SWISS SECRECY law, forbidding Swiss banks to reveal clients' names, is likely to be eased because Congressmen and SEC complain that it is being abused in U.S. to manipulate stocks, decide proxy fights. Embarrassed by bad publicity from law originally intended to protect accounts from being seized by foreign dictatorships, Swiss officials are conferring with U.S. on how to allow some disclosures.

FAIRBANKS, MORSE PROFITS are rising fast, says company in reply to Director Leopold Silberstein, who is driving to take over heavy-equipment maker on charges that its earnings, management are poor. Although sales rose only 4%, F-M's first-quarter profits hit $660,507 v $200,271 in January-March of 1956, thanks to "a more realistic pricing policy, and realization of some heavy investments made in plant."

REFRIGERATOR ESCAPE device to prevent children from trapping themselves inside will be put on all new refrigerators sold after late 1958. Department of Commerce will require makers to use doors that are easily pushed open from inside, or equip them with inside knobs.

NEGRO WORKERS can be denied union membership on ground of color alone, says Wisconsin Supreme Court. In what lawmakers believe is first such decision in U.S., court turned down appeal of two Milwaukee Negro masons for entry to bricklayers' union. Ruled court: "Unions are voluntary associations," and applicants "cannot force themselves [in] against the will of those already members."

BIGGEST CONSTRUCTION contract ever awarded to a single company by Interior Department's Bureau of Reclamation is headed towards Louis Wolfson's Merritt-Chapman & Scott for Glen Canyon Dam on Colorado River in Arizona. Company submitted low bid of $108 million for dam, which will be 700 ft. high and 1,400 ft. long, generate 800,000 kw.

RAILROADS' OIL DRILLING will be banned along rail rights-of-way in Western U.S. Supreme Court ruled Government retains title to oil and gas deposits for 200 ft. on both sides of rights-of-way that it granted from 1862 to 1875.

HOT-CARGO PACTS, under which truck lines agree to boycott shipments going to or from plant that is struck or branded "unfair" by Teamsters Union, are heading for big setback. ICC is expected to accept its examiner's recommendation to cancel operating permits of truck lines that refuse to handle hot freight.

TURKISH OIL REFINERY with 65,000-bbl.-a-day capacity will be built for $48 million by U.S.-British-Dutch combine. With existing Turkish state plant, it will supply nation's entire oil needs. Mobil Overseas Oil Co. will have 37% interest, California Texas Corp. 34%, Royal Dutch Shell group 18%, British Petroleum 11%.

AIRWAYS MODERNIZATION board, to set up unified traffic-control system for both commercial and military planes, is planned by Administration, may lead ultimately to new Cabinet-level boss for civil aviation. If Congress approves, as expected, board will include Secretaries of Defense and Commerce plus impartial chairman. Ultimate goal: all-weather, 24-hour positive control of every airborne plane.

SPAIN'S SHAKY PESETA, which sank on foreign markets to 56 for $1 v. official rate of 38.95 to $1 as result of Spanish economic crisis (TIME, April 1), is being devalued to 42 to $1, will probably slide to 45 later. To spur lagging exports, Franco is also wiping out the multiple-exchange rates that favored importers over exporters.

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