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Show STOCK MAHKET :" HOLDS UP WELL UNDEHSTHAIN Fundamental Conditions That Underlie All American Ameri-can Investments Considered Consid-ered Very Strong. CROP OUTLOOK IS. WONDERFUL HELP Financiers and Speculators See No Chance for Kaiser to Win, and Govern Themselves Accordingly. By EROADAN WALL. By .Internationa News Service. Nl-JW YOUR, June 3. Strength with i which the H(o-k niarliPt closed Saturday I was KlKnil'h-unt of the strong fundamental , ' i 'ondillutis that underlie all American in-: in-: vrslnieiils. II is the stiperf Icials only that nre inclined to he bearish from day to day. I The Kicatest crop outlook in history, the I Kn-alcHt output oT steel, and the betfin-; betfin-; nine,' of the end of the kaiser, all combine ! into a foundation without a flaw. The i people have the stocks and they want i them, as the best people in Wall street ) ' who are always the investors' friends are working for the government and a bond of .ympaihy Is growing between Wall , ; ' street and the people that means much 1 1 for the period after the war. i It seems proper at this time to say that ; j the present tierrnan offensive has been fully discounted in the stock market and that it seems to have been checked. Of ; course there will be additional offensives, i for Germany must fight this summer if at all. No Hope for Kaiser. There is no possible hope for a German victory next fall and nohody knows it bet-tcr bet-tcr than the kaiser. H is only in Cier-1 Cier-1 many that there is any hope of German ' . victory this year so the summer promises lo lie full of heroic events of which the j slock market will take due notice. These j flucinattona caused by military developments develop-ments must necessarily be temporary for j: ! the final result is a foregone conclusion, j Of the oilier temporary influences the t : tax situation is one of the most important. j1 The government schedule calls for experi-ditures experi-ditures of thirty billion dollars. Practical :i men believe the government cannot spend i! more than twenty or twenty-four billions at the most. Hy issuing bonds lor sixteen billions that will leave eight billions to be raised by taxes. So taxes must be ' . dim bled. A fter luxuries are taxed what ( : they can afford and after a consumption tax is imposed it is believed by statisti-j statisti-j cians that the big corporations whose , stocks are dealt in on t lie exchange will find their tax burdens increased but little. lit-tle. Talk of Hardship. ' Some talk Is heard of the hardship of ; taking- away from big business all its i profits. This talk does not come from ; the heads of big business. In regard to the stubborn refusal of i stockholders to let their securities go, I . there is a perfectly logical legislation. - I The companies are making record earn- i i ings. The investment position is abso- I ' lately sound and it will take tremendous ( disaster to disturb it. The high charges i teing imposed for passenger fares and I ' freight will encourage a .greater use of 1 automobiles, so the future in that industry I is bright. As hanks will not be at liberty to let out money freely for the next ten days J owing to Liberty bond and income tax i payments, call money will not be so plentiful plen-tiful for speculation and a quiet market 1 must he expected. But about June 20 there should be an easing up of the money ; market with great encouragement given to speculation. A rising market may be expected to begin about that time. |
