TIME CLOCK

BEEF PRICES may slip if drought continues on the Western plains. American National Cattlemen's Association says that dry pastures and short hay crops are forcing ranchers to rush herds to market, predicts that 7,000,000 cattle will be slaughtered this year (v. 5,600,000 in 1953).

BOAC is buying eight used Boeing Stratocruisers and seven used Lockheed Constellations to replace its grounded fleet of De Havilland Comets. Newest clue to the cause of the Comet's trouble: pressure tests on a Comet fuselage reportedly caused it to split along one side, indicating that it will have to be strengthened to stand flights at 40,000 ft.

COLOR-TV picture is brightening. R.C.A. will soon bring out a 21-in. color tube with a picture area 22% larger than C.B.S.' 19-in. tube (TIME, July 19), at the same price ($175).

NATURAL-GAS prices at the wellhead were frozen by the Federal Power Commission. In line with a Supreme Court ruling (TIME, June 14), FPC set up price controls over independent producers distributing gas interstate, must okay any future gas price increase.

BOEING'S 707 JET TRANSPORT came through its maiden test flight with flying colors. The 707, which can be used either as a transport or a tanker to refuel jet bombers, used only 2,100 ft. of runway to take off from Renton Airport near Seattle, cruised smoothly for 1 hr. 24 min.

TITANIUM will be stockpiled by the Government. To guarantee supplies for jet aircraft, airborne weapons and lightweight-infantry equipment, the U.S. Government is spending $128 million to help finance new plants, will stockpile any metal not bought by private industry.

IRANIAN OIL industry will probably be back in operation by Oct. 1, run by a combine of eight Western oil companies and the Iranian government. An agreement has already been worked out to form a new company to operate the industry in compliance with Iran's nationalization laws; Iran will split profits 50-50 with the oil companies. First foreign technicians are coming in this week to start checking over the Abadan refinery and oilfields.

SHIPBUILDING, now operating at less than 50% of capacity, may soon be revived. U.S. Maritime Administrator Louis Rothschild is working out a Government program to step up replacement of obsolescent World War II cargo ships by offering the lines tax advantages, accelerated depreciation allowances, etc. He wants to give U.S. shipyards $70 million in orders, replace some 200 old ships over the next eight years.

CONTINENTAL AIR LINES' purchase of Pioneer Air Lines was approved by Civil Aeronautics Board examiner, who said that the combine would better serve 30 cities in Texas, New Mexico and Oklahoma, save the U.S. $916,000 yearly in mail subsidies.

SUGAR GLUT in the world markets is knocking the props out from under wholesale prices. Bumper crops in Cuba and in other major producing areas sent prices down to 3.05-c- a pound (v. 1951's high of 8.12-c-), well under the 3.25-c- minimum set by the International Sugar Conference.

A.F.L. HATTERS' UNION offered $250,000 to Kartiganer Hat Corp., one of the biggest U.S. millinery manufacturers, to bail the company out of debt and save the jobs of 700 union members. Kartiganer, hit hard when spring sales sank, could not pay its bills. The union, though deep in debt from its ten-month strike against the Hat Corp. of America (TIME, May 31), will hand over $50,000 from its own treasury, dig up the rest in $200 loans from members.

MEXICAN NATURAL GAS may soon be flowing through the Big Inch and Little-Big Inch pipelines to the eastern U.S. Texas Eastern Transmission Corp. is getting ready to sign a 20-year contract with Pemex, Mexico's national oil and gas monopoly.

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