Time Clock, may 18, 1959

BOLD ORION, the ballistic missile to be launched from planes, will be designed by slow-flying Douglas Aircraft Co. (1959 first quarter loss: $4,200,000). Douglas won design contract for major new missile over 15 competitors, including Lockheed and Martin, who conducted feasibility studies, now appears to have inside track for multimillion production contracts.

FIRST-QUARTER DIVIDENDS of companies listed on New York Stock Exchange reached a record high of $2.2 billion, up 2.6% from first three months of 1958.

TAX INCENTIVES for U.S. investors in underdeveloped countries will be supported by U.S. Treasury, even though it will lose income. T-men told Congress that income earned abroad should not be taxed until brought back to U.S., and investors in underdeveloped areas should be able to deduct losses in foreign stocks from U.S. income.

ATOMIC SUBS capable of firing Polaris missiles will be guided by new inertial navigation system developed by Sperry Rand Corp., which got $20 million contract. Device will allow subs to cruise to an exact ocean point without surfacing for bearings.

LONGEST TELEPHONE CABLE in the world (more than 3,900 miles) will be laid between Japan and Hawaii under an agreement between American Telephone & Telegraph Co. and Japan's International Telephone & Telegraph Co. Planned for completion in mid-1960s, new cable will have capacity for 100 simultaneous conversations.

TOP URANIUM PRODUCER in U.S. last year was Utah, with 7,798,087 lbs. of production compared to 7,207,343 for second-ranking New Mexico. Total dollar value of U.S. uranium output last year reached $233,045,449, a hefty increase from $166,909,013 in 1957.