Nothing to Worry About?

Like a man taking his first parachute jump, U.S. business had dreaded to step off into reconversion. But last week the National City Bank of New York said that the drop in production had been unexciting, the landing surprisingly easy. In its monthly letter the bank rosily reported:

". . . Businessmen are not looking upon the decline in war work with fear or dismay but . . . with relief. Readjustment must come . . . and the sooner the better. A tendency to view the reconversion prospect with greater optimism is in evidence.

One reason is that despite cutbacks and decline in production indexes, trade has been excellent in June. Latest estimates show no rise in unemployment and no great increase on unemployment insurance rolls.

"Procedures for the settlement of terminated contracts have become steadily more efficient [but] the most influential of all is the widespread confidence that, whatever the difficulties of the transition period may be, beyond it lies an unparalleled demand for peacetime goods. Manufacturers . . . will leave no stone unturned in the effort to get their share.

"This attitude implies a resolute and energetic attack upon reconversion difficulties. . . . The difficulties may appear, in retrospect, to have been short-lived and of comparatively little consequence."

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