Peace Boom

As good news continued to roll in from world battlefronts last week, stock traders translated it into highly selective buy & sell orders reflecting confidence in the United Nations that welled up ten days before U.S. troops set foot in North Africa. Main trend: "peace stocks" boomed, "war stocks" slumped—and hedgers' stocks (like motors), which stand to benefit from both war and peace, stayed where they were, close to the year's highs.

Since the railroads (because of their large current business and excess-profits tax credits) are huge beneficiaries of the war-production boom, their shares were the outstanding target...