After Two Years

By one criterion, the second anniversary of World War II found the U.S. economy almost unchanged this week. Prices on the New York Stock Exchange, according to the Dow-Jones industrials average, were 127.70, against 134.41 when war began. But the Stock Exchange was an eccentric criterion. Two years of war have brought radical change in every other phase of U.S. business:

> In August 1939 the U.S. produced no tanks, only 256 military airplanes including trainers; last month arms spending totaled $1,100,000,000, tank production was about 350, airplanes an estimated 1,500.

> In August 1939 the Federal Reserve Board index of production...

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