What was going on when I was born?

Treasury Secretary Donald T. Regan, the Administration's chief economic spokesman, today rejected the idea of balancing the Federal budget by delaying or modifying the 25 percent tax-rate cut for individuals enacted in August. ''Spending reduction is the only route to a balanced budget,'' Mr. Regan told the House Budget Committee. The Treasury chief reaffirmed that the Administration would seek an additional $16 billion of spending cuts for the 1982 fiscal year, which starts Oct. 1, as essential to bringing the budget deficit down to $42.5 billion. For the fiscal year 1981, which ends on Sept. 30, the deficit will be $55 billion or a bit more.

A little more than a decade ago, the Nucor Corporation bought steel angles from the large steel companies, turned them into joists and sold them to commercial builders. Then, Kenneth Iverson, its president, decided that his company could bypass the steel companies by producing its own steel angles. His calculations showed that Nucor could produce steel at less cost than the domestic companies and even the Japanese. As a result, Nucor went into the steel business by opening minimills, and today its production from these mills accounts for 50 percent of its sales and revenue. In the past decade, dozens of other companies have also learned about the advantages of mini-steel mills, which have become a significant factor in the industry.

A picture caption in yesterday's Metropolitan Report misidentified David N. Dinkins, candidate for Manhattan Borough President. He is the City Clerk.

AM International Inc. announced yesterday that it would report a loss of $175 million in the 1981 fiscal year and that it planned to sell its Addressograph and Jacquard divisions to relieve its debtladen balance sheet. Analysts called the size of the loss surprising, but said the sale of two more divisions was consistent with the policy of Richard B. Black, chairman, to cut away unprofitable lines to create a solid base upon which to rebuild the office equipment manufacturer. President Resigns Mr. Black, who assumed control of AM International last February, replacing Roy L. Ash, also announced that James R. Mellor, president, had resigned, following the announcement of the 1981 losses.

Tens of thousands of students in New York City public schools may fail to meet the deadline set for today to conform with the state's new regulations requiring immunization against childhood diseases, school officials said yesterday. The officials have vowed that beginning tomorrow such youngsters will be barred from attending school, but a similar requirement last fall went largely unenforced even though 28,904 students did not comply. ''There are distinct differences between last year and this year,'' said Robert H. Terte, a spokesman for the school system. ''The Health Department is auditing the schools now and is pressing for enforcement and, moreover, the Chancellor has instructed the schools not to admit students who are not in compliance.''

INTERNATIONAL Mitterrand fashioning a new French policy toward Africa A3 At least 26 die as Turkish jet crashes in NATO exercise area A4 New book on Mrs. Meir says she met 10 times with King Hussein A6 Egypt and Israel set to resume talks on Palestinians A7 Saudis believed to accept U.S. tactical principles for Awacs A8 House votes citizenship for Swede who aided Jews A9 Excerpts from Gromyko speech to the U.N. A14 GOVERNMENT/POLITICS Hostage compensation plan excludes coast businessman A10 Mayor Byrne's fortunes and funds on increase A19 Ex-C.I.A. official doubtful on foreign-business curbs A22 Administration seeks additional cuts in food stamp benefits A23 Agency postpones decision on rescinding rules for handicapped A25 Decision on postal rate rise putoff A26 Jersey State Senator is accused of misconduct and tax evasion B2 Judge orders new Democratic primary for Mayor in Hartford B2 Former immigration aide gets 4 years in Abscam case B3 Goldin wins renomination in race for City Comptroller B4 WASHINGTON TALK Briefing A28 Senator Domenici urges Reagan to stick with budget plan A28 Koch says friendship with Reagan helps city A28 Sheriff visits Senators, but doesn't bring her gun A28 OBITUARIES Richard M. Dorson, a historian and folklorist D22 David Kidd, designer of women's coats and suits D22 LIVING SECTION Food British food: In defense of a tradition C1 Fish with an image problem C1 Federal feeding program may be cut C7 Living Personal Health: What belongs in a medicine cabinet C1 Metropolitan Diary C2 Kitchen Equipment C2 60-Minute Gourmet C3 House specialty? You name it C3 Best Buys C8 Cosmetic unit aids research C12 Wine Talk C14 Discoveries C15 New Yorkers, etc. C20 Disposable collars, a fashionable option C20 Cooking for 1,500: Secrets of a caterer C20 GENERAL Around the Nation A16 Haitian refugees still languishing in Florida camp A16 G.M. offers cars as inducements to home buyers A18 Judge refuses to dismiss spy charges against missile officer A21 ARTS/ENTERTAINMENT Neil simon's "Only When I Laugh" on local screens C23 A restages "Norma" opens Met Opera season C23 Tharp dance company opens with "The Catherine Wheel" C24 Bewitching vocal textures on Lene Lovich's new record C26 Rock-and-roll groups recording overtly sexual lyrics C26 Reissue of Herbert Read's "English Prose Style" is reviewed C29 Drama about alcoholic parents on "Afterschool Special" C31 Brinkley signs four-year pact with ABC News C32 SPORTS George Vecsey on Coghlan and the Fifth Avenue Mile B6 Thompson's 3-run homer l eads Pirates past Mets, 5-3 B7 Yanks lose 4th in a row B7 Last-place Indians in search for respect B7 Islanders' complete squad gathers for f irst time since Cup B7 Rangers beat Swedes, 7-1, but still ha ve problem at center B10 FEATURES/NOTES Man in the news: George Price, Belize's leader A3 About New York B5 Sports People B6 Notes on People B24 NEWS ANALYSIS Michael Quint discusses Federal Reserve's monetary policy D1 EDITORIALS/LETTERS/OP-ED Editorials A30 Don't deflate auto safety "Belize Is Ours!" Will labels outlast life? Letters A30 Tom Wicker: blood, sweat and shame A31 James Reston: the ideal United Nations diplomat A31 Russell Baker: all chickened out in Washington A31 Marsha ll I. Goldman: the Kremlin's grain disaster A31

