November 9, 1983

The Securities and Exchange Commission apparently does not like the idea of premature trading in the new stocks of the stripped-down American Telephone and Telegraph Company and those of the seven regional telephone companies it is spinning off. The commission is expected to issue an order today that would prevent any such trading until Nov. 21. That is the date that has been scheduled all along for the start of ''when- issued'' trading, which is trading of stock before the certificates are issued. A spokesman for the commission declined to comment.

New York State voters appeared to have given narrow approval yesterday to the $1.25 billion bond issue that calls for repairs of many of the state's highways and bridges. A coalition of New York City and suburban voters seemed to be producing enough votes to counter upstate resistance to the bonds and give Governor Cuomo, its chief proponent, a political victory. He had placed his political prestige and his administration behind the bond issue. With 12,032 of 14,251 districts reporting, the vote on the bond issue was: Yes1,407,612 No 1,281,963 The bond-issue vote highlighted an election that also produced these results: - Democrats retained control of both the Senate and the Assembly in New Jersey.

After months of reports that the United States Steel Corporation was going to shut its South Works in Chicago, company officials now say they will probably build a new rail mill there and keep the plant open. William E. Lewellen, U.S. Steel's senior vice president for finance, said today that, because of cooperation from the union and municipal, state and Federal officials, the company would probably continue operating the plant. ''We haven't decided we will keep it open, but we probably will,'' Mr. Lewellen said in an interview. Mr. Lewellen and Thomas C. Graham, vice chairman in charge of steel and related resources for the company, which is based in Pittsburgh, are scheduled to make an announcement about the mill in a press conference in Chicago on Thursday.

For 20 years, the private, tranquil, parklike garden and playground in the Kips Bay Towers housing complex on Manhattan's East Side has been open to anyone seeking an oasis of calm or a place for toddlers to play. No more. Worried about security, the directors of the condominium housing development decided last spring to enclose the grounds and restrict access to residents of the two 20-story apartment buildings. Four weeks ago, the work of sealing off the park and playground was completed.

The House of Representatives will debate and perhaps vote Wednesday on a bill that could have a far-reaching impact on telephone rates for every American family and business. The outcome is considered too close to call. The legislation is opposed by the American Telephone and Telegraph Company and supported by consumer groups. It would repeal a Federal Communications Commission order requiring all telephone users to begin paying a new monthly fee on April 3 for ''access'' to long-distance networks. The bill would also create a $1.2 billion ''universal service'' fund - financed by the phone companies - to subsidize telephone service in rural areas and for the poor.