TIME CLOCK

FORD LEADS CHEVROLET in the race for the industry's No. 1 sales spot. Total new car registrations, as compiled by Automotive News for 1955's first five months, plus six states for June: Ford 615,357, Chevrolet 612,126.

WINDFALL-PROFITS PROBE on FHA housing projects has hit a snag. The U.S. Court of Appeals upset a one-year jail sentence for ex-FHA Assistant Commissioner Clyde Powell, who okayed projects that netted builders some $500 million in unwarranted windfall profits. Though Powell refused to tell a federal grand jury how he banked an average $27,000 yearly from 1945 to 1953 (on a salary of only $12,000), the Appellate Court said the Government prosecutor "outrageously misrepresented" the facts in getting his conviction, ordered Powell acquitted in the name of "common justice."

OIL CONSUMPTION for the U.S. this year will top earlier forecasts by 45 million to 60 million bbls., may push through the 3 billion bbl. mark for the first time in history, say petroleum economists. The outlook: a 5% to 7.5% increase in 1955, with the U.S. using some 60% of the entire world's production.

LOUIS WOLFSON has added another company to the string of firms he owns or controls. For $6,800,000 Wolfson bought Connecticut's 27-year-old Savin Construction Co. (highways, bridges, industrial buildings), will merge it with Merritt-Chapman & Scott by exchanging all Savin's stock for 283,333 shares of Merritt-Chapman. Savin will continue under its current management.

FARM-EQUIPMENT INDUSTRY is adapting to the guaranteed annual wage. Allis-Chalmers and Deere & Co. have both offered the United Auto Workers a layoff plan to insure jobless workers some pay. Allis-Chalmers offered 65 % of total pay for four weeks plus 60% for the next 22 weeks, but was turned down because it provided no trust fund for the benefits. Deere's idea, which the union has agreed to "in principle," is similar to the auto, industry pacts.

RESTAURANT PRICES will jump 10% in the next few months, will climb another 5% to 10% in 1956, says the National Restaurant Association. Reason: soaring wages and maintenance costs.

RUSSIAN-JAPANESE TRADE has flopped so far. Though Russia and Japan signed an $80 million trade agreement last summer, year-long negotiations have produced only $9,000,000 worth of firm contracts, mostly for Russian coal, lumber, manganese and chrome, in exchange for Japanese wire rope, tugboats and fishing vessels. Reasons for the failure: high Red prices (20% higher than international levels), uncertain delivery and complex payment systems.

NORTH-SOUTH PIPELINE will link Louisiana's gas fields with Midwest markets. The Securities & Exchange Commission has approved a $130 million project by American Natural Gas Co. to build a 1,000-mile line from southern Louisiana to Michigan, where it will link with other American natural gas pipelines spreading across Michigan, Indiana, Illinois and Wisconsin.

BROWN SHOE CO., which acquired the Regal Shoe Co. chain last year (TIME, April 12, 1954), will push deeper into the retail shoe market by merging with G.R. Kinney Co. Under the deal, Brown will exchange two shares of stock for every three shares of Kinney (223,260 shares outstanding), will operate its five factories, 344 retail outlets as a division under present management. Combined sales of the two: $186 million.

GIANT MILK BOTTLES, first introduced on a large scale several years ago, are overtaking tbe standard one-quart size in U.S. homes. So far in 1955, says the Glass Container Mfrs. Institute, dairymen are selling 20% of all fluid milk in either two-quart or one-gallon bottles.

This file is automatically generated by a robot program, so reader's discretion is required.