February 5, 1984

One day after President Reagan declared himself a candidate last week for a second term, the civil war in Lebanon claimed its 259th American service victim. The death of Lance Cpl. George L. Dramis in a bombardment at the Beirut airport, and the heavy fighting that persisted much of the week, underscored one of the President's biggest political liabilities - the miring of the marines in Lebanon's seemingly endless conflicts.

Explaining the Stock Slide What's been pushing the stock market down in recent weeks? Of all the reasons market analysts offer for why investors are building their cash positions elsewhere, perhaps none is as pertinent as the fact that returns on Treasury bills and bonds remain greater than the average income from stock dividends. Until recently, the market's strong advance had overshadowed the high yields on financial instruments. But now, investors appear to be comparing stock dividends with yields on competitive investments. ''With increasing signs that the market and general economy may be a bit tired, professional portfolio managers are once again shopping for yields,'' said Raymond T. Dalio, president of Bridgewater Associates, an economic consultanting firm in Wilton, Conn. Last week, short-term investors found that rates on Treasury bills were 4.7 percent above the average stock dividend yield, Mr. Dalio says, while long-term investors found that Treasury bond yields were 3.7 percent higher.

HARTFORD NEVER before has the issue of hospital costs attracted such widespread and powerful interests in Connecticut. On one side, the state's most influential business and insurance organizations are aligned with the state's top hospital industry regulator, elected local officials and groups for the elderly in a fight for a payment system in which hospital charges would be set in advance for all patients. Opposing them are the Connecticut Hospital Association, the Connecticut State Medical Society, the Connecticut Nurses Association and Blue Cross and Blue Shield of Connecticut, which contend that the legislation would threaten the financial stability of hospitals and reduce the quality of health care. Governor O'Neill has stopped short of giving the plan a full endorsement, but said in a statement, ''We must design and support a new approach to hospital reimbursement.'' At a recent legislative hearing attended by all the concerned parties, Gardner E. Wright Jr., chairman of the State Commission on Hospitals and Health Care, which regulates hospitals in the state and which is sponsoring the legislation, said, ''Health costs in our state and nation are out of control. What we can and must do is put the brakes on hard on the entire health-care industry.''

The owners of the Paerdegat Racquet Club, overlooking the Paerdegat Basin in the Canarsie section of Brooklyn, are putting about $2 million into an expansion project that will turn the eight-court facility into a threelevel swim, exercise, racquet and health club. The new Paedergat Racquet Club, expected to open early in April, will include 11 new racquetball courts, two swimming pools, a whirlpool bath, a Nautilus exercise equipment room as well as a bar and restaurant.

The leader of Lebanon's Shiite Moslems called on Moslem Cabinet ministers today to leave the Government and asked Lebanese Army soldiers to diso bey orders to fight. The call, by Nabih Berri, came amid street clashes in Beirut between the army and Shiite militiamen. Government sources said Prime Minister Shafik al-Wazzan, a Sunni Moslem, had told President Amin Gemayel, who is a Christian, that the Cabinet was ready to resign in the hope of paving the way for a new government representing all factions. It would be the third time since Sept. 26 that Mr. Wazzan had offered his resignation. A later report by the Christian Phalangist radio said the President had accepted the offer. There was no immediate confirmation.