Word: upturning
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Great question was: Did this resounding upturn of the markets mean that the turn had come in Depression II? Last week Secretary of Commerce Roper was not slow to declare that it had, that business would revive in the fall. Colonel Leonard P. Ayres speedily agreed. All over the U. S. lesser seers chimed...
...that the slump has been accentuated by the advancing of the Automobile Show from January to November, it noted in a memorandum to customers "that business has actually been doing better during the past two or three months than is generally believed and that there may be some upturn in industrial activity during the ensuing months...
...Colonel Leonard Porter Ayres, whose frequent sound-offs in news letters from Cleveland Trust Co. are the favorite economic reading of most U. S. tycoons, this was all so much balderdash. Remarking on the railroad crisis, stagnation of new building, lack of substantial upturn in automobile production, fall in security prices, increase in unemployment and lack of a spring upturn. Colonel Ayres decided that the present lull is only the end of the first stage of a major depression. Gloomed he: "The physical volume of industrial production appears to have dropped to more than 40% below the computed normal level...
Striking accompaniment to this upturn was the fact that on the New York Stock Exchange (where the Dow Jones industrial average rose 5 points), odd-lot traders for the first time in three months sold more shares than they bought. For four successive trading days small transactions in lots of less than 100 shares-supposed to be a good index of what the public, as opposed to the professional, is doing in the stockmarket-showed sales exceeding purchases. Since the public had been a consistent buyer during the recent market decline, this suggested to Wallstreeters that the old market adage...
...Henry D. Wyner '39, claimed that the New Deal has corrected several of the causes of the excesses of the 1929 depression and that its policies have restored confidence in our economic system. Moreover, they argued, the administration's economic program has been a significant factor in the general upturn of business and has done much to aid low wage groups...