STATE OF BUSINESS: Soggy Spring

For 17 Decembers, Colonel Leonard Porter Ayres's Christmas present to U. S. business has been a speech to the Cleveland Chamber of Commerce, forecasting the coming year's prospects. Last December the country's No. 1 bachelor economist prepared business leaders for substantially better business in 1939, especially in the first half year. He said: "The monthly average of industrial production was 110* in 1937, and it will probably be 85 or 86 in 1938. It now seems likely that its average in 1939 will be about 104."

About the same date ex-Plunger Joseph Patrick Kennedy, on vacation from the U....

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