November 9, 1981

There were bruised feelings on both sides last week in the policy struggle between Treasury Secretary Donald T. Regan and David A. Stockman, the budget director. Treasury aides told Mr. Regan that he would have to maneuver more aggressively to defeat Mr. Stockman's advocacy of tax measures to raise more revenues because the former Michigan Congressman had forged an alliance with the Republican leaders of the Senate. At the Office of Management and Budget, officials felt aggrieved because they suspected the Treasury of leaking their internal forecasts of the economy and future budget deficits. Plainly, President Reagan's announcement Friday that he would ask for no additional taxes was a victory for Secretary Regan, the 62-year-old Washington newcomer from Wall Street, and a defeat for Mr. Stockman, the veteran of 10 years on Capitol Hill as staff aide and Representative. Mr. Stockman will be 35 on Tuesday. The news media have portrayed it as the Administration's first intense intramural dispute over economic policy, but some participants say the picture is overdrawn.

International Guidelines for Egypt's future were given by President Hosni Mubarak in his first major address since taking office in early October. He called for economic improvement at home for all Egyptians, and he affirmed Egypt's commitment to a foreign policy of nonalignment, while supporting the Camp David peace process with Israel. (Page A1, Column 6.) The American aid program for Haiti will be reshaped, according to Administration aides and Haitian Cabinet ministers who met in Washington last week. The United States will also support Haiti's request for a World Bank development study that is intended to bring Haitian needs to the attention of donor nations and private investors. The actions are part of a larger Carribean initiative announced in July by the United States, Canada, Mexico and Venezuela. The cost of the American program was not announced. The United States provides Haiti with $26 million a year in food and development funds and $750,000 in military assistance. (A1:4-5.)

Five years ago, when legislation was being considered to force companies to give the Government 30 days' notice before consummating mergers, opponents argued heatedly that such a delay would prevent many legitimate corporate marriages from taking place. ''Any premerger stay provision would discourage healthy, efficient, competitive change in ownership of business in response to economic conditions and promote inefficient allocation of capital resources,'' asserted William E. Simon, then Secretary of the Treasury and previously a successful Wall Street investment banker. Despite such opposition, the Hart-Scott-Rodino Antitrust Improvements Act was passed anyway. Deal makers and their Federal regulators now say the law has worked surprisingly well. Only a handful of mergers have come apart under its notification provisions, and these may not have survived substantive antitrust chal-lenges in any event. Any need to unscramble merged companies after-the-fact has been avoided, and the law is said to have been administered so as not to give significant advantages to companies resisting takeover.

The recent drop in interest rates will bring little near-term relief to many of the nation's beleaguered savings and loan associations, according to delegates attending the annual convention of the United States League of Savings Associations. This is because many savings institutions have accumulated large amounts of deposits at high rates in certificates that will not mature for months, or even years, they said. ''We're going to have to stick with it for another 30 months,'' said Russell L. Stewart, chairman of the Home Federal Savings and Loan Association in St. Petersburg, Fla., which has assets of more than $1 billion. ''Everybody has been moving into the 30-month smallsavers certificates, and they've been getting yields of up to 15 1/2 percent,'' added Mr. Stewart, who is among 4,000 savings executives gathered at the New York Hilton.

In some articles in Business Day in the past two weeks, the ranking of the Greenwich Savings Bank was incor- rectly stated. It was the 9th-largest in total assets in New York State, accord- ing to the State Banking Department, and the 16th in size nationally in total deposits, according to the National As- sociation of Mutual Savings Banks.