INCOME CUT was taken by Ford Motor Chairman Henry Ford II last year because of lower company profits. Ford was paid $462,500 in salary and bonus, down from $485,000 in 1959. Former president, now Defense Secretary Robert S. McNamara, was second-highest paid, with $386,667.

SHAREHOLDERS' O.K. was given at the Northern Pacific annual meeting to the road's plan to form the nation's largest rail net by merging with the Great Northern and the Chicago, Burlington & Quincy. I.C.C. will hold hearings on the proposal this summer.

ELECTRONICS MERGER will bring Textron Electronics Inc. into Lionel Corp. in exchange for about $30 million worth of Lionel stock. Textron Electronics, 76%-owned subsidiary of Textron Inc., lost $1,000,000 last year on sales of $25 million. Lionel earned $1,100,000 on $31 million sales of electronic products, toy trains and stainless-steel tanks.

LOWEST DOWN PAYMENT in aviation history will be asked by Cessna Aircraft for its two-and four-place single-engined planes, to entice businessmen prospects who are reluctant to tie up capital in a plane. Down payment was cut from 25% to only 10%; buyers can fly off for as little as $750 down.

MERGER-HUNGRY New York Central is asking ICC to include it in the pending Norfolk & Western, Nickel Plate and Wabash combine that might later join the Pennsylvania Railroad. Central fears being left out as the East moves toward two giant rail networks centered about the Pennsy and the Chesapeake & Ohio.

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