STATE OF BUSINESS: Forecast for 1939

Cassandra was always right, but nobody believed her. A great many people, however, believe Colonel Leonard P. Ayres, vice president of the Cleveland Trust Co., who last year predicted that the bottom of Depression II would come in the first half of 1938. Last week tycoonry's favorite seer gave his followers a lavish exhibition of his powers by predicting practically everything for the coming year except the dew point in Wall Street at midnight on Friday, June 23. Excerpts:

"The monthly average of industrial production was no in 1937 and it will probably...

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