FORD FOUNDATION is planning public sale of about 2,000,000 shares of its 36,132,239 shareholding in Ford Motor Co., which has a market value of $55 a share.

FIRST OFFSHORE OIL production in California, from a platform, will be started by Humble Oil & Refining Co. and Standard Oil of Calif. Two of 25 wells to be drilled on a 110-ft. square rig two miles out from shore near Santa Barbara have already produced as high as 865 bbl. per day in tests.

FREIGHT-CAR SHORTAGE is expected because "bad order ratio" (number of cars out of service because of a need for repairs), has risen above safe level of 5% to 8.6% national average. In some areas, such as the Allegheny region (which includes the Pennsylvania and B. & O. roads), the average is 20.6%.

A. & P. HEIRS will sell a block of 1,800,000 shares, 8% of the grocery chain's outstanding stock, and valued at about $81 million, in the third largest secondary offering in history (first: Ford, $657.9 million; second, Upjohn Co., $108.4 million).

SIX NUCLEAR SUBS have been contracted for by the Navy. Ingalls Shipbuilding Corp. will build two under a $49 million contract, N.Y. Shipbuilding two for $45 million. Navy yards will build two more.

LOCKHEED AIRCRAFT expects its best commercial-transport year in 1959, will deliver 112 turbojet Electras valued at $260 million (previous record: $203 million), set up a new Electronics and Avionics Division.

MERRITT-CHAPMAN & SCOTT will sell up to $22.5 million worth, or 60%, of its 80.5% stock interest in N.Y. Shipbuilding. Louis Wolfson, chairman of both companies, says Merritt-Chapman will retain management control. N.Y. Shipbuilding plans to acquire Higgins, Inc., New Orleans boat builder, through an exchange of stock worth $2,500,000.

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