Business: TIME CLOCK, Aug. 10, 1959

LONG-DISTANCE PHONE rates will be cut 5¢ to 25¢ per call in mid-September to carry out FCC order for $50 million overall rate slash by Bell System. Sliding-scale reductions will be greater for longer distances, especially for calls over 675 miles, e.g., New York-Chicago for first three minutes will cost $1.45 v. current $1.50 rate; New York-Los Angeles $2.25 v. current $2.50.

FARM ASSETS increased by 9% in 1958 to alltime high of $203 billion, v. $186 billion a year earlier, primarily because of soaring values of farm land and buildings.

TALLEST BUILDING west of Mississippi will be built by Humble Oil Co....

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