President Reagan sent a letter today to Leonid I. Brezhnev, the Soviet leader, expressing the hope that, in high-level talks that begin tomorrow, the two countries can establish ''a framework of mutual respect'' that will lead to a more enduring relationship ''than we have ever had before.'' The letter was delivered in Moscow this morning in advance of tomorrow af- U.S. statement on the letter, page A14. ternoon's initial meeting between Secretary of State Alexander M. Haig Jr. and Foreign Minister Andrei A. Gromyko at the United States Mission. A summary of the document was made public today at the United Nations Plaza Hotel, where the American delegation to the United Nations General Assembly session is staying, by Mr. Haig's spokesman.

Declining interest rates in the last two weeks have quieted criticism -for the moment - of the Federal Reserve's tight monetary policy, but on Wall Street many analysts say that, in a fundamental sense, the Fed's policy has hardly been eased at all. It is true that the Fed encouraged the decline in interest rates by pushing more money into the hands of the banking system, thus giving the banks more leeway to make loans. The Federal funds rate, no longer the object of Fed polic y, but at least a reflection of it, fell to less than 16 percent in recent days a fter trading above 18 percent for most of August. That decline in t his key rate for interbank loans created the impression of an easier monetary policy.

A senior member of the Polish Communist Party Politburo warned tonight that the Soviet Union might cut back on shipments of strategic raw materials, including oil, unless ''anti-Soviet'' activity in Poland stopped. The warning, delivered by Stefan @Ols@zowski in a speech on national television, lent substance to increasing speculation here that Moscow might now turn to economic sanctions, not military intervention, in an effort to curb the liberalization drive spearheaded by the Solidarity trade union. Such a development could be catastrophic for Poland and its economy, Mr. Olszowski said. His speech came after a day of high-level meetings bearing on Polish-Soviet relations. A Soviet delegation headed by Deputy Prime Minister Nikolai K. Baibakov, chairman of the State Planning Commission, arrived to discuss future trade agreements and Polish requests for more economic assistance.

Because of inconsistent information provided by the Federal Reserve in Business Day last Thursday, the charts with a story dealing with the Fed's monetary policies were incorrect. The correct charts are published on D12.

Andrei A. Gromyko, the Soviet Foreign Minister, accused the United States today of promoting a nuclear arms race to counter what he described as a nonexistent Soviet threat. In a stern 75-minute address to the General Assembly, Mr. Gromyko attacked Amer ican policy around the globe, from its ''imperialist interference' ' in El Salvador to its ''undeclared war'' in Afghanistan. He pointedly warned the West against ''interference in the internal affairs'' of Poland and claimed that an attempt had been made ''to shake loose the socialist foundations of the Polish state.'' One Conciliatory Gesture On the eve of his talks with Secretary of State Alexander M. Haig Jr., Mr. Gromyko did make one conciliatory gesture. He predicted that negotiations would soon begin to curb nuclear weapons in Europe. But even this was qualified. The talks would start, he said, ''unless other winds start blowing again in Washington.''

CONSIDER the ratfish. Plagued by unprepossessing looks and a name that invites universal ridicule, his is a woeful life. The ratfish's misery is assuaged only by the company of other equally disadvantaged deep-sea aquaintances, such as the grunt, the gag, the hogsucker and the lizardfish. Like homely girls at a high school dance, these poor speci es are routinely shunned in favor of their flashy co usins, the flounder, sole, swordfish, cod and others. Consider the ratfish. Please. That's the plea being issued by the National Marine Fisheries Service, which is trying to change the image of these oceanic pariahs to persuade American fishermen, and the consu ming public, to pay them more attention.