The Washington times., 1925-11-07
bANkEROF
WORLD
NOW
Has Become Financial Center,
DIspIacing Britain Huge
Growth IN Trade
By ROBERT s. THORNBURGH

Growth IN Trade
By ROBERT s. THORNBURGH
Americas commercial progress
IN the past year brought living
standards Of the country to the
highest plane in history, Secre-
tary of Commerce Hoover de-
clared today. In q review Of the
year ending June 80, to be sub
mitted to President Coolidge,
Hoover summarized the outstand-
ing Developments as follows:
Production. consumptino, whole
sale and retail sales, foreign trade
and real wages broke records
for normal years.
The United States dispIaces
Great Britain as the worlds
money center absorbed 81 ,3S2, OOO,-
900 in foreign securities, COM
pared to $471 1896, 900 sold in Lon
don.
Virtually No Unemployment
Virtually no Unemployment.
Vast expansion in scientific dis
Oovery.
Building construction totaled S.,
Oe0, 0oO, 900. OF which IS per cent
went into residential structures.
Aside from industrial patches,
where progress Jagged. as In the
New England textile industry. some
sections Of agriculture and the
bituminous coal trade. Hoover
painted an optimistic picture of the
nations business fabric.
Farm income reached a greater
total in the crop year 1e24-1o25 than
In any other year since 1920-192I, :,
Hoover said. WEAK spots continue
but the general situation Is better.
aggregate output Of an crops
during the present year viii be
about s per cent smaller than last,
but this probably win not adversely
affect farm communities since it.
has been offset by advances in agri-
cultural prices.
Best Since the War
As a result OF rises in the prices
OF cotton, grains and animal prod.
ucsts in the past three years, the
agricultural industry has now
reached a better adjustment with
other industries than at any time
since the war
Building construction marked the
most sensational industrial develop
ment with operations exceeding
those OF the 1923-1924 year by about
20 per cent. Building material
prices fell, while the industry has
been organized to keep men en-
pIoyed throughout the year, accord
ing to Hoover
Wen calculated to meet the perma-
nent and growing needs of the ma
tion, he added. There was no re-
minder Of the extravagance OF the
boom year Of 1870, when industrial
plants were enlarged out of pro-
portion to reasonable needs. .
Hoover said that there is a great
task ahead q the country to meet
the housing shortage, which has
not yet been relieved.
Great Railroad Business
Greater traffic was handed than
ever bekore In our railroad history, =
Hoover continued Economic losses
arising from car shortages and de-
lays in traffic have been minimized.
problem Of rate adjustments are
still with US. The problem OF rail-
road consolidation is yet to be
settled. Improvement in railroad
finances and service is dependent
upon the solution Of these prob
lems."
Hoover said that an increase of
$233. 900 900 in the circulation of
gold and gold certificates, together
with the volume of net gold expert,
has made tor monetary stability
and has rninimized the dangers
from initiation threatened by SUI
per abundance Of gold holdings"
He referred to progress made
throughout the world in currency
sterilization ''as the most en-
couraging feature Of the period"
> THE progress in the re-establish-
ment Of the gold standard Is Of in.
calculable Importance TO zinterna.
tional trade, which has been ham
pered by exchange fluctuation, -
Hoover declared.
Stabilized by Gold
"The volume of world trade now
aggregates about $50, 000, O00, 900 an
nually. Over two-thirds represents
the foreign trade of United States
Great Britain. and other countries
whose currencies are stabilized In
relation to gold"
OF tn total 1882 900 900 in for
eign securities offered in the United
States during the year-an increase
Of $40, 000,0 900 over 1923-24-Europs
received $685., 200, 900, Canada $19T,
OO0, 900, Latin America $1B2, O0O. 900
and China $4,000 900.
The Federal reserve bank Of New
York and a New York syndicat,
extended a $500, 900, 900 credit tt
Great Britain, italian banks O.
issued received $50, 0e0, 900, and tn,
Danish government $40, COO, 900
Hoover said