BAN ON FOREIGN STEEL and other imported construction materials by Texas highway department raised storm of protest from foreign nations. None can be used in any state highway construction project. Texas steel producers claimed that cheap foreign steel was hurting business.

CARROL SHANKS, president of Prudential Insurance Co., has pulled out of deal with big Prudential borrower, Georgia-Pacific Corp., which could have given him capital gains, huge tax savings. Investigation by New Jersey Banking and Insurance Department found no law violation, but furor led Shanks to conclude that "it would be impossible to provide (policyholders) with anything like a reasonable perspective in this matter."

NEW "AIR BUS" between Pittsburgh and Miami will be started next month by Eastern Air Lines, if CAB approves. The service will use piston planes, will cost only $40 (plus tax), less than bus or rail fares or the present daytime air-coach fare of $53.60.

WORLDWIDE CONTROLS on oil prices are being planned by Venezuela and the Middle East oil producing countries aroused by recent price cuts in crude by major oil companies. Venezuela, Saudi Arabia, Kuwait, Iraq and Iran formed the Organization of Petroleum Exporting Countries to present a united front in dealing with oil companies, want to ban price cuts without prior consultation with producing nations.

ALUMINUM CUTBACK looms unless orders and sales for the metal turn up, warned Reynolds Metals Co. president, Richard S. Reynolds Jr. His company has already cut back capital spending, soon may slow market and" new-product research. In the first half of 1960 Reynolds' earnings fell to $13 million and 66-c- per share v. $21 million and $1.10 per share the first half of last year.

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