Time Clock, Aug. 11, 1958

U.S. TOURISTS to Europe will top last year's total by about 10%, hit record 600,000.

GUIDANCE SYSTEM for missiles that defies enemy jamming has been developed by American Bosch Arma Corp. for Titan ICBM, and company will adapt it for use in Atlas ICBM. Air Force calls system a "major breakthrough," is now planning to give sizable new Government contract to American Bosch.

CHEAPER STEAKS are coming. Prime beef prices have dipped to year's low of 28¾¢ in Chicago, off a dime from high of last March.

LUMBER PICKUP is finally on horizon in depressed Pacific Northwest. Prices last winter dipped close to modern lows, but recently have bounced up 5% to 10%, are approaching 1956 peaks. Major reason for the upturn: The cut in production, along with a rise in construction.

LOUIS WOLFSON got out from under SEC charges of manipulating American Motors Co. stock by signing consent decree pledging not to perpetrate "fraud or deceit" on future buyers of A.M.C. shares. SEC action was light wrist slap for Wolfson, who made about $1.7 million in A.M.C. stock dealings, now avoids a public airing of his deals. But in future attempts to move in on corporations, Raider Wolfson probably will have to show on his proxy that he was once restrained by SEC for fraud.

MONEY-LOSING PABST Brewing Co. (sales: 2.9 million bbl.) will jump from eighth place among U.S. brewers to third or fourth by picking up profitable Blatz Brewing Co. from Schenley Industries, Inc. for $14.5 million and 200,000 shares of Pabst (price: about $10 a share). Schenley also gets warrants to buy 350,000 shares of Pabst for $10 to $12.50 until mid-1966, may thus one day become biggest Pabst shareholder.

BRAINPOWER POOL will be formed by General Motors, Thiokol and Gallery Chemical to pursue spaceship and missiles research. G.M. will contribute its engineering and missiles-guidance know-how, Thiokol will add its solid-fuel savvy, and Gallery will bring the combination considerable experience with high-energy exotic fuels.