July 15, 1981

RAIL COMMUTERS STEAMING By ARI L. GOLDMAN On the eve of a new round of fare increases on New York's commuter rail lines, many travelers yesterday had air-conditioning on their minds - largely because they were feeling the heat without it. ''They should hand out towels,'' said Gary Spund, a passenger on the Long Island Rail Road's 7:59 A.M. from Great Neck. ''Somedays, it's like a steam room in here.'' David Stech, a graphic artist, started the day as a commuter on Conrail's 8:41 from North White Plains, but became a 8:56 rider when he discovered the cooling system on the first train was not functioning. He rode the hot 8:41 for five minutes before switching.

With the bidding war for Conoco Inc. leading to by far the biggest takeover ever transacted, E.I. du Pont de Nemours & Company, the huge chemical complex, yesterday increased its offering price for the ninth-largest oil company to $7.6 billion. Ralph E. Bailey, Conoco's chairman, praising the offer, said the company's board of directors had approved it and would recommend it to its stockholders. He also signaled that Conoco was not interested in being taken over by any other company. 'The Best Opportunities' ''Conoco and Du Pont are parties to an agreement to combine the two companies, which the Conoco board and management enthusiastically support,'' he said. ''The Du Pont merger offers the best opportunities for Conoco stockholders.''

up-and-go. According to him, it's because he didn't waste any energy growing when he was young. ''Everyone calls me Jeff, from Mutt & Jeff, the old comic strip,'' he said. ''My wife didn't know my name was Morris until she saw it on the marriage certificate.''

William J. Casey, the Director of Central Intelligence, knowingly participated with several others in an investment offering for a farming company in 1968 that ''omitted and misrepresented facts'' to investors, according to a Federal District Court decision handed down in May. The ruling on May 19 by Judge Charles E. Stewart Jr. of the Federal District Court in Manhattan named Mr. Casey as one of the officers and promoters of Multiponics Inc. who was responsible for the misleading offering. Mr. Casey was then a private lawyer and was listed as the secretary and a director of the company. The company went into bankruptcy proceedings in 1971 and is now defunct. Lawsuit by Unhappy Investors Judge Stewart's decision, which was based on documents and admissions by the defendants, including Mr. Casey, was part of a drawn-out lawsuit in which disgruntled investors are seeking to recoup their losses. Many other issues in the case, including damages, remain to be litigated, and Mr. Casey's lawyers are seeking a reargument of the portion decided by Judge Stewart.

Du Pont sweetened its offering price for Conoco to $7.6 billion, as the bidding contest for the ninth-largest oil company intensified. The chemical company's offer works out to $95 a share for 40 percent of Conoco, and an exchange of 1.7 shares of Du Pont for each of the remaining Conoco shares. (Page D1.) Max C. Hugel resigned as chief of clandestine operations at the Central Intelligence Agency in the wake of allegations that he participated in fraudulent securities transactions when he managed an electronics business in the 1970's. He termed the allegations ''unfounded, unproven and untrue,'' but said that they had become a burden. (A1.)