BUSINESS EDITORIALS.

The article reports that the Federal Reserve Board has stated that business conditions in certain regions of the U.S. have improved in the fall of 1921, but it remains premature to assume that large-scale recovery is on the horizon. It adds that investment banker Otto Kahn has suggested that the U.S. needs to have wise taxation and credit policies to stabilize its economic fundamentals, but on the other hand, France and Germany continue to be hobbled with post-World War I reconstruction issues.