Wall Street construed President Roosevelt's message to Congress as S inflationary, involving as it does an expenditure above $4,000,000,000. The Street is pleased with the President's indicated desire to refrain from more restrictive measures. The advance in United States bonds is attributed to purchases through commercial banks. Observers believe that the release of new credits through reduction of reserve requirements will give the reserve banks additional funds to use in the bond market. Business news today was above expectations.
Text read from the printed page and cleaned; old type leaves the occasional error.