TIME CLOCK

LONG-DISTANCE PHONE rates will be cut 5-c- to 25-c- per call in mid-September to carry out FCC order for $50 million overall rate slash by Bell System. Sliding-scale reductions will be greater for longer distances, especially for calls over 675 miles, e.g., New York-Chicago for first three minutes will cost $1.45 v. current $1.50 rate; New York-Los Angeles $2.25 v. current $2.50.

FARM ASSETS increased by 9% in 1958 to alltime high of $203 billion, v. $186 billion a year earlier, primarily because of soaring values of farm land and buildings.

TALLEST BUILDING west of Mississippi will be built by Humble Oil Co. in Houston. It will cost $32 million, rise 44 floors (604 ft.), eight floors higher than Dallas's Republic National Bank Building, now tallest (598 ft.).

AIR-FREIGHT RATE SLASH of 50% is expected after delivery of turboprop cargo planes ordered by Pan American World Airways from Lockheed at cost of $60 million. Scheduled for early 1962 delivery, the twelve Super Hercules planes will carry 35-ton payload nonstop across Atlantic, cruise at 360 m.p.h.

NEW FTC POWERS for enforcement will speed agency's actions against price discrimination, mergers, etc. Under new law, FTC orders against Clayton Act violations are binding within 60 days after issuance, unless appealed to courts. Old system required advance court approval of FTC orders.

SHOULDER-FIRED MISSILE, to be named Red-Eye, will be developed for Army and Marines by General Dynamics Corp.'s Gonvair division under $6,000,000 contract. New surface-to-air weapon looks like World War II bazooka, is electronically guided for use against low-flying planes.

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