Surprise in Utilities

Like Rip Van Winkle, utility preferred stocks last week snapped out of a long nap. In the stockmarket they started climbing briskly on greatly increased trading volume. At week's end the senior shares of American & Foreign Power were up two and three points to new 1942 highs (double the year's lows); Electric Power & Light preferreds had jumped five and six points; Electric Bond & Share preferreds were up more than six points; Empire Gas & Fuel 8% preferred topped a phenomenal rise with eight more points to hit 166⅞ — an...

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