State of Business: Consequences of Clubmanship

Across the U.S., there are businessmen prepared to argue that the much-prophesied "1963 recession'' is already over even before 1963 arrives. Speaking in Washington, U.S. Chamber of Commerce President H. Ladd Plumley said: "One could almost say that we did, indeed, have a recession and are on the way to recovery." In New York, G.E. Chairman Ralph Cordiner sounded much the same note: "There has been quite a significant change in the economy . . . There's more resiliency now."

Most explicit exponent of the theory is Frederick A. Stahl, president of Manhattan's Standard & Poor's Corp....

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