June 10, 1983

The Critics' Choices column in The Guide last Sunday referred incorrectly to a Cezanne portrait of Victor Choquet. Although it is cited in the Marlborough Gallery's catalogue as part of a show of 19th- and 20th-century master paintings, the portrait is out on approval and not on exhibit.

A commentary by the Government press agency Tass said today that President Reagan's revised plan for strategic arms reduction was still aimed ''at gaining military superiority and pressing the Soviet Union into unilateral disarmament.'' Tass said Mr. Reagan's decision to revise the proposal for a limit of 850 long-range missiles on each side ''does not in any way affect the essence'' of his original offer, which was rejected by the Russians at talks in Geneva. (At the NATO foreign ministers' meeting in Paris, the United States made public a report aimed at showing that arms control had always been among the highest priorities of American administrations. Page A12.

''The Senate, for the first time, has blown the whistle on outside earned income.

The White House has been taking political soundings on the likely reaction of Republican conservatives should President Reagan reappoint Paul A. Volcker to head the Federal Reserve Board, an aide to the Senate leadership said today. The soundings were regarded as the strongest evidence to date that Mr. Reagan and his advisers were increasingly inclined to ask Mr. Volcker to remain at his post. On behalf of the White House, Senator Paul Laxalt of Nevada, a close friend of the President as well as a political confidant, has been testing the reaction of individual senators to a Volcker reappointment. He has let it be known that he has turned up ''a lot of support'' for Mr. Volcker.

The 10,000 people in Madison Square Garden yesterday were considerably less boisterous than the Garden's usual run of sports or rock concert fans. But they were fans nevertheless - of a corporate variety. More than 10,000 shareholders of the American Telephone and Telegraph Company traveled to the Garden to hear executives of the company talk about what will happen when the communications giant divests itself of its subsidiaries next Jan.1. While the forum was open to any Bell shareholder, the midafternoon session was attended mostly by elderly investors, who made up about 90 percent of the audience.