STATE OF BUSINESS: No Parking Here

General Motors Corp. announced last week that it will sell $300 million in debentures next month, partly to finance a "high level" of corporate expansion. For giant G.M., which has already spent $1¼ billion for new plant and equipment in the last four years, the announcement meant that there will be no letdown in the company's growth program. The issue will be the biggest industrial offering ever made to the U.S. public, and will represent the first long-term debt G.M. has had since 1949, when it retired the last of its notes.

G.M. apparently was little concerned over talk of...

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