When U. S. auto production started down hill last spring there was a steep and slippery grade ahead. With all four wheels locked, the industry slithered down from a top weekly production of 90,280 (at the end of March) and skidded to a dismal pace of 32,445 (during the first week in May). Instead of crashing at the bottom, the motor industry stepped on the throttle, succeeded in topping an unexpected rise to 81,070 a week by the end of June.

Since then auto production has gone down a smooth grade to the late summer valley where the industry will...

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