Time Clock, Jun. 11, 1956

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RECORD INCOME of $3,400 per capita, some $150 more than in 1954, was earned on an average by each U.S. male worker last year, says Census Bureau. Average income for U.S. women showed no gain, has held at same $1,100 level of last three years.

COPPER PRICES, on the skids for ten weeks, are poised for still another tumble. After sliding from last March's record high of 55.5¢ a Ib. to 40¢ a Ib. last week, prices of custom smelters are still weak as customers refuse to buy, live off inventories. With copper futures on London market currently at 36.4¢ a Ib., commodity men say U.S. producer prices will have to come down.

SOLVENCY CHECK of Texas insurance companies, growing out of last year's insurance scandal (TIME, Dec. 26), will put 34 more companies out of business. All told, under tough new laws, 94 of 1,313 insurance companies in state failed to meet financial requirements. However, policy holders will lose no money since solvent firms will handle their policies either through mergers or reinsurance.

POLAR AIR ROUTES are in prospect for T.W.A. and Pan American. With Scandinavian Airlines already making polar runs and Lufthansa and BOAC slated to start soon, CAB will probably certify two U.S. lines in late summer.

STOCK -OPTION LOOPHOLE

has been closed by U.S. Supreme Court. Reversing lower court decisions, high court ruled that unrestricted options (about 10% of all plans) giving employee "proprietary interest" in company come under normal income-tax laws. Any profit between option price and market value is taxed at ordinary income rates, at the time when employee picks up the option. Profits on more popular restricted options (employee cannot buy at less than 95% market value at time option is granted, cannot sell for two years) are still considered capital gains, are not taxable until stock is sold.

LIFE-INSURANCE SALES are smashing all records. Value of policies written in April hit $4.2 billion, some 14% higher than last year, while total sales thus far in 1956 come to $16.3 billion v. $13.9 billion for same period in 1955.

FREIGHT-CAR SHORTAGE will be eased by Federal Court decision against "slow freight" merchandizing by lumber companies. Upholding ICC, court ruled it illegal for shippers to send lumber to Eastern markets by roundabout routes while still negotiating sales with prospective buyers, thus using freight cars as rolling warehouses.

FUSION DATA, obtained from H-bomb development, will soon be released to private industry for peacetime use. Atomic Energy Commission has already given 36 companies permits to use semi-restricted fusion-energy data, is currently debating whether to lift all restrictions at once or let information trickle out slowly. Chances are that it will come out slowly.

MIDWEST INVASION will be started by Standard Oil Co. (N.J.), first time world's biggest oil company has moved outside Eastern marketing area since an abortive attempt in the 1930s. First step will be purchase through stock exchange of Wisconsin's independent Pate Oil Co., operators of 140 filling stations in Milwaukee area with annual business of $12 million. Gas will not be sold under Esso label.