Dr. Ayres's Diagnosis

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Above the gabble of minor seers there last week arose the well-respected voice of Col. Leonard Porter Ayres, studious vice president of Cleveland Trust Co. Distinguishing the present world-wide depression from the domestic depressions of 1924 and 1927, Col. Ayres, writing in Collier's, predicted a turning point in the near future. "Now arises the emotion of fear," he said. "Things ,,ere [last spring] brighter looking than they were. Now they look darker than they are. This is the last phase of the depression."