The Birmingham age-herald., 1921-07-18
By HOLLAND

New York, July 17-(Specfal.) Herbert Hoover has again spoken en- couragingly of the outlook and in that he is in some measure supported by Elisha Lee. who Is vice presl- dent of the Pennsylvania railroad company. Sometime ago MT. Hoover said that he is persuaded that ds- pression is in part at least ended and | improvement has begun He meant that fundamentally conditions are being stabilized and he was encour- aged in the belief that within two years stabilization will have been completed.
 He is not alone among cabinet members in the view that change has come, which although slight. gives promise of the dawn of better things. The state department. which found itself almost overwhelmed with diplomatic difficulties which covered as whole most all of the world, is gradually overcoming these difficu'- ties. The treasury department has reason for hoping that enormous and difficult problems which were upon | the desk of Secretary Mellon when he took office are in the course Of | solution. Mir. Hoover's department is gaining.
 | MT. Hoover said to the delegates to the national shoe and leather ex- | position who were in session few i days ago that the corner of depres- | sion has been turned He felt en- couraged by the promise of improve ment in our foreign trade. Mir Hoove- | is not one of those who, like a dis l tinguished banker of the west be- | lieve that too much attention has l been given to our foreign trade and too little to our domestic trade He is apprently in agreement with James | A. Farrell, president of the United States Steel Corporation, whose long l experience in developing export trade was sufficient to justify him in say. ing that of our entire industrial and agricultural production so per ceht is consumed at home, and if produc- tion is pushed to it's capacity then there would remain 20 per cent of surplus products and upon this sur plus our profitable world trade could be based. MT. Hoover is of the opinion that as our production in- creases, as it should increase, our foreign trade should also be enlarged. l. Already purchases by foreigners of our foodstuffs and some of our raw ! materials are exceeding or promise to exceed like purchases which were made in the United States for sev- eral years before the European war began
 On the other hand. we are in some danger of successful competition made by European countries and es- pecially by Germany, in the markets of the world where manufactured products are sold. He speaks of the improved condition in Europe, of which there is no longer any doubt This will make it possible for Flu rope and for the next year or two Germany, especially, to buy cotton and copper and some other raw mate rials in very large amounts. Euro pean manufacturers, he says, are dis covering that the markets of the en- tire world are larger or speedily will be larger than they were before the war.
 Some Encouraging Signs
 Vice President Lee of the Pennsyl- , vania Railroad company is persuaded that signs are not wanting that the corner has been turned. He believes that railway managers as well as industrial leaders are beginning .tc discover the appearance of daylight , Evidently MT. Lee has been closely
 
 retary Hoover. In fact, he speaks ol MT. Hoover as "a pessimist optimist' , and he Illustrated this paradoxica , description by saying that althougl , MT, Hoover anticipates sunshine , when he goes ahead, nevertheless Lt
 always takes with him his raincoa , and his umbrella.
 f There. then, we have a politician of high order who is also very practical man and an experienced
 railway operator. who is no politi
 clan speaking a like thought, no over optimistic but encouraging Then MT. Hoover says that the cor ner of depression has passed am
 when Vice President Lee says tha'
 he cannot help feeling that signs art
 not wanting that the corner has beer
 turned and daylight begins to ap
 pear, then it is made apparent tha
 able men in public life and in rail
 way operation are now thinking alike
 upon the conditions,
 Where Is That Three BilliOnsf
 The return to the United State'
 when the war was in progress of a
 least three and possibly four billion:
 and a