PENNY STOCK ISSUES would be more tightly controlled by SEC under new rules proposed to Congress. Instead of merely making sellers of small (under $300,000) stock issues liable to civil suit by investors, SEC would make everyone (including company officers and technical experts) connected with such an issue liable to suit "in cases approaching fraud," thus force fullest disclosures about real prospects of company being formed.

CRUDE-OIL IMPORTS must be cut, warns ODM. With industry planning imports of 352,000 bbls. daily v. 287,000 maximum advised by Government, ODM has notified industry of its "real concern" about effects on domestic production, hints it may seek import curbs if industry persists.

INDIAN MINERAL LEASE, biggest ever signed in the U.S., is set between Navajo Indians and Delhi-Taylor Co. For a 50-50 split on profits, Delhi-Taylor gets all oil, gas and helium rights to 5,000,000 acres of Navajo land in the uranium-rich "Four Corners" area where Arizona, Utah, Colorado and New Mexico meet. Tribe retains all other mineral rights, including uranium, is also dickering with other companies to lease additional land.

20TH CENTURY-FOX movies will appear on TV. For $2,000,000 plus a percentage of all income over $75,000 per picture, Fox will lease 52 films, many first-rank (Les Miserables, Ox-Bow Incident, How Green Was My Valley), to National Telefilm Associates for showing in U.S. and Canada.

INSTALLMENT EDUCATION will be offered by C.I.T. Financial Corp., second biggest in the auto finance field. C.I.T.'s "Tuition Plan" operates much like auto finance deal, only cheaper (4% to 6% interest on amount borrowed), will allow parents to finance up to four years of school or college for children by monthly payments.

TRAVELER'S CHECK will cost more this summer. After 34 years of charging 75-c- per $100, American Express Co. has boosted fee to $1 per $100. First National City Bank and Bank of America have both followed suit, but British-owned Thos. Cook & Son is sticking to old rate.

TEXTILE MERGER will make Dan River Mills one of industry's biggest firms. Dan River plans to acquire, probably by exchange of stock, Iselin-Jefferson Co., majority stockholder in South Carolina's Woodside Mills (1955 sales: $42 million), is also dickering to acquire big Alabama Mills. Deal will double Dan River annual sales to $200 million, put company solidly in synthetic fabrics for first time.

HUGE POWER PLANT will be built on Alabama's Coosa River by Georgia Power Co. and Alabama Power Co., both subsidiaries of South's sprawling Southern Co. To cost $150 million, coal-fueled plant will produce 1,000,000 kw. of power, enough to serve 2,000,000 people in fast-growing area. Two 250,000-kw. units will be completed by 1961, remaining two by 1963.

TEXTRON DIVERSIFICATION is going so well company will get out of textiles altogether. After spreading out to a dozen different divisions (electronics to auto parts), Textron is making so much money in other businesses ($2,300,000 in 1956's first quarter) and losing so much in textiles ($404,000 in first quarter) that it will spin off Amerotron textile division into separate company, keep no interest except a few bonds.

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