AHSME 1968 Problem 32

$A$ and $B$ move uniformly along two straight paths intersecting at right angles in point $O$. When $A$ is at $O$, $B$ is $500$ yards short of $O$. In two minutes they are equidistant from $O$, and in $8$ minutes more they are again equidistant from $O$. Then the ratio of $A$'s speed to $B$'s speed is: $\text{(A) } 4:5 \text{(B) } 5:6 \text{(C) } 2:3 \text{(D) } 5:8 \text{(E) } 1:2$