AIRLINE SUBSIDY END is in sight for domestic trunk lines for the first time in U.S. commercial aviation history. Last big subsidized line, Northeast Airlines, has been requested by the CAB to show cause why its $1,800,000 annual subsidy should not be stopped forthwith.

STOCK CONTROL of Britain's automaking Standard Motor Co. has been quietly bought for $4,900,000 by Canada's farm equipment giant, Massey-Harris-Ferguson, Ltd., which may turn Standard into Europe's biggest farm-machinery producer. Besides its Standard, Vanguard and Triumph cars, Standard is producing 100,000 Ferguson tractors annually under license deal. Massey holds 18 1/2% of Standard stock, the biggest bloc.

BIG FREIGHTER-BUILDING program will be subsidized by Government. Maritime Administration is negotiating to replace entire 54-ship fleet of Lykes Bros. Steamship Co. with fast (18 knots) freighters that could be used in national emergency. Deal calls for up to 53 dry-cargo ships to be built in private yards over 20 years with Government paying half of the estimated $500 million cost.

CUT-RATE PESETAS will be sold by Spain to U.S. travelers. To spur foreign tourist trade and combat flourishing black market, the Franco government will let Americans deposit dollars in U.S. banks, pick up pesetas in Spain at rate of 46 to $1 v. current pegged rate of 38.95 per $1. Spain is also considering general devaluation of its weak peseta.

DEBT LOAD has mounted to $4,650 for every American. U.S. Chamber of Commerce figures total Government, corporate, individual debt is more than $769 billion, but says it is no danger as long as prosperity stays high.

STEEL UNION REBELS rolled up surprisingly high vote in move to unseat President Dave McDonald. Preliminary count gave Insurgent Leader Don Rarick (TIME, Dec. 10) more than one-third of the ballots, which he interprets as a mandate to keep the anti-McDonald bloc intact and try again for election in 1961. Steelmakers fear Rarick group may try to outdo McDonald in contract demands, thus put squeeze on industry.

JAGUAR EXPORTS, Britain's biggest auto dollar-earner, have been badly hurt by fire at automaker's plant in Coventry, one of few British auto lines still producing at peak. Blaze damaged one-third of plant. Production--75% for export--will be stopped at least a week, will not hit full stride again for months.

PRIVATE POWER won long dispute over whether bulk of U.S. power from St. Lawrence Seaway project should go to private industry or to public systems. New York's Governor Harriman okayed sale to Reynolds Metals Co. of more than 25% of state's St. Lawrence power, on top of same amount already promised to Alcoa. Reynolds will build $88 million aluminum reduction plant on St. Lawrence near Massena, N.Y., and General Motors will put up aluminum casting foundry there, spur lagging industrialization in the upstate area.

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