiye expansion and speculation followed hitherto by panic pan-ic and forced liquidation; a long period per-iod of slow liquidation, business depression de-pression and stagnation and then re-Vi re-Vi al REACTION T FOLLOW. "In the light of recent experience' the report warned, "we should remember remem-ber when wc again enter Into a period per-iod of full prosperity that a reaction will follow sooner or :..r: and if the flow of the Incoming tide can be controlled con-trolled o that the crest may not be reached too rapidly nor rise too hih tho subsequent reaction will be less severe and the next period of Industrial Indus-trial and commercial activity and general gen-eral prosperity will be marked by saner san-er methods, greater achievement alonp constructive lines and b a longer duration than any which we have had before."' BANK I UtNINGS, The earning easels of all federal reserve banks, the report sald.amount-i(i sald.amount-i(i on Oecember 28, 1921. to $1.53'..-K51.000 $1.53'..-K51.000 compared With $..263,027,000 on December. 31 a reduction of 53 per cent which was accompanied by a steady increase m oM reserve and an almost continuous decrease In federal reserve nole circulation. Gross earnings of the federal reserve re-serve banks for 1921 the report, con-t, con-t, inied, amounted to $ 1 22,8'io,000. compared with $181,297,000 in 1920. Member bank borrowings according to the report showed a continuous de-. de-. line from - 687 000,000 at the end nf 1920 to about $1,144,000,000 at the .end of 1921. due. to a reduction of over 59uo.0n0.ooo In the volume of federal reserve notes In circulation. tin December 2S. the report continued, contin-ued, the tederal reserve banks held a gold reserve of $2.fc70.000.000 oo |