Washington, Feb. 16.
Mr. W. P. Harding, Governor of the Federal Reserve Board, in his annual report, expresses the opinion that the United States has passed the crisis of post-war re-adjustment, and he contemplates the future with confidence.
He says America is at present finding that her exports are only partly paid for by a large portion of her world trade, and these will soon have to be cut down to the most vital essentials—_ unless Europe's normal credit_and buying power are restored. Mr. Harding advocates the creation of a corporation to arrange long-term credits.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.