Railway facilities have boon equal fo the demand for the first. time since the war, Secretary Ifoover awports, There were no car shortages," My. Hoover: writes, "and there was speeding up in the delivery of all goods. This complete reconstruc-ion, "expansion, and grow! efficiency in transportation facilities marks a fine accomplishment on the part of our railway management. Its economic effect is most far-reaching. "Every ear shortage is a strangulation to the movement of commodities which reduces. price levels to the producer and increases them to the consumer. It disarranges the synchronizing of our industrial fabric and widens the margin all along the line between producer and consumer. There is still requirement. for extension of terminals and readjustment of rates. There are large consolidations need. ate best service and carried, an increase of 1.3 per cent. over the proceeding year.
Avernge weekly car loadings! amounted to 942,000, an increase of 3.8 percent. over last year.
Average daily car surplus amount.
187,554 cars, an increase of 415.2 per cent.
Average daily. ear—shortage amounted to 170,546, a decrease of £26 per cent. from last year.
Total number of employees was 850,000, an increase of 4.5 per cent, over last year.
Total operating revenues increased 4 per cent. and net operating income Showed an increase of 5.8 per cent, The number of locomotives in operation at the end of the year was 64,896, while 2,376,378 freight cars were in operation.
Surplus Capital Banking figures for the year indicate "a high degree of stability, Secretary Hoover reports, as well in abundance of capital available for loans. The total volume of money in circulation on July 1, 1924, practical the same as last year Federal reserve notes and Federal Reserve bank notes declined from $2,254,000,000 to,$1,853,000,000 but the circulation of gold and gold '000 to $1,198,000,000. The increase in gold and gold certificates in eirculation was almost equal to the imports of gold from abroad, and was about $6,000,000 greater than the volume of Federal Reserve notes and Federal Reserve banks notes retired from circulation. This process, Secretary Hoover asserts, makes for stability and minimizes dangers from inflation due to superabundant gold holdings.
One of the encouraging features of the exchange situation was the greater stability during the first half of 1924 in the values of the cur-rendes of other countries that have undertaken currency reforms. This was true not only of the rentenmark, and of the chervonetz of Rus-but also of the currencies of Czechoslovakia, Poland, Latvia, and Yoreign capital (exclusive of refunding loans) brought the United States' during the fiscal year aggregated about '$450,000,000, " moderate increase over the proceeding year. The new issues included §160,000,000 for the Government of Japan for purchase lof supplies in the United States, $25,000,000 for the Dutch Bast Indies, ($40,000,000 for the Netherlands," $50,000,000 for Switzerland, and_ $20,000,000 for Norway. addition' to these issues large amounts of short term dollar credits were placed at the disposal of several European countries for the purpose of exchange stabilization.
The Dawes Plan Secretary Hoover comments on the Dawes plan as follows:
"A mast important event in the feld mance. was the. formular lan of the frst committee erts, commonly called the Dawes plan, Which was finally ratified by the Lon? don conference, on Avast" 17, 10 the Period. necessary for econo: habitation, an infeenational about 300,000,000 gold. into be fiented, proceeds SE which are. ts laced in" this bank be teed (Secretary Hoover in that paragraph gives his support to the consolidation of railroad systems into super-systems which is now under way in the United States. Tha. Interstate Commerce Commission has recommended that all the lines in the East be consolidated into five! great systems and the Greater: Nickel Plate consolidation has just. become an actuality through the energies of the Van. Sweringen brothers of Cleveland).
Statistics of, railroad operations during the year are reported by Secretary Hoover as follows!
496,742,000 tons of freight were thee of essential Hons are'to be paid during the interisn period on an increasing sul, reaching {otal annual fore of two snd-a half Salons of gold marks in the fifth year, and may be increased thereafter by Drosperity index "outlined: by the eon mittee.
These sums ate to be raised from Budget surplus from interest on rail: road. bonds, (the German Government fall roads being {ured over fo apeivate company under international control). From the all road transportation tox in effect, and from interest. and be tlnced'om German industry oster fuclise "appronimataly the handed ise schtednosa'on "these indole Secote [ite 'Wwats which is sneumed te ave' load lit by postwar earreney eps
Text read from the printed page and cleaned; old type leaves the occasional error.