U.S. heavy industry has long been haunted by a nightmare: in building up the U.S. for war, it may well have overbuilt it for peace. Last week, news from Washington turned the nightmare into a beautiful dream: in the works is a U.S.-Russian trade pact under which Russia would buy $10 billion in capital goods in the U.S. in the first three postwar years.*

For months, U.S. emissaries have been quietly sounding out Premier Stalin and other top Russians on such a pact. They have found them just as eager to buy as the...

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