Time Clock

AIR TRAFFIC is showing first decline since 1949. Recession and recent air collisions cut revenue passenger miles in May by 2.6% below year-ago level.

WEST GERMANY will remove last restrictions on investment by foreigners to attract new capital. German yields, especially in bonds, often are almost double those in U.S.

1959 CAR SALES will hit 4,700,000 to 5,200,000, excluding imports, say Detroit dopesters. They figure deferred buying from this year (expected sales: 4,200,000) will lift market, though not to 5,980,000-car level of 1957.

LOUIS WOLFSON has unloaded one-fourth of his 400,000 shares in American Motors, will sell the rest because he figures stock will not top recent high ($14.88).

BUDGET DEFICITS will continue indefinitely. With deficit expected to reach $8 billion to $13 billion in fiscal 1959 (TIME, June 16), Budget Director Stans says: "I do not see any possibility of balancing the budget for several years."

MONEY-LOSING CHRYSLER will get $150 million revolving credit from about 100 U.S. banks. Credit pool will run through September 1961.

IMPORTS FROM U.S. will be cut by France to curb nation's soaring trade deficit. Rather than reduce nonessential imports from her European neighbors, which threaten to retaliate against French products, France will slash essential imports of coal, oil, machinery from U.S.

U.S. SHOW AT MOSCOW Trade Fair in August will be called off for a second year in row. Promoter Gottfried Neuburger, who won Soviets' permission to stage free-enterprise trade exhibit although U.S. Commerce Department objected (TIME, Feb. 3), failed to sign up enough U.S. firms to show their products.

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