October 17, 1979

reports 3d quarter net operating earnings rose 17% to $55.7 million (S)

Federal Reserve Board reports US industrial output, paced by automobile production, increased five‐tenths of 1% in September, largest increase since last May's 1.1% advance; puts industrial production index at 152.3% of '67 level in Sept, 2.5% higher than year earlier; Treasury Sec G William Miller predicts current recession will be 'moderate' despite soaring interest rates, Joint Economic Committee hearing; supports Federal Reserve's decision to tighten credit as way of controlling inflation; graph on industrial production, Feb '78 to Sept '79 (S)

Miller cites moves in backing away from his repeated assurances that US has come halfway through recession, Cong Joint Economic Com; committee members Reprs William S Moorhead and Richard Boiling laud Reserve moves (S)

Harvard University president Derek C Bok names senior associate dean John M McArthur at Harvard Business School dean; most of faculty reportedly are pleased with choice; appointment is especially welcome in light of April report issued by Bok which advocated broad‐reaching reforms in school; McArthur succeeds Lawrence Fouraker, who announced his retirement last year; brief career sketch of McArthur; his illus (S)

WEDNESDAY, OCTOBER 17, 1979

Senate approves $20 billion commitment for 1st phase of synthetic fuels program, a 3‐4 year phase to test several different technologies for producing oil substitutes from coal and shale (M)

Paul J Curran, special Federal investigator, says his 7‐month investigation turned up ‘no evidence whatsoever’ that proceeds from Pres Carter's family peanut business wore diverted to Carter's '76 Presidential campaign; further says that his ‘limited examination’ of records of Gerald Rafshoon Advertising Inc would indicate that agency did not spend more than it received from Carter's campaign committee; illus (M)

Robin Green article on preservation of Shelourne Farms, Shelburne, Vt; farm was created in late 1880's by grandparents of Derick V Webb, its present owner; efforts to avoid prohibitive tax situation and make farm profitable discussed; illus (M)

New military junta announces ambitious economic and social program aimed at easing country's grave political crisis; Majano and Gutierrez, who led coup against Pres Humberto Romero, who reportedly fled country, also commit themselves to calling free elections within ‘a reasonable period,’ to releasing all political prisoners under general amnesty, and to respecting human rights; extremist violence continues, with at least 6 persons killed in fighting between soldiers and leftist guerrillas in Mejicanos district; new junta declares state of siege, suspending all constitutional guarantees for 30 days and imposing curfew; Antonio Morales Erlich, leader of Christian Democratic Party, notes that junta is echoing sentiments of most Salvadorans; new leaders receive cautious support from Roman Catholic Archbishop Oscar Arnulfo Romero; Humberto Romero por; map (M)

Article on Jubail, site of development project that will transform the desert town on Persian Gulf by year 2000 into an industrial city of 300,000 people, with 20 industries, 2 ports and international airport; investment may reach $40 billion; master plan was provided by Bechtel Corp, which has contract to supervise construction; number of companies from various nations are working on project but biggest share will probably go to US companies; sketch of master plan; map; illus of model of petrochemical plant that will be built (L)

Is awarded Nobel Prize in economics for his work on problems of developing nations; illus (M)

illus of derailed train