LIGHT METALS: Reynolds Steps Out

For three months, SPBoss W. Stuart Symington has barked threats of government-subsidized competition at the Aluminum Co. of America. Last week, his bite proved milder than his bark. He approved a five-year lease to Reynolds Metals Co., Alcoa's only competitor, of the government-owned Hurricane Creek and Jones Mill plants in Arkansas. But there were no provisions for any subsidy in the lease, the first negotiated by RFC for any government-owned aluminum plants.

Reynolds will pay rent to RFC on a sliding scale, from $535,000 a year to $1,070,000, for the $29,000,000 Jones Mill aluminum-making plant, and...