I really wanted to find out if the WTS had referred to Matthew 24:34 after the article in the Nov 1, 1995 Watchtower. Here's all I found:
June 1, 1997 Watchtower, Page 28
Questions from Readers
That evidently is how Peter understood Jesus' use of "generation" when he and three other apostles were with Jesus on the Mount of Olives. According to Jesus' prophetic statement, Jews of that period-basically, Jesus' contemporaries-were going to experience or hear of wars, earthquakes, famines, and other evidences that the end of the Jewish system was near. In fact, that generation did not pass before the end came in 70 C.E.-Matthew 24:3-14, 34.
Then again, the blame was put on the Rank & File in this article for coming up with the previous understanding of this scripture:
With similar sincere intentions, God's servants in modern times have tried to derive from what Jesus said about "generation" some clear time element calculated from 1914. For instance, one line of reasoning has been that a generation can be 70 or 80 years, made up of people old enough to grasp the significance of the first world war and other developments; thus we can calculate more or less how near the end is.
I love the last paragraph:
So the recent information in The Watchtower about "this generation" did not change our understanding of what occurred in 1914. But it did give us a clearer grasp of Jesus' use of the term "generation," helping us to see that his usage was no basis for calculating-counting from 1914-how close to the end we are.
The WTS just shot themselves in the foot. What scriptures are supposed to be used as a basis for calculation? How can we be sure that the scriptures used to come up with the year 1914 WERE basis for calculation?
Other than this mention in "Questions from Readers" in 1997, Matthew 24:34 hasn't been used in any WT publications (up until 2001 anyway). The scripture has been abandoned, since it no longer has any modern-day meaning.