Time Clock: Jan. 13, 1961

BIGGEST U.S. LOAN for an industrial project overseas will help build huge integrated steel plant in Turkey with an initial capacity of 470,000 tons a year. The Development Loan Fund's $129.6 million will cover half plant's cost.

PEDDLING OF INFLUENCE by Thomas G. ("Tommy the Cork") Corcoran, 60, onetime New Dealer turned wheedler for Tennessee Gas Transmission Co., was not out of line, ruled congressional committee, after investigating Corcoran's private pleas to FPC commissioners to grant a Tennessee subsidiary a higher return in a rate case (TIME, May 23). Committee's Republican minority dissented, called the findings "the most shocking political whitewash in years."

TWA'S NEW CONVAIR 880s will go into service this week between New York and Los Angeles. TWA borrowed money to pay for 20 of the 615-m.p.h. jets. Under deal, Howard Hughes had to put his TWA stock (78%) into trusteeship, where it will be voted by three new TWA trustees: Ernest R. Breech, former Ford Motor chairman, Irving S. Olds, onetime U.S. Steel chairman, and Raymond Holliday of Hughes Tool Co.

TOP-SALARY JOBS are being offered electrical engineers by industrial recruiters of June graduates from U.S. universities. Average salary: $552 per month. Other top starts: aeronautical engineers, $551; physical scientists, $546; chemical engineers, $540. Average salary offered technically trained students is $543 v. $444 for liberal arts students.

NEW YORK STATE PROBE of Dancer Nick Darvas' bestselling How I Made $2,000,000 in the Stock Market (TIME, Dec. 19) was blocked by court, which ruled investigation by Attorney General Louis J. Lefkowitz was an "unwarranted invasion of the free press."

WORLD COFFEE SURPLUS is building up. Backlog at present is 40 million bags, about an eight-month supply at current consumption rate, and production continues to outstrip demand.