U.S. industry, free of major strikes last week, was not free of major troubles. Biggest was the shortage in steel. It had become so scarce, due to the production losses of the coal and steel strikes, that CPA Boss John Small slapped on priorities to funnel some 20% of all finished steel into essential industries—housing, farm machinery and railroad equipment, etc. How long the priorities system would last (it now applies only to the third quarter) depended on how quickly steel mills hit capacity production.
Since the end of the coal strike, steel had come back fast. Last week, it...
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