September 15, 1974

The third race of the AmerIca's Cup series between Courageous, the United States defender, and Southern Cross of Australia was abandoned yesterday off Newport, R.I., after the yachts were becalmed and could not finish within the 5½‐hour time limit. Courageous leads the four‐of‐seven‐race series, 2‐0. Details in Section 5.

Telluride Film Festival (Colo): Protestors demonstrate at Telluride Film Festival, Colorado, against festival's decision to hon filmmaker Leni Riefenstahl, who worked in Germany under Hitler; actress Gloria Swanson and director Francis Ford Coppola, also scheduled to receive awards, are asked by Colorado Anti-Defamation League of B'nai B'rith to refuse hon, but they refuse; Riefenstahl says she is apolitical and worked for Hitler as artist not propagandist; illus (L)

JIDDA, Saudi Arabia, Sept. 9 — While Western countries struggle with inflation, recession and sagging stock markets, Saudi Arabia is enjoying an economic boom that benefits both the rich and the poor.

SAIGON, South Vietnam, Sept. 14—The important An Quang Buddhist faction tonight, threw its support behind a program of “peace and national reconciliation” amid signs that the non‐Communist opposition to President Nguyen Van Thieu is beginning to coalesce into a loose front.

article by William Wolman, vp and economist of Argus Research Corp, prepared with assistance of Roger Klein, on mortgage reforms; says savings insts will have to change radically if US is ever to have healthy housing indus; major immediate problem is disintermediation, withdrawal of funds from insts which traditionally are those that channel money into home mortgages; article says transformation of savings indus must meet 3 essential requirements; coping with transition to world of high inflation, asset-buying powers of savings insts so that insts could invest in short-term IOUs and could be given power to issue variable-rate loans; home mortgages could also be variable-rate assets; says such changes could be alternative to prolonged housing depression; cartoon; graph showing change in mortgage loans outstanding at all savings and loan assns in billions of dollars from '70 through '74 and showing sources of mortgage money in '73 (L)