Tokyo v. New York

That well-informed Japs expect no quick and easy victory was underscored last week when the Tokyo radio announced that the Government would reform the important Tokyo Stock Exchange "to stabilize fluctuations" (i.e., prevent panics) and "establish a financial structure which would fit into the prosecution of a long-term war." The action followed persistent selling which has lowered leading stocks as much as 35 points since the Battle of the Solomon Islands began.

As if to mock Tokyo, traders on the New York Stock Exchange put on another show of confidence, last week boosted stocks to new highs for the year. Typical gains: American Airlines 5 1/8 points, Chrysler 1 3/4, Du Pont 4 1/2, Monsanto Chemical 3 3/8, Norfolk & Western 6 3/8, U.S. Steel 1 7/8.

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