Business: The Strike's Effects

As the U.S.'s basic industry last week shuttered up the mills that produce the bulk of its steel, the broad-based U.S. economy was so sound in its nonsteel elements that it suffered few serious effects. In Washington high Administration economists predicted that the walkout would not imperil the economic boom—unless it lasts a painfully long time. But the shutdown immediately began to produce a stock of troubles.

For Want of a Nail. Each week it lasts. the strike will siphon off from the economy 2,000,000 tons of steel worth $300 million, plus $70...

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