TIME CLOCK

STEELWORKERS UNION is just waiting for an excuse to pull its 1,100,000 members out of the C.I.O. and suspend its $1,200,000 annual-dues payment (35% of C.I.O. income). Long resentful of C.I.O. (and United Auto Workers) President Walter Reuther, the Steelworkers have asked Pittsburgh newspapers to stop referring to them as part of the C.I.O., may formally consider secession at their September convention. The excuse may be a jurisdictional fight at the Torrington, Conn, plant of American Brass Co., where organizers for both the Steelworkers and the Auto Workers are locked in a no-quarter struggle for members.

LONG ISLAND RAILROAD, delinquent offspring of the Pennsylvania Railroad, is being turned back to its parent for rehabilitation--after $12 years of bankruptcy, incalculable complaints from its 85,000 commuters to New York City, and a three-year attempt at reform by the state. The Pennsy promised to draw off no dividends, principal or interest for twelve years, enabling the Long Island to spend $60 million for better equipment and service. First step: a 20% boost in fares.

SAVINGS BONDS are selling at the fastest clip since the great bond drives of World War II. In the first seven months of 1954, the Treasury sold $2.9 billion in E and H bonds, v. comparable sales of $2.6 billion in 1953, $6.5 billion in 1945.

GRACE LINE will build two 20-knot passenger-cargo ships under the Federal Maritime Board's $385 million shipbuilding and repair program (TIME, Aug. 9). Grace will spend about $40 million, of which 50% may be Government subsidy, for 300-passenger, 16,000-ton ships to replace its Santa Rosa and Santa Paula on the run from North Atlantic ports to the Caribbean.

SUPERSALESMAN Dudley J. Le-Blanc, concocter of the leeringly ballyhooed patent medicine, Hadacol (TIME, Sept. 10, 1951), is open for business again with a new vitamin-and-alcohol cure-all he calls Karyon ($1.25 for a 7-oz bottle). Compared to bad-tasting Hadacol, says Medicine Man LeBlanc, "this has a very classy taste. We've flavored it with lemon extract."

OUTBOARD MOTORS are roaring past new sales records this summer. For motors and accessories, fans are expected to spend $121 million this year, 20% more than in 1953.

SHERATON HOTELS, No. 2 U.S. chain (after Hilton) and still growing, took over another big hotel. Only a week after buying Albany's 400-room Ten Eyck Hotel for $3,750,000, it bought Chicago's 400-room Blackstone for about $4,000,000 from Arnold S. Kirkeby's National Cuba Hotel Corp. Sheraton's new total: 29 hotels in the U.S. and Canada.

USED-CAR DEALERS are squaring off for a major court battle with new-car dealers. As a test case, the National Used Car Dealers Association is backing a Wichita member's antitrust suit charging 12 franchised new-car dealers with price-fixing, and accusing them of threatening newspapers with ad cancellations if they accepted ads from him.

HOLLAND is forging ahead with its postwar financial recovery, has just prepaid $52.5 million of a $195 million World Bank loan that is not due until 1970. The thrifty Dutch have thereby saved millions in interest, made it possible for the World Bank to cancel its plan to float a $100 million loan this fall.

COLOR TELEVISION is getting ready for the big opening curtain. RCA cut the price of its 15-in. color sets from $1,000 to $495, will rebate $505 to those who have already bought sets, and in September will bring out a new 21-in. tube. CBS-Columbia will introduce its new 19-in. set this month; Philco is developing a cheaper and simpler picture tube that it claims will bring set prices down.

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