Show I Walt et Financiers Hail Breathing Spelt Spell Bab Babson on Says ys Budget Should Also Be Bal Balanced Bal r an ed x Taxes s Reduced Jj Living vil g Cos Costs Cut NEW NEWYORK YORK Sept 6 AP AP w Wall n street greeted d President President dent Roosevelt's announcement ement today that a a lIbre breathing spell for industry for industry ry is here by breathing a big bg sigh of relief Leading bankers and industrialists were chary of formal comment but a number sai said i privately te y that relief from froni uncertainties arising from tile the die reaching far re reform mi business niost measures was what most needed The The stock stock market finally t turned u upward ward after a morning morning morn morn- ing of h hesitancy it and scored d numerous gains gains' of of 1 to 3 3 3 a l in steels motors t rs and miscellaneous s e ne e u industrials l V CIu rose r rose rosemore more than 2 2 to around 67 I a new V high for recent recen years ears General Motors advanced d mo more t than n nl 1 l to 45 one bl blo block of O shares s appearing pP ringlon on the tickS ticker tick tick- S 'S er- er r tape ape as a a single tr transaction ris U U. S. S Steel Steel up p. p ab about ut 1 to around 46 and Bethlehem and National Steels regJ registered reg- reg J similar gains Shares up about 2 included Johns- Johns Manville Dupont Case and a few others Rails perked up early arly then lost p part rt of oi their rise Oils Oil were inclined to sag ag fora fOfa for a time V I j. j t V t V Among the few who commented commented p publicly were F. F E. E V Williamson amson president of the New York Central he said the breathing spell pol policy c would be very helpful to bus- bus D on Page Pae Eight ElihU WALL ALL STREET HAILS ACTION t 1 t Continued from Pate Pale One t i Irina T Major Maor L. L L. L British f it 11 I- I aan Jal an analyst and B strong ong supporter sup up- up porter orter of th the new deal pointed out that the second or industrial prosperity phase which he had b been cn urging had evi evidently now DOW arrived with ith completion of ot the thet t J first or social reform phase He ie even predicted d th that t tho the presIdent president dent would now confound his political political political po po- po- po out Cool opponents and idge Coolidge Lieas Leu enthusiastic was Roger W. W Babion Babson noted business statistician clan cian who said laid In Boston Boton that business i needed more than a a. breathing spell pel that the budget bould be balanced taxation re reduced reduced re re- and living costs kept down He added however that business does need a breathing spell Dr Lionel Llon l D. D Edie Edle Wall street economist said aId ad the presidents president's I statement would be a fla great relief to business CHICAGO Sept 6 UP UP- UP Frank Prank Knox publisher of the Daily Daib News and mentioned as a a. possible Republican candidate for fOl forthe the presidency today characterised character character- h lied bed President Roosevelt's announcement announcement announcement an an- of a breathing spell f for r industry as IU Ju just t another romIe The record has been betm made tt Knox ox said Md and d it will t tIe take ke mo more e i than a a. promise now from Frankln Frank- Frank ln tn D. D ROosevelt to rea restore tore conn S Sept it 6 U Silas H. H Strawn prominent 1 can and f former president chamber of commerce of ted St States te today scoffed ident Roosevelt's state state- U th that t b business has improved ed deal U er r the new Commenting on the presidents president's letter Jetter to Roy W. W Howard Strawn said I I I I believe that I express the sentiment of business and thoughtful citizens citizens' g lihen to 4 X 1 say lay that the efforts effort of the new now d dealers en especially the U o called sg must moat legislation recently enacted enacted enact enact- ed Id by bya ba a complacent congress hd ha not Dot only failed tailed to restore confIdence conn confidence dence but has haa had quite the contrary contrary contrary con con- con con- effect |