Before the Chicago Association of Commerce on December 12, 1934, Chairman Charles Gates Dawes of City National Bank & Trust Co. predicted that a sustained upswing in the durable goods industries would begin the following June or July. Nothing happened in June, and as late as June 27 economists including Cleveland's Col. Leonard Porter Ayres saw no signs that General Dawes was right. But less than two weeks later (TIME, July 22, 1935) steel ingot production suddenly began the rise which has been virtually continuous ever since. By this modest but clean-cut...
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