What was going on when I was born?

In the judging schedule for the Westminster Dog Show in the Sports section yesterday, the captions with photographs of Ch.

In the Advertising column in Business Day Thursday, data on the revenues of the magazine Psychology Today were incorrectly stated. A corrective item appears in the Advertising column on page D9.

An article Thursday about the Alfred I. duPont-Columbia University Awards for Broadcast Journalism omitted one winner. It was ''CBS Reports: People Like Us,'' with Bill Moyers.

Western cattle ranchers stand to gain a large measure of control over land and water resources on 170 million acres of Federal land under policy changes initiated by the Reagan Administration. Over the past year, the Bureau of Land Management has moved to give cattlemen a stronger voice in range management and pulled back from what some ranchers have regarded as overzealous attempts to limit the number of cattle that could be grazed on the public range. At the same time, the agency is no longer seeking a blanket Federal claim to water on public land. Instead, ranchers are being encouraged to file, under state laws, for private title to water from man-made stock-watering ponds and wells developed on arid rangeland, even though the Federal Government owns the land. The agency, as part of the Department of the Interior, manages the largest share of the nation's public lands.

Last week the International Monetary Fund took a large step toward easing the world's latest financial crisis. Delegates meeting in Washington agreed to expand the I.M.F.'s lendable resources by $32.5 billion, or 47.4 percent. It is the largest increase in the organization's history, and the United States will have to contribute $5.8 billion of it. That decision caps, for now, what has been a six-month race against time run by multilateral lending institutions, central banks, governments, commercial banks and debtor countries to stave off loan defaults amid the unexpectedly long and severe global recession.

Ariel Sharon, who submitted his resignation as Israel's Defense Minister on Friday, said today that he would accept Prime Minister Menachem Begin's offer to remain in the Cabinet as a minister without portfolio. The Cabinet accepted the arrangement. Mr. Sharon announced his decision in a two-sentence letter formally notifying Mr. Begin of his resignation as Minister of Defense. The Prime Minister is to assume the Defense post temporarily upon the approval of Parliament Monday. But Mr. Begin ''does not wish to hold the Defense portfolio for long,'' a Cabinet official said, ''and he will shortly appoint a Defense Minister.''

''I would like to make it clear that I have no intention of resigning from the Cabinet and I will continue to serve in it as minister.'' - Ariel Sharon. (A6:5.)

A sharp decline in world oil prices could hurt the nation's banks more because of their loan exposure to the energy industry than because of their loans to oil-producing countries. This conclusion, which emerges from interviews with bankers and economists in the United States and overseas, sees the potential for many commercial energy producers and related companies to be squeezed by a steep drop in energy prices. This, in turn, could cause large losses at many banks that are active energy lenders, and the failure of some. At the same time, banking experts point out, direct loans to the energy producing countries are relatively safer because the major industrial nations would likely mount rescue operations to prevent any from collapsing. A sharp decline in the price of oil is considered possible in coming months because of the world's reduced energy requirements and the resulting disagreements among members of the Organization of Petroleum Exporting Countries about how to defend prices.

There was little need for the 24-second clock. A 10-second clock might have been more appropriate today for the National Basketball Association All-Star Game, in which the East defeated the West, 132-123. Julius Erving of the Philadelphia 76ers scored 25 points and was voted the most valuable player. The East's fourth consecutive victory was theater of improvisation, creative one-on-one open-floor basketball at its best. In the first period, Earvin (Magic) Johnson raced down the right side on a fast break into the lane, made a ballet move, then a full spin and a scoop shot. As the ball dropped through the hoop, Johnson was fouled by Larry Bird of the Boston Celtics and made the free throw. He finished with 17 points to go with his All-Star Game record of 16 assists, 11 in the first half. He broke Oscar Robertson's 1961 record of 14.

Loan losses at United American Bank in Knoxville, Tenn., may prove to be much higher than the $2.3 million reported by the bank. Industry and state sources, involved in emergency meetings on the fate of the bank, say auditors believe the losses could total $50 million or more, with another $50 million classified as ''doubtful'' or ''substandard'' loans. (Page D1.)

After a disappointing Christmas tourism season, the countries of the Caribbean are hopeful that a revived United States economy will help them ease their own economic problems. With prices for their traditional products - sugar, coffee, bauxite and the like - down in world markets, the Caribbean countries have been placing increasing emphasis on tourists as a source of foreign exchange. But because the recession that has affected the commodity markets has also made traditional travelers wary of spending money on a holiday, most have had only limited success. ''Christmas was not as good as we thought it would have been,'' said Joan Medhurst of the Caribbean Tourism Association. ''But it looks to me that things are picking up. It seems that this January and February look pretty good. Tour operators are very busy; travel agents have indicated a lot of business. We're hoping that this is some sort of indication of an upswing that's to come.''

One of President Reagan's major changes in the tax field has been a lowering of the rate of taxation on capital gains: the maximum tax on long-term capital gains realized in 1982 is only 20 percent. As a result, it is more attractive than ever to invest in property that is expected to increase in value, be it over-the-counter stock, gold coins or a new home. ''Except for inventory, pretty much anything you held for more than a year and then sold or exchanged at a gain can give rise to the capital gains tax, and whether it's stock or silver or household furniture, the most tax you will pay on it will be 20 percent,'' said Martha Jay of Peat, Marwick, Mitchell & Co. an accounting firm. ''There was a lot of discussion about going even further and reducing the holding period to six months, but that never happened, at least not yet.'' The current rate - down from a previous maximum of 28 percent went into effect in the middle of 1981, so 1982 was the first full year with the 20 percent ceiling.