October 15, 1982

JORGE MESTER, conductor of the Juilliard Orchestra, was exhilarated. ''I wanted to start off with a work that was deeply involving; something that would immediately set up an emotional relationship that would then carry us through a wonderful year.'' The composition Mr. Mester chose for the opener of his first full season at the Juilliard School was the Sixth Symphony in A minor of Gustav Mahler. ''We just had a read-though of the score,'' he said. ''It went beautifully. Twenty years ago, this would have been an impossible task, but musical training in this country has progressed so spectacularly that this immense and complex work presented no difficulties to the student orchestra, either musically or emotionally.''

Stock prices, swept by heavy profit taking, fell precipitously. The Dow Jones industrial average, after soaring 108 points in the previous six sessions, dropped below 1,000, declining 18.21 points, to 996.87. But declining stocks on the Big Board outnumbered those advancing by only 973 to 747. The biggest losses were posted by the blue chips and technology issues that had led the market's surge. Volume fell to 107.5 million shares. (D1.) Short- and long-term interest rates rose sharply in light but steady selling. Dealers cited profit taking. (D9.) The Fed's money supply report, due today, is expected to show an extraordinary surge of $7 billion to $12 billion in M-1 for the week ended Oct. 6. (D10.) Assets of the nation's money market funds rose $2.8 billion in the week ended Wednesday, to a record $227.4 billion. (D2.)

Chicago City Limits, a seven-member comedy team that uses suggestions called out by the audience to create songs and scenes, has a series Friday nights at 11 in which guest comics perform their own material and then improvise with the hosts. Tonight the guest will be Paul Reiser, who did a stand-up routine in the film ''Diner.'' The site is the Jan Hus Playhouse, 351 East 74th Street. Admission is $10. Information: 772-8707. KONITZ AT RIVERBOAT Lee Konitz, alto-saxophone player and Charlie Parker disciple, and his quintet are at the Riverboat, on the ground floor of the Empire State Building, Fifth Avenue and 34th Street, to open a jazz series, Thursdays to Saturdays, at 7 and 10 P.M. The dance floor is open all evening. Admission is $4; no minimum or cover. Reservations: 736-6210.

The International Telephone and Telegraph Corporation said yesterday that it had agreed to sell its French telecommunications operations to the French Government for 215 million francs, or about $30.2 million. The price is less than the price of 350 million francs, or $50 million, called for in a preliminary agreement reached in July. But that agreement called for I.T.T.'s French operations to be audited and for the company to assume 1982 losses above a certain level. The new, lower price in the final agreement apparently accounts for those losses, according to Bryce Miller, an I.T.T. spokesman.

It was never supposed to happen in this prosperous company town. The Caterpillar Tractor Company - known for good management and efficient plants - had been one of the success stories among American heavy manufacturers. But the company's good fortune, which was barely disturbed by the 1974-75 recession, has ended. As a result of the current recession, Caterpillar has been forced to lay off 17,400 workers. And since Oct. 1, the company has been the target of a strike by the United Automobile Workers that has idled another 22,600 nationwide.