Time Clock, Jul. 6, 1959

1960 CAR MODELS will be introduced earlier this fall than in other years, with 16 of 19 models scheduled by first half of October. Ford's Falcon is expected to bow first, followed by Chevrolet's small car, Corvair, and other General Motors makes, American Motors, Chrysler and Studebaker-Packard.

BLARNEY-STONE KISSES were upped in price from one shilling sixpence (21¢) to two shillings (28¢ by owner of Blarney Castle to meet rising cost of living.

MERGER TERMS were approved by directors of General Dynamics Corp. (1958 sales: $1.5 billion) and Chicago's Material Service Corp. (1958 sales: $114.4 million), which will become an autonomous division of General Dynamics. Deal calls for stock of Material Service (building materials, concrete, coal), almost all held by Chairman Henry Crown and his family, to be exchanged for approximately $125 million worth of General Dynamics stock.

ENGLISH ELECTRIC CO. will supply power-generating turbines to South Dakota's Big Bend dam. After Office of Civil and Defense Mobilization reversed previous ruling that national security would be endangered if foreign company received contracts (TIME, June 22), Government accepted $6,512,331 bid of British firm, rejecting low U.S. offer of $9,301,815 by Baldwin-Lima-Hamilton Corp.

SOCIAL SECURITY FUND will run $87 million in red for fiscal year, which began July 1. Higher social security taxes, which went into effect last Jan. 1, are expected to boost fund's income over outgo, starting in 1961; fund's $1.5 billion deficit, accumulated over past three years, is scheduled to be repaid by 1963.