Show j l' l Sees Reduced Reduce Activity Ahead i COLONEL LEONARD P. P AYRES the famous famous fa- fa economist of the Cleveland Trust c sou sounds dS a note not of or caution caution in his September business bulletin Despite the present wave of high stock prices and the accompanying expectation of continued industrial profits Colonel Ayres foresees a possible period of declining con con- for the near future This while affecting prim primarily rily the building trades would the demand f r structural steel and b ing about reduced activity in many tines lines of industry Why does Colonel Ayres foresee r There has been this summer a t sharp decline de- de dine cline in the volume of new bonds issued by bv This means lie he says say that much w construction and purchasing of equipment equip equip- ment which ordinarily would have b been en un under er way v y this fall has been postponed t. t Li G Colonel lonel Ayres blames the d pond bond tr j I volume on the high rates that have prevailed since spring His comments make nake one wonder if the bull buH ma market ket of the past year has been altogether a wholesome in- in fluence |