In its monthly newsletter for February, 1970, FIRST NATIONAL CITY BANK [later, CITICORP] of New York City reports on February 5 that aftereffects of tight-money restraints alreay put in place in the United States will continue to exert a heavy drag on production and employment for months to come. The bank says that the American economy is already slumping and that if the slide lasts until April or May it probably will be termed a recession. The bank also says that inflation can only be checked if the Federal Reserve avoids excessive monetary expansion in the months ahead.  (SOURCE:  New York Daily News, February 6, 1970, pg. 46).