July 17, 1981

A House subcommittee voted unanimously today to discourage foreign acquisitions of American companies. It would do so by restricting foreign companies' flexibility to borrow funds to finance the takeovers. It was the first substantive action that Congress has taken in response to a wave of foreign bidding for American concerns, particularly by Canadians. Although the legislative move was not aimed specifically at Canada, it was a reflection of American business resentment of the activities of Canadian companies.

''We must rid ourselves of what remains of Napoleon's ancien regime.

The Mobil Oil Corporation has made its mark in the advertising world as a tough media street fighter that has pioneered an aggressive style of advertising in explaining oil industry profits, pricing and policy decisions. Public relations experts have generally given Mobil high marks for its techniques. But yesterday, many said Mobil might have overplayed its aggressiveness and embarrassed itself with a series of price reversals this week in response to new state taxes on oil companies. ''It looked like they were out to gouge the public,'' said an executive vice president at one of the largest public relations firms in New York. ''It was a serious public relations mistake. They ended up going through a lot of grief they didn't have to.''

The House endorsed the Reagan Administration's military buildup program today by approving a $136 billion military authorization bill for the fiscal year 1982, making it the costliest military measure in the nation's history. The House voted, 354 to 63, for a measure similar to one already passed by the Senate and $26.4 billion higher than the one approved for the current fiscal year. A House-Senate conference committee will work out differences.

A Company News item in Business Day on Friday incorrectly described a real estate transaction by the Radice Corporation. The company will acquire 266 acres in Clearwater, Fla.