May 19, 1982

Vice President Bush, in an unusual move, intervened with the Treasury in March in connection with proposed rules that would have forced pharmaceutical companies to pay significantly more taxes. Several weeks later, Mr. Bush withdrew from involvement in the tax issue because, he said, he felt ''uncomfortable'' about the ''appearance'' of a conflict of interest. When Mr. Bush took office, he owned $145,000 worth of drug company stocks, and he had been a director of Eli Lilly & Company from 1977 to 1979. Government documents show that the Vice President initially signed a highly technical letter to Treasury Secretary Donald T. Regan, urging that the Treasury alter plans to modify a section of the tax law that has allowed drug companies to avoid billions of dollars in taxes on income earned by their operations in Puerto Rico. Letters Sent to Regan According to Mr. Bush's counsel, who was a lawyer and lobbyist for a drug company before joining the Administration, the letter was written by a staff member who formerly headed the Puerto Rican agency that screened tax exemptions for American corporations.

It's midday at the public reference room of the Securities and Exchange Commission. A smartly dressed young woman, almost breathless with anxiety, hands James Brodie a form requesting detailed information on a dozen or so American companies. The woman, whose mission is to find companies that have issued debt in the Republic of Argentina, is on an errand from the Treasury Department. But while Mr. Brodie, a soft-spoken, polite man, offers to do what he can to help, the look on his face tells another story: The information may be here, but don't count on finding it.

Senate Republicans today withdrew their proposal for $40 billion in Social Security savings over three years, but they committed themselves to assuring the solvency of the Social Security System by the end of the year. Democrats have contended that the Republicans were seeking to use Social Security benefits to reduce next year's budget deficit. By today's action, the Republicans hoped to neutralize the volatile Social Security issue for the election campaigns this fall while holding to their principle by pledging to support whatever action was needed to salvage the financially shaky system. The Republican proposal would defer until after the elections any vote on new payroll taxes, ceilings on increases keyed to the Consumer Price Index or a combination of these. President Reagan, who had endorsed the initial Social Security proposal, was widely reported to be eager to remove that issue from the budget.

Drysdale Securities informed creditors it could not meet $160 million in interest payments. The Federal Reserve Bank of New York told Government bond dealers it was ready, as a lender of last resort, to help commercial banks meet ''unusual credit demands.'' Chase Manhattan, as the clearing agent for Drysdale's transactions, could be held liable for the amount, some dealers believe. (Page A1.) Fears were expressed in the financial community of a chain reaction of failures among securities firms. (D4.) New York awarded a Canadian company, Bombardier Ltd., a $663 million contract to build 825 subway cars. The purchase will be aided by a $563 million Canadian financing package. (B1.)

Inco Ltd., the mining giant that has long been the dominant force in world nickel markets as well as a huge copper supplier and a potent entrant into the United States battery market, has struck a vein rich in trouble. At a time of high interest rates and slumping demand, the shock waves of recession are rumbling through many of the elegant offices high above this headquarters city. Canada's capital-intensive mine operators have all been hurt. And nowhere is this more apparent than at Inco.

An article Monday on opposition to judicial activism in school desegrega- tion incorrectly identified Julius Chambers, a lawyer from Charlotte, N.C. He is president of the NAACP Legal Defense and Educational Fund Inc., which has no affiliation with the National Association for the Advance- ment of Colored People.

British and Argentine envoys held separate meetings late Tuesday night with Secretary General Javier Perez de Cuellar in an effort to save the Falkland Islands peace talks from collapse. Diplomats in both camps were increasingly skeptical that they would succeed, and other envoys here saw new indications that the ceasefire negotiations were in trouble. According to Latin American sources, moreover, the two sides continued to differ over the guidelines that would govern the final negotiations on the islands' fate. New Argentine Proposals Nevertheless, Enrique Ros, the Argentine Under Secretary of State for Foreign Affairs, said Tuesday night that he had brought new proposals ''to narrow the differences'' and end the conflict ''in a peaceful way.'' Asked if this was Argentina's final word, Mr. Ros replied, ''The word final does not exist.''

Despite signs of recovery in recent months, the nation's housing industry suffered a setback in April as housing starts fell 6.4 percent, to an annual rate of 881,000 units, the lowest level since last November, the Government reported today. ''We were inching up since last October, but we're coming back down now,'' said Barry Rappaport, a Commerce Department analyst. Mark J. Riedy, executive vice president of the Mortgage Bankers Association of America, and Michael Sumichrast, chief economist for the National Association of Home Builders, said it was unlikely that housing will show much recovery until interest rates come down substantially. They added that this was unlikely in the near future.

A big dealer in Government bonds and notes, Drysdale Government Securities, informed creditors yesterday that it was unable to meet more than $160 million in interest payments, creating considerable concern throughout the financial community. The Chase Manhattan Bank, which said it was a clearing agent for Drysdale, led a broad decline in bank stocks on the New York Stock Exchange, slumping 3 1/2, to 48 1/2. Drysdale's inability to meet its debt payments prompted the Federal Reserve Bank of New York, in an unusual late-afternoon statement, to tell Government bond dealers that it ''stood ready as lender of last resort'' to help commercial banks meet ''unusual credit demands related to market problems.'' Drysdale had borrowed Government securities from other dealers, and its failure to pay interest on those borrowings could leave the dealers short of funds to meet their own obligations. The Fed statement appeared aimed at assuring the availability of financing in case some of the dealers needed it to survive.

Personal income continued its modest advance this year with a rise of three-tenths of 1 percent in April, while personal spending increased by five-tenths of 1 percent, the Commerce Department announced today. The increase in spending - which many economists say must show strong growth if the economy is to pull out of the recession - followed a decline of six-tenths of 1 percent in March, the department said. ''Even though these increases are slight, it is a sign the economy is doing its best to recover,'' Commerce Secretary Malcolm Baldrige said in New York.

ACOLD spring rain was beating down on the sidewalks of Greenwich Village and the lights of the restaurant beckoned warmly. Inside, arrayed along a mahogany bar dimly lighted by Tiffany lamps, were six bottles of fine Bordeaux. A tasting was under way. The voices were hushed and the participants occasionally glanced at the door, as if in fear of intruders. The time and place had been chosen carefully: a weekday afternoon, when the restaurant would have few customers, and neutral ground, for a buyer and a seller were present. The purpose: to assess the condition of the wines in preparation for sale. The seller, out of a job, had to raise cash by disposing of part of his wine cellar, a coveted collection held for many years. The buyer was a retailer interested in acquiring some fine old bottles of red Bordeaux at favorable prices to upgrade his inventory.

With the aid of a loan from Canada, New York will purchase 825 subway cars from a Canadian manufacturer for $662 million, the Metropolitan Transportation Authority announced yesterday. The order represents the largest single purchase of subway cars in the history of the M.T.A. The vehicles, which are expected to begin arriving two years from now, are all to be in service by late 1987. They will replace cars on the IRT system that are 25 to 35 years old. Richard Ravitch, the chairman of the state authority, announced yesterday afternoon the deal with Bombardier of Montreal after two other bidders were eliminated. They were Francorail of Paris and the Budd Company of Troy, Mich.