Highballing along with a fine head of steam, the U.S. economy rolled into fall at near top speed. Latest statistics from Government and industry showed that production, employment and the earnings of the nation's corporations were all at high levels. Overhanging this bright picture of performance so far this year was a cloud cast by the effects of the steel strike, which will be felt for weeks to come (see below).

The first trickles of third-quarter earnings reports from industry's accountants were uniformly good. Thanks to big defense orders and strong consumer...

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