Business: Argument for Pessimists

For those still in a bearish frame of mind, Roy L. Reierson, vice president of and chief economist for Manhattan's Bankers Trust Co., argued that the leveling out of the economy is still ahead.

Speaking before the National Association of Mutual Savings Banks in Boston last week, Reierson noted that "many maladjustments have entered the economy in recent years, and their correction may be neither painless nor swift." Troublesome problems are the continuing rise in wage rates in the face of unemployment, and the rigid price structure that keeps prices high in the face of surpluses.

Economist Reierson dismissed the idea that the...

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