Monday, Jan. 27, 1958

TOLL TV TEST is arousing little interest. Only one firm, Philadelphia Broadcasting Co., has applied to FCC to try system, and deadline for bids is March 1. FCC Chairman Doerfer says that single test is not enough, and pay TV may never get started unless businessmen are willing to invest more in it.

UNION-BUSTING CHARGES are being hurled at A.F.L-C.I.O. itself. It fired, retired or switched jobs of 100 A.F.L-C.I.O. organizers in purported economy move. But many of men were members of new organizers' union that wanted to bargain with A.F.L.-C.I.O. on wages, seniority, etc. Spokesman for them says that A.F.L.-C.I.O. axed them to "bust up" union.

ROBERT R. YOUNG has slashed his holdings in his Alleghany Corp. and New York Central Railroad. After quietly selling all but 28,500 shares of Central common (TIME, Dec. 23), Young sold 27,300 of his remaining shares last month to take tax loss of more than $100,000, is left with only 1,200 shares, worth about $20,000. He also sold 30,000 shares of Alleghany, is left with only 17 common shades, but still holds big block of preferred.

COPPER PRODUCERS are pressuring Congress for higher import walls. They want 4-c--a-lb. tariff when prices fall to "peril point" of 30-c-, instead of current tariff (suspended until next July) of 1.8-c- a Ib. at peril point of 24-c-. With copper now selling at 25-c-, Congress is leaning toward peril-point boost, but frowns at lifting tariff itself.

DEBT STRETCH-OUT will be attempted again by Treasury. It plans to offer long-term bonds as part of next month's $10.8 billion refinancing, believes that money has eased enough so that interest rate will be less than the 4% it paid on last September's twelve-year issue.

AIR-FUEL TAX of 2-c- a gal. stands good chance of being boosted this year. Airlines are protesting on ground of falling profits, but they must fight combined weight of President Eisenhower (who requested a 3 1/2-c- rate) and heavily taxed train and truck lines.

PENN-TEXAS CORP. is dickering to sell its 46% stock interest in Fairbanks, Morse (almost all of which is pledged against short-term loans) to Rockwell Spring & Axle Co. Cash-shy Penn-Texas also sold its fourth subsidiary in two months, Tex-Penn Oil, to Judarth Corp. for $1,440,000.

TAX SLEUTHS can seize insurance policies of tax delinquents who leave U.S., ruled Fourth Circuit Court of Appeals. Setting precedent, court said that Government may claim cash-surrender value of two policies held by a West Virginia doctor who skipped to Canada after conviction on income tax evasion.

TENNESSEE GAS Transmission Co., nation's longest pipeline system, will go into manufacturing of solid rocket fuels and solid-propellant rocket engines. It is closing deal to swap $6,000,000 worth of stock for control of Grand Central Rocket Co. of Redlands, Calif., which is building third-stage rocket for Vanguard earth-satellite.

AIRLINE JET PILOT'S pay will climb to $26,800 a year. First U.S. jet-age contract, signed by National Airlines and Air Line Pilots Association, sets figure as top gross pay for senior captain of four-jet Douglas DC-8 (v. $21,600 for piston-engine DC-7B).

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