The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-11-05
AND PANIC
PERIOD IS
ENDED
Hoover Report on Business
Conditions Shows Normal
Trend Of Trade
BY R0RERV 8. THORNnURGH,
International News EaRyiea.

Sc1enLlIlc SeudleS OF the american
business situation just completed by
Secretary OF Commerce Hoover dis
close that eommerceA and industry
Of the United States are rapidly APP
proaching q new era AN era which
at its highest development will
countenatace no unusual booms or
initiation periods, no tragic depres-
sions, but instead win be marked
by permanent and normally healthy
conditions.
Experts have prepared for Seere-
tary Hoover an elaborate "Eear
Book for, 1923, placing, In q nut.
shell, q complete prospectus of the
business situation for that year.
These statistics and observations
are declared to be essential in
making predictions for future
From an economic standpoint, the
year 1923 was characterized by
three major features, according to
Secretary Hoover. These follow:
Upward Swing Seen.
!. Full employment Of labor and
continuance, especially in the early
part of the year, of the upward
swing Of the business cycle in near
~ all branches of industry and do:
nestle trade under the lead Of the
construction industries.
2. The continuance Of the narrow.
ing Of the so-called favorable bal
snce of trade, !. e., excess Of ex.
ports over imports.
3. The continuance Of q consider
able degree OF depression in certain
branches of agriculture, although
in other branches the situation Inn
proved.
Throughout the year there was
practically no unemployment, and
wages continued at q remMnerative
level, Hoover declared today, com.
menting on the report.
!, production of manufacturing,
mining and forest industries sur
passed any previous year and, on
the average, was at least one.fifth
greater than in 1922.
Recession Was Slight.
although there was aeme reces.
sion during the later months of the
year. the output OF these industries
during the last quarter was greater
than during the corresponding
quarter of 1929.
Early in 1923 the shift in relation
OF exports to imports, which had
been going on for some time, con,
tinued until Marcha April and May.
when imports actually exceeded ex.
ports. Then came q decline in i'm.
ports and an increase OF exports
but for the year as a whole, ac
eording to Hoover, the excess of
commodity exports over imports
($376, 900, 600 was only half az grea:
as in 1929.
HooYer's statement showed that
a large net importation of gold and
silver continued, having been about
S296, 900 900. The excess of com.
bined exports Of merchandise ami
precious metals over imports was
the smallest reported since 1890.
although the large imports of
the first half of 1923 were abnor
NAL, some diminution, as com
pared with war years and pre-war
years, in excess OF experts is quite
what was to be expected" Hoover
continued.
Now a Creditor Nation.
From a debtor. We have becenaG
q creditor nation"
The total of international pay
ments involves, Hoover pointed out,
in addition to movements Of COM
modities and Of gold and silver, the
so-called invisible current items
such as interest and dividends, pay
ments for ocean transportation
tourist expenditures and immigrant
remittances-and also international
movement of capital, including new
investments purchases of securities
and Repaynents Of capital obliga-
tions.
According to the best available
estimates, the United States In 1928
paid to foreigners in the various
invisible current items $S70, 000, 600
more than they paid to us, this un,
favorable balance being due ia
heavy tourist expenditures and re-
Tpittances by immigrants.
ION the other hand" Hoavs.
said, foreigners invested or paid
to the United States on capital &C.
count about $l25, 00O, 900 more than
we invested or paid abroad. There
was large balance, $625. 900 900
in the opposite direction in 1929.
Agriculture is Rad.
The worst aspect Of the 1923 bust.
ness year was In agriculture.
Hoover discussed this situation al
follows:
while for large fractions Of the
agricultural community the year
1928 witnessed q coRtfnuance OF
the advance in prices, and improve.
r1eHt in marked conditions which
had characterized 1922, the situa.
ton of certain classes OF the argi.
cultural population, particularly
wheat growers and cattle and hog
raisers, continued unsatisfactory.
julius Klein, director Of the Blu.
reau Of Foreign and Domestic Com.
raerce, under whose direction the
Year Book" was prepared, de.
.elared that 1t had been compiled
'in responce to the demand OF
American business men, bankers
economists, trade association execu.
tiyes and the trade press fer an an