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Molter Respects Phalanx And Faultless in Preakness TANFORAN. San Bruno. Calif., May 6.— Willie Molter, who saddled E. O. Stice and Sons On Trust in last Saturdays Kentucky Derby, in which he finished fourth to Jet Pilot, Phalanx and Faultless, returned from Louisville to look after the many horses in the public stable he has at Tanforan. He will remain here until Friday and then will enplane for Baltimore, where on Saturday he will tighten the girth on On Trust for his engagement in the Preakness. Discussing On Trusts performance in the Derby, Molter said the son of Alibhai might have been closer had the track been fast. He asserted that the Churchill Downs racing strip was spotty, sloppy in some places and heavy in others and that On Trust appeared to be at a disadvantage over it. Molter, who was pleased, nevertheless, with the Stice colts race, is confident On Trust can beat Jet Pilot, but he is not so sure he can whip Phalanx and Faultless, for whose efforts last Saturday he has a genuine respect.