Time Clock, Mar. 11, 1957

POSTAL SAVINGS PLAN will probably be junked by Congress this session after five years of talking about it. Deposits have slipped 45% over past decade to $1.7 billion, and Postmaster General Summerfield says 47-year-old plan, started when banks were not available in many places (and often not trusted), has outlived usefulness. Some opposition to Summerfield's idea is coming from postal employees' groups and A.F.L.-C.I.O.

FHA DOWN PAYMENTS on mortgages will drop if Congress approves new plan sent up by Administration. Plan is to boost the amount of cost of house that FHA can insure; e.g., to new maximum of 96% of first...

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