RECORD CORN SURPLUS will bulge Government granaries this fall, prove Agriculture Secretary Benson's contention that present high-fixed supports, instead of lower levels he wants, have not trimmed surplus and never will. Stockpile will soar from previous high of 992 million bu. last January to 1.3 billion bu., including 480 million bu. of new crop, 825 million of carryover.

CAPITAL INVESTMENTS by U.S. business in new plants and equipment will hit seasonally adjusted rate of $37.3 billion in second quarter, $37.9 billion in third quarter v. last year's total $35 billion, says SEC. Leading investors: public utilities, up 27% over first nine months last year; railroads, up 22% ; manufacturers, up 13% Considering that the economy is already in high gear, such a continuing rise is a sign of business strength, says.

WILDCATTER Glenn McCarthy agreed to sell his last major oil and gas property, a 970,000-acre concession in Bolivian hinterlands, to Tennessee Gas Transmission Co., Union Oil & Gas Corp. of La., Murphy Corp. and Monsanto's Lion Oil division. Texan McCarthy lost heavily on Bolivian wildcatting, did not have enough funds to market oil after he found it. He will be lucky to break even on deal to give him $1,500,000 outright, another $1,500,000 if group can market oil and gas.

MICHIGAN TAX HASSLE, which caused General Motors President Harlow H. Curtice to warn that automakers may locate new plants out of state to avoid high corporate taxes, is also affecting contracts awarded by armed forces. Army gave $119 million tank contract to Chrysler, but told automaker to fill order at its Delaware plant because using Detroit facilities would pad bill by $300,000 Michigan tax, plus $1,579,000 in other costs.

BREWERY DEAL is being discussed for St. Louis' Anheuser-Busch, nation's No. 2 beermaker, to buy Manhattan's money-losing Ruppert brewery (Knickerbocker brand), thus get out ahead of Milwaukee's front-running Schlitz. Anheuser-Busch wants to buy a new brewery in East or Southeast.

OFFSHORE GAS WELLS will be drilled 3,000 ft. under waters of Lake Erie near Cleveland. Geologists estimate gas can be tapped half-mile offshore (Canadians have long been drawing gas from under north side of lake). Ohio will advertise for lease bids in about three months, will take one-eighth of market value of any oil or gas that is found.

STOCK TIP-OFF is stirring more trouble in Washington, this time over Office of Defense Mobilization's decision to award Idaho Power Co. a fast tax write-off for Hells Canyon dams (TIME, April 15). Senator Estes Kefauver's antimonopoly subcommittee is investigating to find out why trading in Idaho Power jumped from 800 shares to 4,300 shares on April 17, the day ODM acted, though no public announcement was made until April 25. Maximum gain for those who bought early: about $3.50 per share.

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