$2.5 BILLION EXPANSION program was announced by American Telephone & Telegraph Co. for 1961, second largest outlay in company's history, only $100 million below 1960 record. Chief new projects: launching an experimental communications satellite in a north-south orbit over the Atlantic to transmit telephone calls and TV between North America and Europe, and expanding the Data-Phone facilities, by which computers can communicate with one another over regular telephone lines.

FOREIGN-CAR SALES dropped 26.5% during first ten months of 1960. Only gainer: Volkswagen, whose sales rose 37% to 130,102 cars.

EUROPEAN STOCK MARKETS are losing their bullishness. Value of stock on the Milan Exchange has declined 40% in past four months. Paris Exchange has slipped 10% since its 1960 high last August; London has retreated 12% from record peak. Only West German market is still strong, is expected to finish the year with stocks 29% above 1959. One result of the decline: less U.S. money and gold will go abroad.

PIGGYBACK POOL will be set up by the R.E.A. Express (new name of the Railway Express Agency). Shippers will be able to rent trailers for shipping by rail, then turn them in at 31 points across the U.S., thus save cost of returning the trailers to home base after the delivery is made.

BAN ON DIVERSIFICATION will keep Swift & Co., Armour & Co. and Cudahy Packing Co. from expanding into sales of nonmeat products such as fish, vegetables, flour, sugar, cigars, china and furniture. U.S. District Court reaffirmed 40-year-old antitrust decree that bars the big packers from entering retail trade, which they want to do.

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