Evening star., 1918-06-09

NEW YORK. June s.-The war news
continues very encouraging. likewise the
absence of any further submarine dis
asters.
The very favorable feature is the evil
dence from yesterdays fine wheat crop
report, following that Of the good cotton
report of Tuesday for abundant crops
this season
These considerations should stimulate
the sentiment in connection with the
strong technical speculative position the
market showed in today's trading.
There seems, however, to be little
prospect Of any sustained bullsh ac-
ttvity in the general market for the
present. IN view OF the uncertainties Of
the money situation the ensuing week
with the final payments being made on
taxes. requiring delicate handling Of the
local money market over this interval
The best that can be expected Of this
circumstance is an irregular traders
market for only prospective moderate
fresh uptufns.
Further purchases. therefore, are only
being favored during periods of fresh
declines from this level, and then only
with the view of realizing moderate
trading profits until the general situa-
ton clears.-Moler.
Concentrated buying attracted at
tention to Studebaker during the ses-
sion, and the way that stock advanc-
ed caused increased interest to be at
tAched to the motor situation gener-
ally.
After the close there were bullish
points on all this group of stock,
including Pierce-Arrow and WHY'S
Overland.
It was said by an interest well in
formed on General Motors affairs that
the earnings of that company are
80 ~,
the stock.-New York News Bureau.
Good buying of the oil stocks is
again reported. including Mexican
and Texas Oil.
Philadelphia interests are reported
TO be bullish on the coalers. including
Norfolk and Western. Private ad-
vices from that quarter have been
referring to evidence Of a very good
absorption. apparently for inside ac-
count.-Clark. Childs & Co.
Cerre De Pasco Copper Company pro
duced 6,16s,000 pounds in May against
6.s52. 900 in April and 5.96s.0o pounds
in March--Don, Jones & Co.
The technical position of the market
10 good. There Is no doubt about the
existence OF q large short account. while
the offerings of actual stock are quite
limited. From the standpoint of the
floor trader there ought to be a recovery
from the little depression OF the last
C0Qpf0 Oh udyS.
The news from the French front is OF
an encouraging nature, and there are
a1gns that Congress will not swallow with
good grace all the proposition for Iegis-
fAtion being advanced by our Secretary
We may hope for a common sense
tax budget that will protect business and
! b palmer in its application than the in.
volved measure now in efrect-Morse
It Is understood that an important
banking interest has made an esti.
mate of the probable earning position
Of the United States Steel Corpora.
ton In the event that taxation should
be increased. say, 100 per cent The
Aonciusion reached Is that after al
iowance OF deduction from income o,
about s15o.00o. 900 per annum, being
expended for new construction on ac.
count Of government work. II woulc
be fully possible to continue the divi
. dend indefinitely at 10 per cent pei
annum basis. K. Pulsifer.
The government contemplates, from
figures SO far published. to expent
during 1918 a sum aggregating abou
sex. 1900. 100000 and II 40 per cent o.
this is to be provided out Of taxation
it will mean that the public will b.
= called upon for something like $3.'
: o00.o00,o00 In taxes.
We think. however. that amounti