Friday, Mar. 10, 1961
SOARING SOYBEAN FUTURES met the experts' expectations (TIME, Jan. 27), hit a five-year high of $3.17 on July beans, the most actively traded contract on Chicago's Board of Trade. The bean jumped 9Q-c- in three months on reports of world shortages. After the high, prices fell because processors and exporters quit buying. But traders feel the rise is not ended.
BIGGER VOLKSWAGEN will go on sale next fall. The car, which resembles U.S. compacts, is 6 in. longer overall than the current Volkswagen, will have a larger, air-cooled, four-cylinder rear engine, come in station-wagon and two-door models. Volkswagen says it will not be sold in the U.S. Sedan price in Germany: $1,600 v. $1,150 for the current model.
BANK ANTITRUST ATTACK was started by Kennedy Administration, which filed three suits within six days to stop big-city bank mergers in Philadelphia, Lexington, Ky., and Milwaukee, charging bank competition in the cities would be endangered if mergers went through.
CONTROL OF TWA board was finally won by Howard Hughes's creditors, a group of bank and insurance companies that forced Hughes to let their trustees vote his TWA stock (78%) until some $165 million in loans for new TWA jets are paid. Stockholders elected six new directors to TWA board, including Trustee Ernest R. Breech, former Ford Motor Co. chairman, who is likely to have biggest influence in running company.
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