November 30, 1978

Commerce Dept repts gain of five-tenths of 1% in its composite index of leading indicators, signaling prospects for continued growth in econ; advance is 3d consecutive monthly increase; dept's chief economist Courtenay Slater comments; sampling of opinions of private economists who see slump ahead; Fed Reserve chmn Miller says productivity should be helped by Pres Carter's plans to reduce Fed spending to 20% of GNP by '83, speech to Amer Council of Life Ins; says some $65 billion to $70 billion will thus be made available for investment by private sector over next 5 yrs; graph on Index of Leading Econ Indicators (M)

SEC notifies cos they will be required to disclose in public repts any significant impact that Pres Carter's wage and price guidelines might have on their businesses; cos that do not comply with guidelines risk losing Fed contracts (S)

Commerce Dept repts Oct trade deficit at $2.13 billion and defidt for 1st 10 mos of yr at $24.8 billion--14.7% increase over corresponding 10-mo period in '77; Treas Sec Blumenthal and Commerce Dept chief economist Courtenay M Slater voice optimism; dept rept detailed (M)

Peter P Smith 3d, who resigned in Aug as Gen Services Comr, pleads guilty to charges that he defrauded law firm when he worked for it few yrs ago, Fed Dist Ct, Manhattan; admits that he had diverted $70,000 from Shea, Gould, Climenko & Casey (M)