Good News for Shareholders

Following the British and American occupation of points in Morocco and Algeria, the Times (November 11, 1942) reports that there was a further accession of strength to the stock markets. “The large bulk of the active trading was in the industrial and kindred markets, but the more spectacular gains were in oil and mining shares, Far Eastern issues, and European bonds. . . . The feature of the foreign bond market was the strong demand for European and Ear Eastern loans; Greek bonds were marked up by a further two or three points, French railway bonds by four or five points, and Chinese bonds by three or four points. . . . Oil shares were strong, particularly the Eastern group.”

The Times does not report any simultaneous spectacular rise in the wages of the workers.

R. M.