FLORIDA: No More Cream Cheese

Tony Bowers, a high-class haberdasher across from Miami Beach's Roney Plaza, took out of his window the hand-painted necktie marked $1,500 and put it out of sight. "It's murder now," he said tersely. "I have some $25 and $35 ties, but I don't take them out unless a customer comes in and asks for one." All Miami felt the same way Tony did. By last week the city was aware that World War II—and the boom that followed—was over.

The black-market set, having blown its tainted bankroll, had crawled back into the woodwork,...

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