Finance Public & Private
The Financial Outlook
LAST week I referred to the important new factor which had been imported into the financial situation in the shape of President Hoover's proposal for a year's Moratorium in German Reparation payments and inter-Governmental War Debts. I then showed how great an effect had been produced upon all public securities by this development, and since I wrote a week ago prices almost from A to Z have soared higher. Commodities, too, have to some extent shared in the improvement, and that, of course, has been welcomed as likely to give a stimulus to trade activity. Up to the present I think it would be true to say that the greater part of the buying of stocks has been by professional operators on the hope of the public coming in later, and the sensitiveness of markets was indicated by the setback which occurred at the beginning of this week on the delicacy of the position with regard to France. But there has also been a certain amount of public support, while, as I stated last week, the low level to which prices had fallen in itself justifies in some measure the recovery which has taken place.
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