FRB DISCOUNT RATE will not be cut in immediate future despite flurry of rumors to contrary.

WORST UNION YEAR in recent times is shaping up, owing to labor scandals and recession. In NLRB organizing elections among U.S. workers since last July, only 58% voted for unionization, v. 63% in fiscal 1957 and 83% in fiscal 1950.

ALUMINUM MEN will push for protection against foreign competition, most likely through steeper tariffs, quotas, or export subsidies. Domestic producers complain that U.S. duty on aluminum pig and ingot will drop from 1.3-c- per Ib. to 1.25-c- next month, while some foreign countries tax U.S. aluminum by 4-c- to 60.

TEAPOT DOME OIL LANDS in Wyoming, where scandal over Government giveaway of leases blighted Harding Administration in 1920s, will be opened to private drilling. Navy is asking bids for drilling of eight wells, will pay costs plus share of profits to driller and then sell the oil by competitive bidding.

GERMAN VOLKSWAGENS are in such demand (a six-month wait in some U.S. cities) that U.S. dealers have started to buy used cars in West Germany for premium prices, ship them to U.S., sell them for new-model price (about $1,600).

AUTO PRICING BILL, passed by Senate to require carmakers to stick a "suggested" retail price on each car delivered (TIME, May 19), is being bucked belatedly by Justice Department. Trustbusters contend that bill might actually tend to fix prices, would not give buyer sufficient protection.

RED TRADE EMBARGOES will be greatly relaxed this summer. Because of pressure from French, British and Japanese, chances are that all items except war materials, certain strategic metals, machine tools and electronic equipment will be de-embargoed.

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