Time Clock, Sep. 20, 1954

HOUSING SCANDALS have scared apartment builders away from the Federal Housing Administration. In March, the month before "windfall profits" accusations began, FHA had 7,707 applications for Government-backed apartment construction; in July the number of applications had plummeted to 611.

DEPARTMENT STORES are getting ready for a showdown price war with discount houses. In St. Louis the three biggest department stores slashed prices to discount-house levels, but continued such services as free delivery and charge accounts. In Detroit and other cities department stores are also cutting prices to meet the discounters' competition. Predicted the National Retail Dry Goods Association: the price wars will...

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