Show I I STEEL STATEMENT IS iS' iS I EXPECTED 10 TO T CUT GUI PESSIMISM Earnings of in Sec Second nd Quarter Give Trade Surprise e. e By Badger Bros Private Wire NEW YORK July 31 The The 31 The Steel statement and the dividend should certainly reduce th the pessimism that has been so rife rie War Var news Is better better bet bet- ter and we believe beleve after the Income tax Is levied that people will begin to realize how really realy cheap securities are The selling of Steel yesterday meant no more than the buying In Inthe inthe inthe the morning moring There was realizing in tobacco stocks and a few other ape ape- cales There seems to be no change I in the general market situation It I is too narrow yet Ot to have any big movement movement move move- ment either way E. E. E F. F Hutton Co It l was a general surprise in the str street et that the Steel corporation In spite spie of its is many increases in wages should have been able to show earnIngs earnings earnings earn earn- ings of in the te second quarter All Al adverse circumstances of the first quarters were apparently overcome It is now established beyond beyond beyond be be- yond a S doubt that the corporation can make big profits profs on prices fixed by the government Dow government Dow Dow Jones Professional traders are apparently of the belief belef that the Steel developments developments developments develop develop- ments are largely discounted for they found selling Steel common Until a anew anew new incentive Is supplied following re reo re- re I t t I moval of ta taxation tion and money Information from Investment investment Invest invest- ment channels shows that on declines Steel common and preferred stocks wIlt will wil run un rn into investment absorption on ona ona a scale down dow because of the indication indica ion tion ton that during the te remainder of the he war earnings are likely to be large enough despite big taxation to maintain main maIn- tam tain present presEnt dividend distributions There are strong indications that a pool of considerable size is at work in n the stock exchange oil oi group especially especially espe espe- daly Mexican Petroleum and Texas Oil OiL New New New York News |