STATE OF BUSINESS: Going Too Fast?

After a worried look at the pace of U.S. business, Manhattan's First National City Bank warned last week: "We have been going too fast . . . We are trying to do too much, saving too little, drawing excessively on our credit lines and overcommitting ourselves. It is well that the authorities are acting to contain forces that, running out of hand, can be our undoing."

Last week federal authorities acted again to hold back one of the forces that was close to running out of hand. The force: easy credit. As on-the-cuff...

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