March 2, 1981

The convertible, relic of the wind-in-the-hair era of driving, seemed consigned to the scrap heap of automotive history along with rumble seats and running boards when the last Cadillac Eldorado soft top rolled off the assembly line in 1976. But Detroit is moving to revive the production of convertibles, at least in a limited fashion. Although Government safety rules were often blamed for the convertible's demise, auto makers say the real culprits were airconditioning, sun roofs and high-speed freeways. Early advertisements for convertibles said they were ''built for the lass whose face is brown with the sun,'' but modern drivers seemed to prefer the cold comfort of climate control to the glamour of top-down motoring.

The resumption Wednesday of the antitrust trial against the American Telephone and Telegraph Company represents an unfavorable turn of events for the huge company, many industry analysts say. They argue that if the trial runs its course, perhaps a year or two, it could put off for that long a solution to the question of ground rules by which Bell must operate in new businesses in the telecommunications industry, such as information processing. If the consent decree settlement sought with the Justice Department had been along the lines widely reported, it could have resulted in significantly wider operating rights for Bell and on favorable terms. Such a settlement, it seemed, was nearly at hand between the Justice Department and A.T.& T. before talks broke down last week, setting the stage for resuming the historic antitrust trial.

Though he was often identified with doctrinaire positions on foreign policy as a candidate, Ronald Reagan as President has assembled a largely nonideological team of managers and career Government officials to direct foreign and defense policy in his Administration. Drawn from large corporations, blue-chip law firms, universities, the military and the upper ranks of the Federal bureaucracy, the newly appointed policy makers, with some notable exceptions, appear to represent the mainstream of the Republican Party. The relatively moderate cast of the Reagan team has produced irritation among many of the President's more conservative supporters. Led by Senator Jesse Helms, Republican of North Carolina, they have complained bitterly about Mr. Reagan's failure to staff his Administration with strong conservatives. An Emphasis on Management Others have faulted Mr. Reagan for failing to name long-range conceptual thinkers to key policy jobs. They argue that his Administration may suffer from a preponderance of officials experienced in carrying out but not in designing foreign policy.

Rallying on goals by Don Maloney and Mike Allison, the Rangers fought to a 4-4 tie with the Montreal Canadiens last night at Madison Square Garden. ''They came out and played one heck of a third period,'' said Coach Craig Patrick. The game resembled a Stanley Cup playoff as it brought out the best in the Rangers, who are less talented than the Canadiens. The Rangers applied hard work and aggressive play to offset Montreal's blazing speed, gifted stick-handling and all-round finesse.

New York City will be committed to as much as $2 billion in tax abatements and exemptions over the next 20 years under one of the more important tax-incentive programs for developers, according to an analysis by the office of the City Council President. The program permits owners to claim tax abatements and exemptions over a period up to 20 years for rehabilitating multifamily housing or converting nonresidential buildings to residential use. Enacted in 1955 to provide inducements to landlords to rehabilitate cold water flats, the program is scheduled to run until 1984. However, some of its opponents will begin trying to amend it this week.