Business and Finance
THE MONEY SUPPLY rose $3 billion, increasing speculation that the Fed soon will tighten its credit grip in an attempt to slow economic expansion and keep a lid on inflation. The increase pushed the M1 level above the Fed's target range for the first time since late February.</br></br>Broad banking legislation that would force hundreds of banks to relinquish discount brokerage services was passed by a House panel. The move, in the wake of the near-collapse of Continental Illinois, is another sign that Congress is attempting to curtail bank expansion.</br></br>---</br></br>Texas Eastern agreed to acquire Petrolane Inc. for $20 a share, or about $1.04 billion. The acquisition would help satisfy Texas Eastern's diversification plans and aid in fending off any hostile takeover.</br></br>---