October 31, 1979

correction on Oct 30 article (S)

Terry Robards on new French vintage for ’79; notes prices may not be as expensive as ’78 because of good grape crop (M)

Series on stock crash of 1929 recalls formation of Securities and Exchange Commission and discusses changes it has brought to securities industry; notes that Securities Act of ’33 and Securities and Exchange Act of ’34 still provide basic framework for securities market regulation, and that SEC is still widely regarded as nation's finest independent regulatory agency; says critics of agency feel either that agency is doing too much or too little to police securities industry; pors of former SEC Chairmen Joseph P Kennedy, William O Douglas, Manuel F Cohen and present Chairman Harold M Williams; illus of 1st members after agency's formation in ’34: Kennedy and Ferdinand Pecora, George C Mathews, Robert E Healy and James M Landis (M)

The Dow Jones industrial average climbbd 15.19 points yesterday as the stock market produced its first genuine rally since the Federal Reserve Board abruptly tightened credit policy on Oct. 6.

F W Dodge reports nation's contracts for new construction dropped in Oct from comparable period year ago for 3d consecutive month; says contracts for future construction amounted to $13.3 billion, down 6% from year ago; chief economist George A Christie comments (S)

Dow Jones industrial average gains 15.19 points to 823.81; NYSE trading volume totals 28.9 million shares; market profile (M)

President's Commission on the Accident at 3 Mile Island says fundamental changes must occur in way nuclear reactors are constructed, operated and regulated if risks of nuclear power ‘are to be kept within tolerable limits’; says there is no guarantee that there will be no serious nuclear accidents even if its recommendations are adopted; proposes fundamental changes in organization, procedures and attitudes of Nuclear Regulatory Commission and industry but does not advocate abandonment of nuclear power; other findings; scores safety precautions taken by Metropolitan Edison Co, operator of 3 Mile Island reactor, and Babcock & Wilcox, manufacturer of reactor; Pres Carter says he will study recommendations and make report to Congress and nation (M)

BOGOTA, N.J. — What the man in the pin‐striped suit with the rock music slide show and abundance of flattery had come to tell seniors at Bogota High School the other day was this: If you like yourself, you'll choose a college no one else has ever heard of.

Patricia Wells article on purity of apple juices; discusses study conducted by Foodworks Inc (Flushing, NY) and Geochron Laboratories (Cambridge, Mass) on 13 brands; test results listed; apples juice industry sales in ’77 totaled $224 million, up 30% from ’76; sales for ’78 totaled more than $306 million, up nearly 37% over ’77 (M)

LOS ANGELES

CRADLING HER DEAD CHILD, a Cambodian mother waited outside hospital at refugee camp near Sa Kaeo, Thailand. “There is nothing we can do,” said Red Cross worker, to stop more than a dozen people each day from dying.

United States Steel Corp's 3d‐quarter earnings were $81.3 million, 8.4% decline from corresponding ’78 period; sales rose 14.3% to $3.2 billion; chmn David M Roderick says steel operations lost money because of lower shipments, cost increases and problems at plants in Chicago area and Fairfield, Ala (S)