ATLAS ICBM will be test-fired within 18 months. Convair plans to launch its intercontinental missile (range: 5,000 miles) from Patrick Air Force Base, Fla. into Caribbean and Atlantic firing range.

AMERICAN COAL SHIPPING Inc., the export combine of John L. Lewis' United Mine Workers, seven mine operators and three coal-hauling railroads (TIME, Oct. 15) will buy control of Bull Lines's 15-ship fleet for $45 to $50 million. Pending approval by Federal Maritime Board, shipping company will use eleven Bull C-2 dry-cargo carriers to ship coal to Europe, perhaps South America and Japan.

BIG TJ.S. CATTLE SALE is being negotiated with Mexican buyers to give cash relief to drought-hit U.S. ranchers. Mexico got $5,000,000 loan from U.S. Export-Import Bank to buy about 40,000 beef and dairy cattle. Two buying teams from south of border are touring Texas now.

TRADING-STAMP TAX, passed by North Dakota Legislature to discourage stamp giveaways, was thrown out by state's stamp-hungry voters in first popular referendum on issue. Two-thirds of electorate voted against annual tax of $6,000 on each merchant issuing stamps.

CARIBBEAN TRAVEL BOOM will send 1,250,000 tourists to West Indies this winter, up 48% from 1951. Area's dollar income from tourists this season will exceed $162 million.

PAPER MERGER of Long-Bell lumber empire with huge International Paper Co. is being challenged by Federal Trade Commission. FTC complains International is already world's biggest papermaker (1955 sales: almost $800 million), would lessen competition, tend to monopoly in Western states by adding Long-Bell, which is second largest lumber producer in Pacific-Northwest, one of top U.S. plywood producers. But deal, with International paying $117 million in stock for Long-Bell, can be halted only if FTC hearing next February produces stop order.

FREIGHT RATE HIKE sought by U.S. railways will be opposed by representatives of 21 Midwestern, Southeastern states in Interstate Commerce Commission hearings. Opponents claim railroads' requested 15% rate increase will cost shippers $1,250,000,000 a year.

MEMPHIS POWER PLANT to take place of proposed $107 million Dixon-Yates plant (TIME, July 25, 1955) will be financed through $154 million revenue bond issue by City of Memphis. Wall Street's Salomon Bros. & Hutzler heads marketing syndicate, expects to have bonds on sale before Jan. 1. Memphis' stearn electric plant will generate 812,500 kw., start operating in mid-1958.

NEW AEC POLICY will permit test reactors to be built by private industry for first time. AEC wants U.S. business, not Government, to build and operate reactors needed by industry to test parts of other reactors. AEC now operates nation's only two test reactors, but will not lease them to industry if private reactors are available. Negotiating with AEC to build test reactors are AMF Atomics Ltd. and Battelle Memorial Institute.

EL PASO NATURAL GAS will take over Pacific Northwest Pipeline (TIME, Nov. 5), exchange 14 shares of a new common "B" stock for eight common shares of Pacific Northwest. If stockholders approve, deal will make El Paso largest natural-gas supplier in U.S., give it unlimited supply of dry gas from reserves in San Juan Basin on Colorado-New Mexico border plus Pacific Northwest's future dry-gas supplies from Westcoast Transmission's Peace River field in Canada. Combined assets of both companies: $1.1 billion.

This file is automatically generated by a robot program, so reader's discretion is required.