November 29, 1982

The chairman of the Metropolitan Transportation Authority pledged yesterday to hold off increases in subway, bus and commuter fares until 1984 if the State Legislature acts to close the authority's $300 million operating deficit. ''This is a rotten time for a fare increase,'' said the chairman, Richard Ravitch. ''The economy is lousy, and the service is poor. I would rather see the fare increases delayed until the economy gets better and we can see improvements in the M.T.A. system.''

As recently as early 1981, the managers of the General Motors locomotive plant in the western suburb of LaGrange were overflowing with optimism. Production was near capacity as railroads ordered the latest in energy-efficient equipment. The long decline of the rail industry had halted. The gains in piggyback traffic had stemmed the loss to truckers. Coal was again moving in vast quantities to the electric utilities. Railroad profits and cash flow were improving, thanks to greater pricing freedom under deregulation.

The Congressional Budget Office has concluded that President Reagan's $26 billion plan to deploy MX missiles would make ''a relatively small'' contribution to the nation's strategic capabilities. The debate over the new missiles intensified today, with Senator Henry M. Jackson, Democrat of Washington, criticizing the President's plan for deploying them and Defense Secretary Caspar W. Weinberger defending it as effective and necessary to deter attack. Mr. Jackson, a member of the Senate Armed Services Committee and a longtime advocate of strong national defense, said the closely spaced basing plan, known as ''dense pack,'' was in ''deep trouble'' with Congress. Security of Basing Plan Further, he said that discussions with experts inside the Pentagon and outside the Government who specialize in Soviet nuclear weapons and tactics led him to believe that the basing system would be secure against Soviet attack for only four years.

Steven J. Ross, chairman of Warner Communications Inc., has played the role of the missing star in a criminal trial involving the company's purchase of stock in the Westchester Premier Theater. Warner's assistant treasurer, Solomon Weiss, was the only defendant in the trial, which ended with his conviction on Saturday in the Federal District Court in Manhattan. Mr. Weiss was found guilty of participating in a fraudulent scheme for Warner to buy stock in the Westchester theater as part of a ''pattern of racketeering.'' Much of the attention in the trial, however, focused on Mr. Ross, even though he was not charged with any crime and did not even appear as a witness. Several other Warner executives testified, including two former executives who appeared as key witnesses for the prosecution.

year-old filly ever, died of a viral infection early yesterday morning at Santa Anita Race Track in Arcadia, Calif. Landaluce had raced only five times and only in California, but she had won the enthusiasm of racing fans everywhere because her brilliant speed suggested that she could beat colts as well as fillies. Also, she was one of the first daughters of the popular Triple Crown winner Seattle Slew, making her an extraordinarily valuable potential broodmare. Landaluce's death continued a tragic pattern of injury and illness that has plagued the fastest horses in training this year. Timely Writer, the early favorite for the Kentucky Derby, barely survived an intestinal infection that knocked him out of the Derby, then was humanely destroyed after shattering his left foreleg in the Jockey Club Gold Cup last month. Various leg injuries and racing accidents this year prematurely ended the careers of other potential champions, including Conquistador Cielo, Perrault, Hostage and Stalwart, all of whom were saved for breeding.