August 19, 1982

The stock market went on its biggest trading spree ever, racing past the 100 million-share milestone for volume and setting a new record of 132.7 million shares. The former record was 92.9 million shares. Despite the heavy trading, the Dow Jones industrial average slipped 1.81 points, to 829.43, after having climbed 18 points by early afternoon. The slippage was attributed to profit taking following Tuesday's record advance. (Page A1.) The unparalleled volume of the past two days focused attention on huge institutional investors. (D19.) Stock prices rose sharply around the world. (D19.) The lower interest rates that set off the market's surge probably will touch off a decline in consumer lending rates and a recovery for American business, economists said. They cautioned, however, that benefits will spread to the consumer slowly, and only if the lower rates are sustained. Still, some look for home mortgages rates to fall as much as three points, to 14 percent, by the end of the year. (A1.)

Interest rates were mixed and showed little net change yesterday as the frenzied ''buy at any price'' activity that raised prices sharply earlier in the week was replaced by more sober investment strategies. In a special wire sent to salesmen at Bache Halsey Stuart Shields Inc., Richard Hoey, the firm's chief economist, warned, ''We must add a note of caution to the current buying panic in the bond market.'' He said short-term rates might not decline much further, though bond yields are still in a lengthy decline. However, he said, investors should be wary of heavy buying now that 30-year bond prices are 25 points above their lows of October 1981.

It was a five-minute conference call late on a Friday afternoon. The talk was crisp and amiable between executives of the ABC television network and the Young & Rubicam advertising agency. And when it was done, sources in the advertising industry report, Y.& R. had committed the Ford Motor Company to plunk down more than $8 million for 24 minutes of television advertising time on a forthcoming ABC miniseries, ''The Winds of War.'' Such brisk conjuring with time and money, a rite performed annually by the three major television networks, marks the advance sale of advertising time for the next program season.

An article in some copies of Sports Page yesterday about free agents in the National Hockey League incorrectly suggested the scope of a team's right of first refusal. That right applies in the cases of all free agents except those who receive offers of less than $85,000 a season from another team and those who are under 24 years of age or who have less than five years' experience as professionals.

''There was no evidence of drug abuse and no testimony of sexual misconduct.'' - Representative Bill Alexander, for commission investigating charges of misconduct involving Congressional pages. (A24:6.)