July 10, 1979

Carter Administration says Saudi Arabia will raise oil production substantially--reportedly by 1 million bbl a day through rest of year; denies link to progress in settling Middle East problems, but officials close to Saudis disagree strongly and dispute Administration efforts to portray decision as result of its diplomatic efforts; John H Lichtblau (Petroleum Industry Research Foundation) says production increase should bring supply and demand once more into balance (M)

Merrill Lynch, Pierce, Fenner & Smith enters competition with commercial banks and savings institutions on Long Island; begins offering checking accounts, savings-type investments and Visa credit cards at 2 Long Island offices; pilot program, called Merrill Lynch Cash Management Account, is designed so as not to violate Federal securities laws; is restricted to customers with at least $20,000 in securities in margin account; this account would be linked to cash management account called CMA Money Market Trust; program detailed (M)

Dow Jones industrial average gains 6.83 points to 852.99 on volume of 42.5 million shares; market profile (M)

Article on re-examination underway at some private colleges about past changes they have made in their curriculums, educational policies and admissions policies to attract students and increase colleges' chances of survival; areas being reassessed are: impact of career-type programs that tip curriculum away from liberal arts tradition and toward preprofessional training; dichotomy created in formerly homogeneous study body as result of offering evening and weekend programs for adult, and role of religious values in higher education after an era during which many schools deemphasized or curtailed their church tics; proposed changes at several colleges discussed (M)

An article in Metropolitan Report last Saturday gave an incorrect rOOR’ rate for students at the Prince George Hotel on East 28th Street. The price by special arrangement with American Youth Hostels Inc., when four share a room, is $12 a person.