Pg 124 from 2nd edition where this code is pulled (emphasis mine):
"[T]he programs are intended to be illustrative, not bullet-proof, there are significant restrictions on dcl."
In context this code illustrates the points they're trying to convey about complicated declarations quite well and is a precursor to understanding typedef later in the book.
Also, you left the nice inline comments off the variable declaration block.
"Modern standard" or not, I find this piece of code highly readable, and, in general, very good for what it does, at the level (of simplicity, perhaps even "primitivism") at which it was intended to do that.
Could someone point out the craps in the code ? I only noticed excess use of global variables , and out array(can't figure out why it was index only at zero)