Drop that Meat Ax

While corporations are slashing away at executive flab, Robert W. Haack, president of the New York Stock Exchange, has come up with a few words of caution about economy drives. Said he in what could rank as the quote of the week: "Moderation, even in cost-cutting, can be a virtue."

In the exchange's quarterly report, Haack noted the upturn in stock trading volume and said that those brokerage firms that have pared personnel and operations selectively "will enjoy a distinct advantage over their competitors when it comes to handling a resurgence of business." His message: companies that have zealously hacked off not only fat but also bone and muscle will feel the pain as business gets better.

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