Time Clock, Nov. 1, 1954

EARNINGS for third quarter are even better than expected. Of the first 100 companies reporting, nearly half said earnings climbed 5% to 50% above 1953's third quarter; seven blue chips (i.e., G.E., Du Pont, RCA, Texas Co., I.B.M., Continental Can, U.S. Gypsum) broke their all-time records for nine-month profits.

STOCK PURCHASE PLANS for employees are matters for collective bargaining, if the company itself contributes toward the purchase. In so ruling in a case involving Richfield Oil, the National Labor Relations Board significantly broadened the meaning of "wages [and] other conditions" in the Taft-Hartley Act. Richfield is appealing the ruling to the federal courts. But NLRB did not open the door to union demands for companies to set up stock purchase plans; that question was not an issue.

MERGER TREND is worrying the Federal Trade Commission. It will start a thorough study of what caused recent mergers, whether they serve a useful public purpose. FTC hopes to have the answers by early next year to guide Administration policy on mergers.

ATOMIC POWER may first become available for commercial use in Chicago, where the Atomic Energy Commission is dickering with Commonwealth Edison Co. to pipe a "token amount" of nuclear electricity into the company's system by 1956. The power will be generated by the $17 million, 5,000-kw. boiling-water reactor AEC is building for its Argonne National Laboratory, operated by the University of Chicago.

SEARS, ROEBUCK & CO., an old hand at the high-volume, low-margin selling practiced by the new discount houses, is slashing back at the upstarts. It will indirectly cut prices by giving away merchandise certificates with some of its major appliances (e.g., a $38 coupon with a $384.95 refrigerator).

SHIPBUILDING will get more help from the U.S. Navy, which has given Bethlehem Steel's Quincy, Mass, shipyard a contract to design a faster, larger (15,000 tons) supply ship that can keep pace with the faster U.S battle fleet.

LABOR UNITY is getting closer—on paper. Newest plan is to merge headquarters offices of the A.F.L. and the C.I.O., put A.F.L. President George Meany in as labor's biggest boss. But even if a unity pact is signed at headquarters, affiliated unions (e.g., C.I.O. Brewery Workers, A.F.L. Teamsters) are expected to be as far apart as ever on the critical issue: jurisdiction.

COFFEE CRISIS in Brazil, brought on by a slump in U.S. buying (down 50% from last year to 2,000,000 sacks for the July-September quarter), may prompt economic retaliation against the U.S. In three months Brazil's monthly dollar surplus has tumbled from $40 to $14 million, forced President João Café Filho to consider import curbs on U.S. products.

CAMPBELL SOUP CO., privately owned for all its 85 years, will soon put up stock for public sale. The shares (number and price have not yet been fixed) will be marketed by the First Boston Corp. for the multimillion dollar estate of John T. Dor-ranee, Campbell's owner.