HOUSE BUYING will be easier under new FHA regulations reducing down payments on old houses to level now prevailing on new houses. Instead of minimum down payment of 12% of first $9,000 of price, 27 % on rest, old-house buyer can now pay 7 % of first $9,000, 27 % on rest. On $15,000 house this means minimum down payment drops from $2,700 to $2,250.

NEW CAR OUTPUT begins as Ford, Chrysler, Studebaker complete model runs and join all other producers except G.M. in shutting down for the 1957 model changeover. Carryover of current models is down to manageable figure of less than 600,000 v. 750,000 a year ago.

AMERICAN MOTORS, strongest Detroit independent, suffered a $7,000,000 second-quarter loss despite a nonrecurring $3,500,000 profit from sale of investments. President George Romney ascribed the loss (compared to a $1,500,000 profit for the same period a year ago) to lower car sales and heavy cost of restyling the Rambler a year earlier than originally planned.

ITALIAN AUTO BOOM pushed record first-half '56 production 15% ahead of last year, 30% over '54. Fiat leads the way, finds that its baby "600" is gaining favor even in Volkswagen Germany.

PROCTER & GAMBLE is moving into completely new lines with take-over of Duncan Hines enterprises, which inspects, approves restaurants and lodgings, and issues guidebooks and credit cards. P. & G., whose sales hit the billion-dollar mark in the fiscal year ended June 30, also bought the Hines line of prepared cake and bake mixes from Nebraska Consolidated Mills.

RAILROAD STATIONS, from whistle stops to major terminals, e.g., Toledo, will be sold or leased by New York Central in unprecedented move to cut passenger deficits ($38 million last year). Central will then rent back the space it wants and needs, leaving rest for use by new owners and lessees. Not included in the offer of 406 stations: Manhattan's Grand Central terminal, which loses $24 million yearly.

HYDROFOIL USE may increase as Grumman Aircraft, largest U.S. amphibious plane manufacturer, acquires half-interest (for about $250,000) in Long Island's Dynamic Developments, Inc., a hydrofoil research organization. Hydrofoil (a finlike device) operates in water like airplane wings, using hydrodynamic pressures to lift hull so that boat or seaplane rides on stilts with minimal resistance, making possible faster speed, smoother ride, faster takeoff.

INTERCITY MONORAIL between Fort Worth and Dallas, which would cost about $500,000 a mile, is being considered by Monorail Inc. and Texas Motor Coaches. Experimental version of high-speed train, which runs on suspended rail supported by steel towers, has been operating in Houston.

PORTABLE TV SETS now account for 20% of industry's sales, 15% of its dollar volume. One major TV maker (Emerson) reports that its portable TV-phono-radio has become its biggest seller.

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