Word: indexable
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...traded 3,280,000 shares, rose four points on the Dow-Jones industrial average for the second week in a row. Before the week's end the average was up to 134.54, only 14 points below where it had been before it fell in May with Flanders. Index of last week's market spirits: money was going back into the highest-grade disappointment of recent years, New York Central common (up 11 points), and other more frankly speculative rails...
Despite restrictions, the House still functions as a market, and its quotations react quickly to good and bad war news. After the Low Countries and France went under, the London Financial Times's index of industrials collapsed to an eight-year low of 61. But the bombings of London, which send the brokers scurrying and are supposed to prelude the end of their world, have not fazed brokers or prices one whit. Last week, while the Stukas dived, the index had completed two months of climbing, was back...
...this optimistic ointment there was one fly, a major index which refused to conform: the figures for bank debits (checks drawn on deposit accounts). In 140 centres outside New York, these debits declined 14.3% during the last three weeks in July, a far more than seasonal recession. Such a drop in checks drawn must mean that fewer (or smaller) business transactions are being completed, that sales of goods and services have fallen off or that payment for them has been postponed...
Last week businessmen still rubbed their eyes after looking at the general indexes of business. They wanted to make sure that they were not being misled into a false boom, as in 1937, as again in 1939. Department-store sales for the four weeks ending Aug. 3 were 6% above last year. Automobile and chain-store sales were ahead. Most cheerful note of all was struck by the Federal Reserve Board, which last week published its long-overdue revised index of production. Adding 23 important but hitherto neglected industrial series (machinery, aircraft, liquor, rayon, chemicals, etc.) to its index, revising...
...measure of goods consumption, bank debits include too many other transactions to be reliable. But by the same token they measure general spending better than such partial indexes as retail sales. Bank debits include checks drawn by little businesses as well as big, the checks cashed by small employers to pay their help, the checks with which individuals pay their bills, etc. (Bank debits in 131 trade centres after seasonal adjustment recently declined so severely that it was the major factor which last week carried TIME'S Index of Business Conditions to a new two-year...