BUTTER SURPLUS, once so mountainous (467 million Ibs. in 1954) that it seemed permanent, has been eliminated. Agriculture Department allocated last 20 million Ibs. to school lunch program. Government will still buy butter, give it away to schools and welfare groups as production increases next spring, but grand-scale surpluses of past years are unlikely to recur. Reason: overall milk production has failed to increase in proportion to consumer demand.
TRUSTBUSTERS' THREATS of court action forced Texaco and Superior Oil Co. (Calif.) to drop merger plans (TIME, June 29). Merger would have given Texaco, second largest integrated U.S. producer and refiner, the advantage...
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