Time Clock: Jan. 2, 1961

BESTSELLING CIGARETTE is Pall Mall, according to Printers' Ink survey. Pall Mall overtook Camel, which dropped to No. 2. Salem moved up from seventh in 1959 to sixth, Marlboro from tenth to ninth. The 1960 order: Pall Mall, Camel, Winston, Lucky Strike, Kent, Salem, Chesterfield, L & M, Marlboro, Viceroy.

1960 HARVEST set alltime record, although farmers planted the fewest acres (329 million) since 1916.

DIVIDEND BAIT was offered Baltimore & Ohio stockholders by the Chesapeake & Ohio Railway to push the tenders it holds for 55% of B. & O. stock to 80%. After winning battle for control against New York Central, C. & O. extended stock-trading offer for 30 days and added a lure: C. & O. guaranteed B. & O. takers the $4 per share annual C. & O. dividend as of Jan. 1, if deal goes through. B. & O. pays only 60¢.

MARTIN'S LAST PLANE, a flying boat, was delivered to Navy. The nation's oldest planemaker, which pioneered amphibians, aerial bombing and transocean airliners (the China Clipper), started shifting to missiles eight years ago, is now nation's largest missilemaker.

BUY-AMERICAN DRIVE has been started by the Electronic Industries Association, which represents most U.S. electronics manufacturers. The association blames a drop in employment on imports.

U.S. BALANCE OF PAYMENTS ran third quarter deficit of $4.1 billion, $200 million less than estimate.