The U.S. economy was producing at an alltime high last week. Industrial production, which rebounded in December from the steel strike with the second biggest leap since World War II, was up to 165 on the Federal Reserve Board index. This month it should easily break through the record rate of 166, set last May and June. Reflecting the new vigor, railroad carloadings for the week of Jan. 9 were up 7.4% over last year, 22.5% over the preceding week; truckloadings were 8.6% above last year, 35% higher than the week before.

Counting heavily on sharing in the boom, the auto...

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