September 12, 1973

SEC on Sept 11 votes unanimously to adopt NYSE proposal for 10% increase in brokers' commissions on security trade orders up to $5,000 and 15% on orders from $5,000 to $300,000, effective immediately until March 31, '74; will permit extension of new rates for another yr beyond '74 deadline if exch adopts rule permitting members to provide less than full range of brokerage services in return for discounts up to 10% from rate schedule and if exch abolishes rule that prevents brokers from charging comms higher than fixed schedule on small trades; also announces abolition of fixed comm rates by Apr 1, '75, after which brokers will be able to compete on basis of price as well as service; Sen H A Williams Jr hails decision; Merrill Lynch repr says co is pleased by SEC action

Deposed by mil coup on Sept 11 and is reptd to have committed suicide; por

West Point Cadet Honor Code com chmn R H Schwamb repts on Sept 11 that 'the Silence,' or shunning of cadets who violate honor code, has been officially discontinued following referendum of 4,200-member corps of cadets, which revealed widespread disapproval of practice; explains action implies no change in honor code itself, and makes silencing matter of individual decision; acad officer says change is part of 'gen atmosphere of self-scrutiny' following period of widespread criticism of acad which resulted in revision of 'blue book' of regulations; Schwamb says in reply to questions about sr cadet M Helford, who has been under silence for 1 1/2 yrs, that he showed little reaction on being informed of changes

Fed Judge L P Gagliardi grants last-minute postponement for scheduled Sept 11 conspiracy and obstruction-of-justice trial of former Nixon Cabinet officers J N Mitchell and M H Stans after Fed Ct of Appeals urges him to do so; new trial date to be set 'in due course'; defense attys had asked for more time to prepare for trial; 3-judgeappeals panel is divided on ruling; Judges H J Friendly and W Feinberg, in majority opinion, say postponement of trial would be small price to pay for stilling complaints that defendants were not given enough time to prepare their case; say if delay was not granted, defendants, if convicted, could raise issue on appeal; Mitchell and Stans illus

US Agr Dept repts on Sept 11 that soybean production in '73 is estimated at record 1.6-billion bushels, up 25% from '72; it will average 93.8 bushels per acre, this compares with 96.9 bushels per acre in '72; oilseed production which includes soybeans, flaxseed, cottonseed and peanuts, is estimated at record 55.3-million tons, up 20% from '72