Evening star., 1942-11-15
War and Peace Stocks
Follow Divergent
Paths in Week
Assorted Recoveries
Well Distributed
In Final Session
WHAT STOCKS DID
BY BERNARD S. O'HARA,


Associated Press Financial Write
NEW YORK, Nov. 14.-It was dis
tinctly a War-peace stock market
this week, with irregularity pro-
nounced from the start, although
assorted recoveries were well dis
tributed in today's final session.
Monday witnessed the heaviest
dealings of the year to date-more
than 100000 shares were traded
as the American-led Allies invaded
North Africa and administered fur
ther strong blows to the Axis in
Egypt.
The market, however, worked at
cross purposes despite the big activ-
ity. Traders envisaged a quicker
than expected all-out victory over
the enemy and bought stocks that
stand to benefit with the ending of
the world conflict. Conversely, war
rated issues of companies that may
encounter difficulties with the re-
sumption of normal times, such as
the railroads, were unloaded.
Peacetime ideas were revised
somewhat and the selective class
was stemmed Tuesday. Pressure on
armament stocks Subsided also, but
the market finished generally lower.
Accounts were lightened for the
armistice holiday Wednesday, when
major exchanges recessed.
Irregularity Persists.
Battle bulletins still were bullish
Thursday, but the uneven churning
persisted, with the result that final
up and down trends were pretty well
divided. Carriers improved, paced
: by New York Central when directors
voted a dividend of 81 on the COM
mon, first since 1881.
Activity dwindled appreciably Fri
day, although two special offerings
of $4,000 shares each of Kennecott
and Phelps Dodge, largest since such
transactions were inaugurated sew
eral months ago, served to keep the
aggregate above the 100000 mark.
Offerings for year-end income tax
purposes began to crop up and this
helped keep most leaders IN the
lower bracket.
The Associated Press average to-
day managed to show a gain OF O.1
of a point at 405, but on the week
suffered a net loss of 0.3. OF 562
ISSUES traded in the two-hour pro-
ceedings 202 were down, lit up and
1873 unchanged. Transfers totaled
26O ,620 shares, smallest since Octo-
Der II. They compared with 553 ,280
last Saturday, a peak for brief
session since December 81.
Touching new highs for the year
in the short session we're Texas &
Pacific Land Trust. Coca-Cola,
White Rock, United States Rubber
preferred, International Harvester
and Johns -Manville. Improved were
Chesapeake & Ohio on extra divi-
dent talk; Santa Fe, American Tele-
phone, j. I. Case, General Motors
and Chrysler. Losers included New
York Central, Bethlehem, Allied
Chemical, Eastman Kodak, United
Aircraft and Anaconda.
Rail Bonds Improve.
Rail loans performed little better
than the average OF corporate issues
in today's bond market and the AS
sociated Press carrier composite was
OIL of point higher at the close.
Bonds of Allegheny Corp. and
Seaboard Air Line Florida IS rose
l to around 212 points. Crucible
Steel 3As advanced a point to SO
and Columbia Gas & Electric SIS of
81 climbed y at 8912.
There were minor losses for De-
troit Edison 312s, Firestone Tire IS
and Great Northern Railway 5ks.
United States Governments were
quiet and steady.
Transactions totaled $3,975.10O
face value, compared with $4,228, 900
the previous Saturday.