The usually understated Arthur Burns, chairman of the Federal Reserve Board, made no attempt to play down the dramatic resolution last week of Franklin National Bank's vault of trou bles. "The entire financial world," said he, "can breathe more easily, not only in this country but abroad."
In fact, Franklin's shocking saga of mistakes and mismanagement had caused fears that the nation's banking system was shaky and that lack of public confidence might lead to a run on many banks. The end came surgically, as U.S. Comptroller of the Currency James Smith declared...
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