TIDELANDS OIL HUNT, spurred by the Supreme Court decision giving mineral rights to the states, is going on at a record pace. In the past twelve months, oilmen have spent more than $100 million for leases and drilling in the Gulf of Mexico, have 30 drilling rigs now in operation, with plans for 70 by fall.

WAGE NEGOTIATIONS between U.S. Steel and the C.I.O.'s Steelworkers to set a pattern for the industry are going smoothly, may result in a settlement within the week. Joint union-management committees have reportedly worked out a package deal, with increased fringe benefits (notably pensions and hospitalization) but no flat wage increase.

ROBERT R. YOUNG, who angrily took the Chesapeake & Ohio out of the Association of American Railroads because it refused to go along with his ideas for roller-bearing freight cars, etc., will probably not pull the New York Central out of the industry organization, at least for the time being. The A.A.R., which gets about 8% of its annual budget from the Central, will try to work out a compromise with Young's rival Federation for Railway Progress, expects either President Perlman or Young himself to take the vacant seat on its board left by outgoing Central President William White.

AIRLINE MERGER between National and Colonial has been okayed by the Civil Aeronautics Board. Though the two lines have not yet started negotiations, CAB, which earlier approved a plan (later vetoed by President Eisenhower) by Eastern to absorb Colonial (TIME, March 8), said that a merger between Colonial and Eastern's rival, National, would be in the public interest.

U.S. DEBT TROUBLES have the Treasury Department working overtime on ways to boost the $275 billion ceiling without running into an election-year fight with Congress. One solution would be to allow the Treasury to exceed the ceiling temporarily, providing the year-end debt is within the limit; another would be to change U.S. bookkeeping so that the $40 billion outstanding in non-marketable "special issues"--such as the social-security fund--would not be counted a part of the debt.

SEARS, ROEBUCK PRICES are going down. Average prices in the new catalogue will be 2 1/2% lower than in the spring edition. Among best buys: electric appliances (down 10%), refrigerators (down 6%).

HELICOPTER SERVICE between airports and cities in Europe is spreading rapidly. Since Sabena has made a hit with its service in Brussels, British European Airways will start a service in London, using Sikorsky S 53 helicopters to whirl six passengers from London Airport to midcity in 22 minutes instead of the 70 it takes by bus.

CHRYSLER, whose 1954 models lag in styling, is busily pushing its lead in horsepower. To show off its new proving ground, Chrysler tooled a stock 235 h.p. New Yorker sedan around the track on a 24-hour endurance run, clicked off 2,836 miles to break its own official A.A.A. closed-track, stock-car record of 2,157 miles.

Average speed: 118 m.p.h.

DAIRY PRICES will come down soon, predicts the U.S. Agriculture Department. Retailers have already passed on the 8-c--a-lb. cut farmers took in butter prices on April 1, will soon pass on most of the cut in cheese (down only 1.2-c- a Ib. so far v. a 4.7-c- drop in farm prices), evaporated milk and ice cream.

FIRST LIGHTWEIGHT TRAIN has been ordered by the Rock Island Lines for its 161-mile Chicago-Peoria run. The four-car train, to be made by ACF Industries, builders of Spain's aluminum "Talgo" (TIME, April 18, 1949), will be about one-half the weight per passenger of current trains, could carry 300 passengers up to 110 m.p.h. It is scheduled to be in service by Christmas 1955.

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