STATE OF BUSINESS: Measurements

In Washington last week the Federal Reserve Board estimated October production at 120 (1923-25 equals 100), up 18 points from August, nine points from September, 24 points from last October. In Manhattan the National City Bank compiled its quarterly summary of the earnings of 320 leading corporations: for July-August-September 1939, $201,000,000, against $104,000,000 a year earlier.

Having measured the war boom in this fashion each spoke a word about its soundness. Said the Federal Reserve with reserve: "Unless there is considerable increase in the absorption of goods, the accumulation of inventories now under way might reach significant proportions." The significance of...

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