TIME CLOCK

G.M.'S HARLOW CURTICE, who predicted 5,800,000 auto sales for 1955, now thinks he was pessimistic. On the basis of current sales, says Curtice, 1955's market should total 6,600,000 cars, up 20% from 1954, may well top the alltime record 6,665,863 sold in 1950.

URANIUM ORE is pouring out of the West at such a clip that AEC buying cannot keep up. No sooner had AEC begun operation of a new ore-buying station at Riverton, Wyo. last week than it had to announce plans for two more new stations, one at Greenriver, Utah and the other at Cutter, Ariz.

BUY-AMERICAN POLICY will be eased by the Defense Department to give foreign companies a better chance to compete for military contracts. In line with the Administration's policy on foreign buying (TIME, Dec. 27), Defense Secretary Wilson will give contracts to foreign low bidders when the difference between the lowest foreign and domestic bids is 6% or more of the foreign bid (instead of 25% as formerly), except in cases where the U.S. firm involved is vital to the public interest.

AFRICAN DAM will be built at Ka-riba Gorge on the Zambezi River. Plans projected by the Central African Federation (TIME, Sept. 21, 1953) call for a $240 million dam that will have a 400-ft. wall backing up a lake 150 miles long. The first six generators to provide power for developing the mineral-rich area (uranium, copper, chrome, asbestos) will be on the line by 1961. Eventual power capacity: 1,000,000 kw.

ROBERT R. YOUNG won his fight to keep Allegheny Corp. out of reach of the Securities & Exchange Commission's strict regulations. The Interstate Commerce Commission ruled that Alleghany, which controls the New York Central railroad, is a railroad carrier coming under its more flexible rules, thus overriding SEC, which had contended that Alleghany was an investment company.

GUARANTEED WAGE, the big issue for the auto industry this year, will not be an issue in the steel industry during 1955. Says steelworkers' President David J. McDonald: "Our agreements provide for wage reopening only. I believe in adhering to our collective-bargaining agreements."

WHEAT GLUT is still growing, will push up another 75 million bu. by the end of fiscal 1955, predicts Agriculture Secretary Ezra Benson. Estimated total for Benson's No. 1 surplus headache: 975 million bu., most of it in Government storage bins.

SECURITIES SALES by U.S. corporations rose last year to the highest level since 1929. To get new money, largely for expansion, U.S. companies offered $9.6 billion in stocks and bonds, some 8% more than in 1953 and $200 million more than in 1929. Biggest sellers: utility companies, whose $3.7 billion in securities amounted to 39% of the total.

ADVERTISING spending is still climbing at a rapid pace, reports Advertising Age. In 1954 the 60 top ($10 million or better) U.S. and Canadian agencies billed $2.2 billion in ads, a 10% increase over 1953. Four U.S. advertising agencies cracked the $100 million mark.

AUTOMATED OUTPUT LINE will be built by Plymouth in Detroit to increase production of its new V-8 engine. To be in operation late this fall, the enlarged plant will have 530,000 sq. ft. of floor space, two parallel production lines for engines, with all the latest automation processes for machining engine blocks. Estimated cost: $48 million.

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