ALASKAN OIL FIND is starting one of biggest land-claim races in Anchorage area since Gold Rush days. After years of wildcatting, Richfield Oil Corp. hit oil on Kenai Peninsula in what may be the "biggest strike in our company's history." Within hours of discovery, prospectors filed for leases on 213,260 acres of potential oil land.

GUARANTEED ANNUAL WAGE will be next goal of International Union of Electrical Workers. Worried about layoffs caused by slumping appliance sales, powerful I.U.E. (membership: over 400,000) will push for supplementary unemployment benefits--similar to those already won by auto, steel and rubber unions--in negotiations next year with General Electric Co.

LUXURY MARKET is growing so fast that General Foods Corp., No. 1 U.S. packaged-food seller, will add high-priced delicacies to its everyday standbys (JellO, Post Toasties, Postum, etc.). Among the new items: crepes suzettes, cherries jubilee, Copenhagen ham with orange slices, French lobster bisque, Brazilian hearts of palm.

TIRE PRICES are going up. Goodyear, Goodrich, Firestone, General and U.S. Rubber Co. have agreed to 15-c- hourly pay hike for 88,000 workers, will pass on increase--biggest direct raise in industry since 1946--to consumers.

FIRST PUBLIC STOCK was put on sale by Carter Products, Inc., the bile-and-beauty giant (Carter's Little Liver Pills, Colonaid, Arrid, Nair, etc.), whose jump into tranquilizer market (with Miltown) pushed company sales from $14.6 million to $41.8 million in two years. A closely held family firm for 77 years, Carter offered 500,000 shares (19 1/2% of the total outstanding) at $22 per share, saw stock sell up 11 points within two days.

PARKER PEN CO. will step up battle of the ballpoints against Paper-Mate, Sheaffer and Scripto with new $1.95 line, lowest-priced pen in company's history. To go Parker one better, Paper-Mate will bring out its first 89-c- ballpoint.

PACIFIC PETROLEUMS LTD., oil and gas empire led by Frank McMahon and worth estimated $70 million (TIME, July 15), will make bid to become Canada's biggest independent producer by absorbing Calgary's Merrill Petroleums Ltd. (1956 output: 2,250,000 bbl.). In return for stock, Pacific will get Merrill's 11,000-acre reserves in rich Pembina field.

AIR FORCE STRETCH-OUT will force planemakers to tighten their belts still another notch. To keep within rock-bottom defense budget (see NATIONAL AFFAIRS), Air Force will cut expenses in fiscal 1958 by $1 billion, slow down delivery rate for Republic F-105, McDonnell F-101, Convair F-106, Lockheed F-104--all supersonic fighters.

CLINT MURCHISON will go into life insurance business in a big way. Murchison's Investors Diversified Services Inc. will start off selling "self-completion insurance," i.e., policies that continue to support an installment investment plan even though buyer dies, later plans to expand into all forms of life coverage, including controversial variable annuity.

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