Most puzzled stockholders in the U. S. are those with aircraft shares. While the aviation industry is U. S. defense beneficiary No. 1, its stocks act as though their gas lines were plugged. Last week, industrial stocks had risen more than 20% over their 1940 lows. But aircraft stocks had risen less than 15%. Brokers, tipsters and statistical services had two standard explanations: 1) uncertainty over the excess-profits tax; 2) the possibility of Britain's going under.
Both explanations made some sense. If the excess-profits tax, which came out of conference this week,...
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