BUSINESS BOOM will keep growing in 1955's second half, predicts Allan Sproul, president of the Federal Reserve Bank of New York. Said he: "The business recovery has been sparked by housing and steel, but it has now broadened out so that if there is a leveling off in housing and autos, business should continue to improve in the 1955 second half."

NEW AUTO MODELS will be previewed earlier this year. Lincoln will lead the parade by showing its redesigned 1956 model to dealers this week, will have the first car in dealers' showrooms early in September.

INTEREST RATES on short-term commercial loans are being tightened for the fifth time this year because of increasingly heavy credit demands. In New York, rates have been jacked up from 2% to 2 1/8% on four-to six-month loans to corporations with top credit ratings. Total boost since Jan. 1: 3/4%.

BUSINESSMEN VOLUNTEERS, who serve in Washington without pay, will continue to hold down key jobs in the U.S. Government, but with restrictions on their power. The Senate voted down a proposal to oust private businessmen who serve without compensation (WOCs) while still drawing corporate salaries. But both the Senate and a House committee have agreed on the principle that no WOC serving as a division chief may decide matters of policy, must turn them over to a full-time official.

SHIPBUILDING PROGRAM to build 85 new ships, modernize another 189, will trigger a $756 million outlay by the U.S. Government and private industry, says Maritime Administrator Clarence G. Morse. Under the plan, the U.S. will spend $326 million, expects private industry to put in another $430 million.

BIGGEST AIR CONDITIONERS ever made will be installed (for $529,925) on Capitol Hill to cool the Capitol, Senate and House office buildings, Supreme Court building and Library of Congress.

FARM INCOME is still falling. Department of Agriculture reported that in the first half of 1955 farmers' cash receipts dipped to $12.2 billion, 4% below 1954's first six months.

CANNED-FOOD prices are climbing higher because of smaller crops and slim carryover stocks from last year. Green Giant Co., Del Monte, Libby, Dole and other canners have already hiked pineapple prices 4%, asparagus 11%, peas, corn and peaches, plan similar hikes right down the line on many of their products.

MONSANTO Chemical Co. will push into the oil business through a merger with Arkansas' Lion Oil Co. (1954 gross: $99 million). Under the deal, still to be approved by the stockholders, Monsanto will exchange 1 1/2 shares of stock for each of Lion's 3,090,912 shares outstanding, will operate the company under the Lion name to provide basic oil supplies for its growing petrochemical business. Combined assets of the two: $524 million.

LIFE INSURANCE SALES are setting new records in 1955, says the Institute of Life Insurance. First-half sales were 25% ahead of 1954 (six-month total: $23.4 billion) and insurance men predict the same high rate of gain for the rest of the year. Fastest climber: group insurance, up 85% during the first half.

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