The New York herald., 1921-10-07
HOOVER, OPTIMISTIC,
WANTS WORLDL|NK
FOR STEADY MONEY
Easier Credit POrtends Bet
ter Trade, He Tells EX-
port Men.
PRODUCTION GROWING
Federal Reserve System
Thanked for Warding
Off Panic Times.
'SPRINGTIME OF REVIVAL
PRODUCTION GROWING
'SPRINGTIME OF REVIVAL
Exports Of Foods Increasing,
but Secretary Sees Little
Else in Foreign Field.

Cheeringly optimistic was the
commercial and Industrial horoscope
cast by Herbert Hoover, Secretary
CT Commerce, In an address last night
in the Waldorf-Astoria at the twelfth
annual convention banquet of the
American. Manufacturers Export AS
sociation. He said:
"The picture is by no means all
dark. We Of the Administration at
Washington within the last thirty or
iorty days have seen the tide turn"
Discussing the necessity for the
stabilization of exchange, the Secre-
tary said:
1T should not be beyond the intel
ligence of the human race to secure
such a solution of this matter as
would result in some stabilization Of
the German mark. Better arrange
Inents in this matter must take pri-
GRITTY if we are to see stability in any
of the European currencies.
"The great banks of issue are the
guardians Of stability in currencies.
1t would appear to me that those
institutions-the Federal Reserve,
the Bank of England, of France, Of
Amsterdam. of Italy, Of Spain. &C.
could we'll consider that it is we'll
within their province to concert some
unofficial plan leading to the reestab-
lishment of most of this primary
condition Of economic life"
Many Accurate Data.
II have considered that 1t was the
duty Of the Secretary of sConmerce,"
said the speaker. ito establish such
touch with the progress of commerce
and industry as to be able accurately
to state the progress Of business in
this country. The service now set up
for this purpose In cooperation with
the many trade institutions In the
country have resulted in the flow of n
large amount of accurate information
into the department.
"An analysis of this data gives great
encouragement as to the progress Of
our recovery from the greatest eco
nomic shock that we have undergone
within the life OK the present gen.
Grafton. There is no more profound
index of progress through periods Of
depression than the credit situation.
The first stage of depression is the
period Of intense credit strain. Two
months ago we could safely say that
our banking system would safely
weather this period of strain without
a panic Thanks to the Federal Re-
serve system. for the first time in our
history we have passed such a COM
modify crisis without a panic.
I'VE are to-day in the early spring
time of recovery. for we have come
into the period of easier credits. This
is we'll marked by the rise in the price
of bonds, the fall in Federal Reserve
and Interest," rates generally.
Increases In Production.
There are many other evidences Of
recovery. for during this past two
months there has been very definite
increase In the production OF textiles.
coal. iron, steel, boots and shoes. of
building materials and building construc-
ton. There Is In the construction In
dustries even a larger activity than at
this time a year ago. Our exports OF
foodstuffs have not only been increasing.
but they are also larger In volume than
that of a year ago. and this. indeed.
without any forced measures of foreign
Government credits.
"The boil weevil has not been entirely
a curse and its services. together with
the ample credits assured by the Gov
ernment for the farmer. have lifted the
price OF the large carryover accumulated
in the hands of Southern farmers, and In
so doing It has lifted the buying power
of the whole South.
II do not wish. however. to be under
stool 20 sayswe are on the threshold Of
any boom. We have long way 70 go
10 get back 10 economic stability. We
have yet 10 go through with much re-
adjustment in price levels. but we are
definitely on the road
Mr.. Hoover conceded that "exccp. for
our foreign business in agricultural
produce there Is but little satisfaction In
Continued on Sizth Page.