New-York tribune., 1921-03-19
Europe Dumps
Goods Despite
Surplus Here
Hoover, Alarmed at Virtual
Stoppage of U.S. .Commod-
ity Movement, Finds En-
barge May Be Necessary
Would Try High Tariff
Exports Decrease 200 Mil.
lions for February, While
Imports Rise 6 Millions
From The T,ibans's Washington B,rcau

From The Tvibune's Washington Bureau
WASHINGTON, March 1S.-All Eu-
rope is making dumping grounds" of
the United States for products of which
this country has surplus and
commodity movements have virtually
stopped, with the result that during
February exports decreased almost
$500, 100000, while imports increased
by $6,o0o,0o0. This statement was made
to-day by Secretary of Commerce Her
bert Hoover, in making public his de-
partment's monthly report on imports
and exports.
The possibility Of a condition still
more ACUTE is so threatening that Mr.
Hoover is giving serious consideration
to general embargo plan. This would
however, disrupt the economic ma
chinery of the entire world, in his be.
lief, and he is inclined to favor the
alternative OF an iron-clad protective
tariff.
IN discussing the export figures Sec.
retary Hoover said, he does not think
the report gives q true picture of the
real conditions. He believes the fp-
ures carried in the January report
which placed the amount of eXports fo,
mat month at $6b5,000.OOO, were mac,
curate IN that they were too large. and
consequently the drop to S489 900 0OC
for February is more violent than actvs actu.
aIiy occurred. The February figures in
the Treasury's report are more nearly
cofrect, ne said. He expressed the hone
enat ms department will be able to nre.
sent an absolutely accurate statement
for March. Nv
Will Clarity Reports
Secretary Hoover also declared tha,
luture reports VIII be more valuable as
piacticai ald TO business men, He
plans to have them show commodity
movements and not merely the none
tary values Of the total movements.
Secretary Hoover described the con.
dltlon indicated by the report and at.
trlbuted it to the fact that the Unite
states is the only country in the worlc
that is attempting to extend credit t(
European nations. Because other conn.
tries will not give them credit, we arc
getting the whole of European pro
ductlon and are faced with the eco
nom1c phenomenon Of being the market
for things of which we have an over.
production. He declared that such ,
condition is not only demoralizing t.
agriculture and industry, but places {
heavy burden on the whole financia
machinery of the country.
Turning to possible remedial step:
by the United States, Mr.. Hoover sale
an embargo would entail many Difficult
ties. 1t would literally "tear to nieces'
the whole economic structure "Any
one," he said, "would be loath to pu
an embargo on imports" The only al
tentative, he declared, is a tariff, bu
there would, even in that, be the diff
culties of delay in getting relief, TO
there are foreign contractual rela
tions and goods in transit to consider
| Mr.. Hoover declared the Administra
tion is anxious to see the War Financ,
Corporation finance more exports cane
take the frost out of commodity move
mcnts."
He said he has had several confer
e:ces with Eugene Meyer, of the Wa,
Finance Corporation, and that the De
partments of Commerce and Agricult
ure are going to work in harmony will
the corporation.
Considers German Problem
Secretary Hoover was asked abou
the situation that would be created
should the War Finance Corporation
finance expectations to Germany.
was pointed out that such action woul,
be in the nature of extending financia