Time Clock, Dec. 14, 1959

20% MORE FILMS will be produced in Hollywood in 1960 because of rise in theater attendance.

AIRLINE PILOTS OVER 60 will be grounded after March 15 by the FAA, which believes it hazardous to have older pilots command “the bigger and faster jets, carrying more passengers over longer routes.” The Air Line Pilots Association will fight the ruling in the courts.

TEEN-AGE CREDIT PLANS are being offered by 100 department stores, including Pittsburgh’s Sears, Roebuck, Baltimore’s Hochschild & Kohn. Accounts require parents’ O.K. but are not guaranteed by them.

B70 BOMBER CUTBACK jolted the aircraft industry, resulted in 2,000 layoffs at North American Aviation, less drastic reductions at subcontractors Boeing, Lockheed and Chance Vought. Already stuck for $500 million in development costs, the Air Force has trimmed its $3.5 billion program for 62 combat-ready planes, has given North American the go-ahead on only two prototypes, which will be ready in 1963.

1960 CONSTRUCTION will hold steady, the Department of Commerce forecasts. Construction dollar outlays will rise by 2% to $55.3 billion, but the increase will be because of higher prices.

$100 MILLION DOWNTOWN center is planned in Houston. Named after the late oil tycoon Hugh Roy Cullen, the twelve-acre center will be privately financed, have a 500-room hotel and three office buildings with a total of 1,650,000 sq. ft. of office space, all connected by air-conditioned pedestrian malls at second-story level.

50 MILLION STOCKHOLDERS in U.S. businesses are predicted for 1970 by J. Wilson Newman, president of Dun & Bradstreet, compared to 12.5 million stockholders at present.