May 30, 1975

rate war rages among stockbrokers, with some fees cut as much as 60%, a mo after end of fixed comms; financial insts warn that trend could lead to demise of some brokerage firms; fee reductions going to major financial insts; Securities Indus Assn pres Edward I O'Brien calls on SEC, insts and brokers to take 'reasoned approach' to commissions; fears deterioration of broker/dealer network and emaciation of its research capability; Robert D McEvers (First Natl Bank of Chicago), Dexter D Earle (Bankers Trust Co), and Harry A Jacobs Jr (Bache & Co Inc) comment; history of abolition of fixed fees (M)

Dem '76 Pres aspirant Terry Sanford pledges his adm would guarantee job to every Amer who wanted one, speech, Natl Press Club (S)

Commerce Dept repts index of leading econ indicators (new series) gives strong signal that econ upturn is imminent; makes public new series data, calculated back to Jan '48, which shows that index reached peak of 126.6 in June '73, and low of 90.6 in Feb '75, then rose to 91.5 in Mar and 95.3 in Apr, up 1% and 4.2% respectively; Commerce Asst Sec James L Pate, in statement, says increases in leading econ indicators for Mar and Apr are encouraging and consistent with other evidence that recession has bottomed out; says data supports forecast of recovery in over-all econ activity in 2d half of '75; chart showing index of leading econ indicators (new series), Apr '73 to Apr '75 (M)

NYS advances NYC $200-million in welfare funds originally scheduled to be delivered next yr, staving off threatened default May 30 by city but only temporarily easing NYC's cash-flow problems; Gov Carey calls advance 'Band-Aid' on NYC's $1-billion cash need between now and end of June, int; State Controller Arthur Levitt is firm about improbability of any further state assistance, lr that was meant to be sent with advance but was withdrawn; NYC will fall $83-million short on June 6 of what is needed for salaries, etc; on June 11 when NYC must pay $792-million for debt service, shortfall will total $933-million; Mayor Beame welcomes new state money; Financial Liaison Com says it generated interest among financial insts in proposed measure to issue incest-bearing ctfs of deposit for early payment of real-estate taxes due Aug 1; com spokesman estimates this will amount to $25-million; group headed by realtor Lewis Rudin estimates they can provide $150-million to prepayment program; elements of NYC's fiscal crisis noted; spokesman for Controller Harrison J Goldin says Carey's figure of $3-billion cash-flow problem could not be verified until he examines Beame's budget (M)

Survey of US urban homesteading programs, which offer abandoned homes free or at low cost to anyone who will renovate and live in them; concept was first used in Wilmington, Del, about 2 yrs ago; says many programs have been delayed by red tape and financing problems; administrators say programs are not intended for poor, who cannot afford renovation costs of $10,000 to $50,000; say most successful applicants are young, energetic and middle-class; problems have made additional cities wary of homesteading but benefits appear promising enough that about 180 new cities are considering program; example of homesteading program in Baltimore, Md; illus of homesteaders in Baltimore with program officials (L)