Show DEBT PROGRAM SETS SES STAGE L FOR RETURN OF PROSPERITY Hoovers Hoover's Moratorium Proposal Gives NevI New Nev I Life to Security and Commodity Markets Market i By y ALLARD SMITH SITU I Executive Vice VIc President the Union Trust Company Cleveland Ohio Business considered as n a whole is still sti in the period of depression but signs that the decline is I probably at atthe atthe the end cud are are becoming more pronounced pro This conclusion is 1 based pro pro-I on the thoroughness of price pric deflation dela- dela tion lon extremely low money rates rats In- In From I Fo 0 From Fr Ur- Ur I From III 7 i From Teem Flun 0 u 1 I I Tots Tots' Tota I cre creased ed production In sOI some e lines expanding c ex cx- I retail retal sales and indications of ot an Inevitable gain In replacement demand for a good god many products The These c are the economic stage settings settings set set- tings for recovery It I Is generally agreed that the one great factor lackIng lack- lack Ing ig Is confidence President geat Hoovers Hoover's Hovers moratorium proposal has provided provide the basis bas for quickened confidence and it may well wel prove to be the dramatic de development needed to ring up the curtain cutain for the return of prosperity While the moratorium program is not a for the ills affecting world trade its it results promise to 10 t be profoundly beneficial America will wm forego the collection of or from Ero European an nations this year ear adding this thI amount to taxpayers ers But the advantages to American trade Ingo in good go will wi and hi in i having haVig a more stabilized stabilized sta sta- Europe Europ should make the price a small smal one Security and commodity markets market th the world over have responded with wih renewed life after aler months month of black despair despai Billions of dollars dolas were added to t values within a R few low da days s 's aC after r the announcement of ot the pro pro- gram go gam For Fo the thc grain crop alone the enhancement in value was wa wn 30 Improvement in sentiment Is proving contagious giving such de depressed do- do pressed Industries as a steel a new lease leae on life le Large orders for pipe pip and mId structural material arc ae reported Under the surface slow low Improvement Improve Improve- mont ment has been going goig on in some lines in recent months Activities in shoes nOt 0 Wa p pt t I for UI t 31 Sal S' S SI g Trem FaDre Iron From t listy 1 Frova From lom Others Ialy I I Tot I I FuU on Wa Fn Debts to United Deba Our Oyer 58 S Yun Y textiles tires and a a few others arc c beter better The gains gins arc ar stow slow and no sudden rushing back of prosperous times Umes is immediately in view But the Important thing is i that the forces making for recovery have been given givena a powerful stimulant and there are strong reasons t to believe beleve that the bottom of ot the depression has been passed 1 |