February 27, 1981

When a medical school faces a shortage of cadavers for dissection, two unsavory characters resort to murder to make up the deficiency. A physician at the school, who is obsessed by his work, is told of their activities, but refuses to acknowledge the fact. This is the story of ''The Doctor and the Devils,'' a screenplay that was never made into a movie, but which is being adapted by the SoHo Repertory Theater, 19 Mercer Street, between Canal and Grand Streets, starting tonight at 8. It is based on a true incident of 19th-century Edinburgh, and its author is Dylan Thomas. Tickets are $5. Information: 925-2588. BLACK CINEMA ON ASTOR PL. A ''Retrospective of Independent Black American Cinema,'' which surveys the evolution of films by blacks, opens tonight at the Public Theater, 425 Lafayette Street. The series continues through March 8 and will offer 40 works from 1920 through 1980, presenting music, poetry, art and dance on film, as well as social drama, comedy and portraits of historical figures. Evening screenings are at 6, 8 and 10 o'clock, with afternoon sessions Saturdays and Sundays at 3. Tonight, works by William Greaves will be shown, beginning with ''Take One,'' a cinema-verite film. Tickets are $4 ($3 for students and the elderly). Information: 598-7150.

International British-American amity was stressed as Prime Minister Margaret Thatcher met with President Reagan at the White House. Praising Mr. Reagan's economic program, Mrs. Thatcher said that ''we are both determined to sweep away the restrictions that hold back enterprise.'' Her own austerity program has been the subject of much debate in Britain. (Page A1, Column 6.) Alexander Haig has more authority than other recent Secretaries of State but not as much as he originally wanted, under a formula set by the Reagan Administration. The White House said that the State Department would be in charge of numerous interdepartmental working groups but fewer than Mr. Haig had requested. (A1:4-5.)

An article in Business Day on Monday incorrectly reported the Securities and Exchange Commission's position on stock options. The commission has ruled that exchanges cannot introduce options that are already traded on other exchanges.

Under pressure resulting from one of the worst winter service records in the history of the Long Island Rail Road, Francis S. Gabreski resigned yesterday as the line's president. Mr. Gabreski submitted his resignation to Richard Ravitch, chairman of the Metropolitan Transportation Authority, after a meeting at the authority's offices on Madison Avenue. The resignation was effective immediately. Daniel T. Scannell, first vice chairman of the authority, was named acting president of the Long Island, the nation's largest commuter railroad. Mr. Scannell, who was chief executive officer of the New York City Transit Authority in the early 1970's, is a member of the authority board's subcommittee on the railroad's operations.

A record $3.5 billion in new cash flowed into the nation's money market funds during the most recent week, the Investment Company Institute reported yesterday. The current yield advantage the funds have over competing financial instruments, combined with uncertainty about the outlook for stocks and interest rates, was responsible for the huge gain, according to analysts.