Too Much Steam?

All down the line, the U.S. economy was moving into high gear. Christmas shopping was off to a flying start (see NATIONAL AFFAIRS). The Pittsburgh steel mills, rushing to make up for strike-lost time, expect to hit 90% of capacity this week. Soft-coal production climbed to 14 million tons the week ended Nov. 19, highest point since April 1948. Unemployment was dropping in the cities that had been hardest hit in the spring recession and the fall strikes. And the automakers were chestier than ever. General Motors predicted that it would make...

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