Largely a convenient fiction is the statistical notion of "normal business." When depressions end, booms are usually just around the corner. Last week with Depression vanishing into memory, the portents of BOOM drummed excitingly throughout the land. Declared the president of the potent New York State Council of Retail Merchants, John C. Watson, in a Manhattan speech: "We are moving into a feverish time of activity during which our business machine is likely to become more complicated than ever. The boom stage is not here yet but we are so near it that...
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