"EXOTIC" FUELS for jet planes and missiles will be turned out by new industry. Gallery Chemical Co. started work on a $38 million plant at Muskogee, Okla. to produce "HiCal" for Navy from boron. Olin Mathieson Chemical Corp. won $33,005,000 Air Force contract for a new high-energy chemical-fuel plant near Niagara Falls. In addition to stepping up range and speed of present missiles and jets, new fuels will make possible radical new top-secret Air Force chemical bomber, for which North American and Boeing have design contracts.

EUROPEAN OIL CRISIS is over, even if reopening of Suez Canal is delayed, says Organization for European Economic Cooperation. Oil supplies flowing to Europe will probably reach 85% of normal in first 1957 quarter (v. expected 75%), climb to 95% in second quarter.

SALESMAN SHORTAGE will force U.S. industry to add 400,000 new salesmen in next six months if they can be found, reports National Sales Executives, Inc. after nationwide manpower survey. But premium is on youth, and 72% of job opportunities will be closed to experienced men over 45.

INVESTIGATION of Pan American World Airways by CAB will check management and financial arrangements between Pan Am and businesses in which it holds interests, such as Intercontinental Hotels Corp., Bogota Airport, Middle East Real Estate Co. Confidential audit of Pan Am books by CAB raised question whether airline's subsidy should not be cut in view of profits from businesses and affiliated airlines in Latin America.

TAX RELIEF for small business stands chance of congressional approval this session. Both parties have introduced measures, but one of Arkansas Democratic Senator Fulbright stands best chance, would lower corporate taxes to 22% from 30% on taxable income below $25,000, raise surtax rate from 22% to 31% on income over $25,000. Fulbright figures change would add $20 million to U.S. collections, and so far it has backing of 35 other Senators of both parties.

BLACK MARKET in 1957 U.S. autos is thriving in Japan with help of U.S. servicemen. Japan limits foreign auto imports to fewer than 1,000 a year, but permits a serviceman to import one U.S. car yearly, duty-free. Japanese dealers openly advertise $1,000 fee for homebound U.S. serviceman who will order new U.S. car and apply for Japanese license plates (for which he must present his discharge papers), turn car over to dealer, who can then sell it at huge profit.

RAPID GROWTH in number of stockholders in Standard Oil Co. (N.J.), helped by three-for-one stock split last year, puts company in third place among U.S. companies with high est number of common share owners. Jersey Standard's new roster: 403,000 share owners v. American Telephone & Telegraph's 1,490,000, General Motors' 640,473.

U.S.-MEXICAN AIR TREATY, signed after eleven years of negotiation, will set up seven reciprocal routes between major U.S. and Mexican cities, provide nonstop nights between Mexico City and Chicago, Los Angeles, New Orleans. The treaty gives each nation right to designate one carrier over each route, will touch off new battles among U.S. airlines seeking rich tourist runs to Mexico City (only U.S. lines now flying into Mexico: Pan American and American).

BRITISH AUTO SALES are picking up after year-long slump. Major British manufacturers and U.S. firms operating in Britain (Ford and General Motors) are optimistic about future as result of early spring pickup in sales, relaxation of installment buying curbs.

ARNOLD MAREMONT, president of Chicago's Maremont Automotive Products Co., has dropped his fight to take over coal-mining Glen Alden Corp. of Wilkes-Barre, Pa. by selling his firm to Glen Alden in return for cash and stock. Four of Glen Alden's seven directors backed Maremont, but minority, led by Glen Alden President Francis O. Case, fought merger so bitterly that Maremont gave up.

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