This is the final first-run Golden Age short In which Wile E Coyote speaks.
Several Sputnik like space spheres are attracted to Coyote's magnet, as well as rockets and a rather large ICBM. It was the dawn of the space race as well as the height of the cold war.
Another clever Rube Goldberg-like sequence of events is shown. Ideal Toy's popular game Mousetrap, designed on many of the same dynamics, debuted just two years later. And in this sequence, an actual mousetrap (sans mouse) is used.
The sound effect in the background when all the metal objects are drawn to the magnet is the old civil defense siren. At the time this cartoon was made, the Cold War was in full swing. These sirens were tested once every month, usually on a Friday morning, and school children then participated in "drop drills" in the classroom.
Coyote speaks in this short, as he usually does in non Roadrunner episodes.