Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-10-07
STEADY TREND
TOWARD BUSINESS
RECOVERY, HOOVER

New York, Oct. 6.-National indus
try today is in the early spring time
! OF. recovery. having entered the pc
riod of easier credits, Secretary of
Commerce Hoover told the members
. of the American manufacturers ex-
port association at their annual din
ner tonight. This was marked, he
said. by the rise in the prices of
bonds and the fall in federal reserve
and interest rates generally.
He emphasized that he did not
wish to be understood as saying that
the country is on the threshold of a
boom. I'VE have a long way to go
to get back to economic stability"
he said. We have yet to go through
with much readjustment in price
levels, but we are definitely on the
road"
Citing other evidences of recovery
Secretary Hoover said there had been
very definite increase during the
last two months in the. production of
textiles, coal, iron, steel, shoes and
building materials and in building
construction.
There is in the construction indus
tries" he continued, even a larger
activity than at any time year ago.
only cen increasing, but they are al
so larger in volume than a year ago.
and this, indeed, without any forced
measures of foreign government
credits
The destructive effect of violent
fluctuations in foreign exchange, he
said, was the first obstruction to Am
erican foreign trade, and until some
measure of stability could be secur-
ed from month to month there was
little hope that the foreign trade of
this or any other country would re-
cover to normal. The individual ma
tons of the world, he asserted, must
balance their budgets and cease the
processes of inbation. as this was the
primary basis upon which stability
must be erected.
There can be no hope of stability
in any of the worlds exchanges he
added, so long as imitation contin-
ues in so considera BILE a part of the
world
Il am perfectly aware that we
should not interest ourselves as a
government in stabilizing the bud
gets and establishing sound curren-
cies in foreign countries, but unless
our commercial community is willing
in some way to interest itself in the
countries struggling with fiscal and
financial problems. We must expect
to pay many thousandfold in the loss
of export markets and in the en-
ployment of our people. 1t should
not be beyond the intelligence of the
ton of this matter as would result in
some sterilization of the German
mark Better arrangements of this
matter must take priority if we are
to see stability in any of the Euro
pean currencies.'
Secretary Hoover said there had
had been a great response to the
recommendation sent out by the I'M
employment conference last Saturday
and to the presidents appeal that
they should be transformed into
community action
Il know of no quality of the Amer
lean people that makes ones heart
sing with so true satisfaction" he
added, as their quick response to a
call for service; their extraordinary
ability for initiative in organization
to meet any problem addressed to
them .and to do so without the pres
sure of law or bureaucracy.
IF the conference succeeds in this,
we will have again demonstrated the
ability of the American people to
meet these great issues without
plunging us into the vicious circle
of doIes and decentralization that has
been the only resort of Europe"