May 25, 1981

The danger of fire, which has been said to be a fear of the past at the Indianapolis Motor Speedway, returned here today. The anger and annoyance of controversy, which had never left, lingered in the garage area. Bobby Unser's smile was a reminder of his third victory in the Indianapolis 500. The burn marks on the left arm of his racing suit were a reminder of the danger. The burn marks were from a minor fire in his Penske-Cosworth, just one of the flames that appeared today. Two larger fires had Danny Ongais and Rick Mears in the hospital. After the race, Unser's wife, Marcia, sat next to the winner and took deep breaths. Her husband became the third racer in three years to start from the pole position and win the race, finishing 5.3 seconds ahead of Mario Andretti's Wildcat-Cosworth. The unofficial finish was the secondsmallest margin of victory in 65 Indy 500's.

Large losses are forcing the reshaping of savings institutions, and the changes are expected to have a wide impact on future mortgages and home ownership. Mortgages are expected to be risky, rising and falling with interest rates, and thrift institutions could become more like banks and brokerage houses. (Page A1.)

Under Federal law, Memorial Day will be observed today. Following are holiday schedules: Parking - Alternate-side regulations suspended; Sunday rules in effect.

Oil ministers representing several key OPEC members called today for a freeze in oil prices and substantial reductions in crude oil output. They made their pleas on the eve of what promises to be one of the most acrimonious meetings of the Organization of Petroleum Exporting Countries since the group was formed 21 years ago. But Saudi Arabia, the target of the call for production cuts, remained silent on its intentions despite the growing pressure. The meeting comes at a time when the 13 OPEC members seem more deeply divided than ever over the question of what price to charge for the 25 million barrels of oil they produce each day. This output accounts for about 40 percent of the world's supply and about 80 percent of oil traded internationally.

The economy's surprising strength in the first quarter is prompting economists to question a durable tenet of economic policy: that extremely high interest rates will slow business activity quickly. Moreover, with the economy more resilient than either private or Government economists had expected, the Reagan Administration's proposal to lower personal income tax rates is being viewed with increasing skepticism. The tax plan, economists worry, might prove to be unneeded stimulation that could worsen inflation by enlarging the Federal budget deficit. ''The economic strength certainly calls into question the wisdom of such a policy at this time,'' said Irwin L. Kellner, senior vice president and chief economist of the Manufacturers Hanover Trust Company.