September 19, 1985

In his years of guiding Apple Computer Inc., Steven P. Jobs had become the epitome of the American entrepreneur, a symbol of the wealth and power that can arise almost overnight in California's Silicon Valley. Even President Reagan, in a recent address, urged the nation's youth to ''follow in the footsteps of those two college students who launched one of America's great computer firms from the garage behind their house.'' The tale of Mr. Jobs's visionary leadership at Apple came to a bitter end on Tuesday when he resigned as the company's chairman after disclosure of his plans to start a new company. A Prominent Salesman Mr. Jobs has been the most prominent salesman of the personal computer revolution, preaching that the new technology would change everyone's lives. And just as Mr. Jobs is falling, the revolution he foretold is stalling: Consumers and businesses are slowing their purchases of computers and questioning how much they really need the machines.

A picture caption yesterday in Metropolitan Report misidentified a croquet player. He was Maurice Marsac.

Federal scientists yesterday took the first major step toward the construction of what they say will be the biggest and costliest pure science project in history: an atom smasher so big it would encircle an area the size of New York City. The scientists announced the selection of a key element of the machine, a type of superconducting magnet meant to keep speeding subatomic particles locked in a magnetic prison 60 miles in circumference. The decision marks a firm commitment to a particular design for the huge machine, which would be the world's most powerful device for probing the heart of the atom and solving some of the enigmas that have long baffled physicists. Superconducting Super Collider Until now, the machine, designated the Superconducting Super Collider, has been a vague goal pursued by hundreds of Federal scientists who for the last two years have been investigating its feasiblity and building prototype parts. Although the project still must get Congressional approval, it is moving forward with the strong backing of the Reagan Administration and the country's leading physicists.

International An American in Lebanon was freed on Saturday and is back in the United States with his family, President Reagan announced. Mr. Reagan said the release of the Reverend Benjamin Weir had been kept secret for fear of endangering the chances for release of the six other hostages still being held there. [Page A1, Column 6.] Facts on Benigno S. Aquino's death two years ago remain as elusive as ever, and the way seems clear for the acquittal of some or all of the 26 men charged with involvement in the slaying of the Philippines opposition leader. The testimony of the soldiers who hustled Mr. Aquino to his death has been remarkably uniform. [A1:4-6.]

In recent years, successful start-up companies in hot new industries have been raising bigger and bigger bundles of cash for themselves and their founders by selling shares to the public. It happened in personal computers with Apple Computer, in computer software with Lotus Development and in biotechnology with Genentech. Now a Wunderkind of the video cassette revolution - Vestron Video Inc. - is about to go public in one of the largest initial offerings ever. And in the process it will make a very rich man of its 42-year-old founder and chairman, Austin O. Furst Jr., a former executive at Time Inc. ''This will be one of the greatest killings in the history of initial public offerings,'' said Norman Fosback, editor of New Issues, an investment newsletter based in Fort Lauderdale, Fla. ''Not since Allen Paulson took in $65 million of cash from the initial offering of Gulfstream Aerospace in 1983 has one individual raked in so much cash from an initial deal.''