NEW SKY SPY will be studied by McDonnell Aircraft Corp. under government contract. Vehicle, an enlarged ICBM nose cone with fins, directed by an inertial guidance system, would reenter the earth's atmosphere in glide, travel 75 miles above the earth for long distance until it gradually drops down to be recovered. If Pentagon approves study, device would be built in about two years at an estimated cost of $75-$100 million.

RAIL-WAGE HIKE of 4% or about 10-c- an hour over next 16 months was accepted by 107,000 members of Brotherhood of Railroad Trainmen and 45,000 members of Brotherhood of Locomotive Firemen & Engineers. Settlement is similar to recent arbitration award to railroad engineers.

COMMUTER SUBSIDY of $6,000,000 will be paid for one year by New Jersey to railroads to help overcome losses on commuter services in northern N.J. Pennsylvania and Lackawanna will each receive $1,600,000, Jersey Central $1,300,000; rest will go to others joining plan. $100 REBATE will be given to any one of Studebaker-Packard's 200,000 shareholders who buys a 1960 Lark, Hawk or Champ truck in July, August or September. Deal, first in auto industry history, is expected to boost Studebaker's lagging sales.

HIGHER PORK PRICES are expected this fall following farmers' 16% cutback in the spring pig crop in widespread rebellion against last year's low prices.

BANK OF ENGLAND raised bank (i.e., rediscount) rate from 5% to 6%, second highest in world's industrial nations. Object: to curb inflation and reduce Britain's trade deficit, currently at $171 million.

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