March 2, 1984

The Chase Manhattan Bank and 70 other lenders putting together a loan package of as much as $12 billion for the Atlantic Richfield Company are expected to have it ready by today, banking officials said yesterday. The huge line of credit, which would be the biggest ever granted, would clear the way for Arco to proceed with its long-expected bid for the Gulf Corporation, which could involve as much as $13 billion. The bid, which could come early next week, would in turn set in motion the biggest merger deal ever. If the loan package goes through, it would also represent a coup for Chase. Until now Citibank and the Morgan Guaranty Trust Company were regarded as Arco's lead bankers. Making Chase the leader this time is understood to be a reward for past performance over the past two years.

Imagine masses of tiny creatures that not only consume wastes, thus eliminating disposal and pollution problems, but excrete commercially valuable products as well. In effect, living chemical factories. The idea is certainly not new. Fermentation, the process that helps produce cheese and beer, is accomplished by harnessing the digestive process of microorganisms.

In recent speeches, President Reagan has announced a campaign against ''unruly behavior'' in schools. And he has said that improving discipline and reducing school violence will be a key issue during the Presidential election. Such problems do not require increased spending for education, the President has said. Rather, according to Mr. Reagan, proper motivation and leadership from elected and school officials can restore ''good, old-fashioned discipline'' to the schools. Three superintendents from school districts in the New York metropolitan area were invited to discuss these issues this week with Michael Winerip of The New York Times. The superintendents are Dr. Joan Raymond of Yonkers, an urban district with a large number of low-income students; Dr. Robert Ricken, of Mineola, L.I., a middle-class suburban district, and Dr. Samuel B. Stewart, of Ridgewood, N.J., an upper-middle-class community in Bergen County.

FRIDAY, MARCH 2, 1984 The Economy The House Ways and Means Committee approved tax increases of $50 billion over four years, including additional revenues from liquor, cigarettes and telephones. Both chambers of Congress are trying to reduce Federal budget deficits. The Senate Finance Committee voted to stretch out depreciation on buildings and to limit write-offs on cars used for business. (Page A1.) Paul A. Volcker said huge deficits were ''a loaded gun'' threatening recovery. (D4.)

Friday CAESAR' IN WASHINGTON Political handbills urging the nomination of Caesar for king in 1984 will be distributed at 165 West 86th Street, at Amsterdam Avenue, tonight at 8, when the Riverside Shakespeare Company offers ''The Tragedy of Julius Caesar'' as a Presidential tale. It's set in Washington with modern dress and guns instead of knives. But the text, while cut somewhat, is all Shakespeare, except for a few word substitutions: ''patriot'' for ''Roman,'' for instance. (The playwright's references to the Senate and senators fit right in.) The director and adaptor is W. Stuart McDowell, artistic director of the company. Tickets: $8. Chargit: 944-9300. Information: 877-6810. MIHAESCO ON 57TH STREET Eug ene Mihaesco, the Rumanian-born illustrator, whose lyrical city scenes and acerbic drawings reflecting modern angst have appeared in such publications as The New York Times and The New Yorker, is the subject of an exhibition called ''The Illustrator as Artist,'' at the Galerie St. Etienne, 24 West 57th Street. The show surveys Mihaesco's latest work, from preliminary study to finished piece. ''The looser, more intimate approach of his latest pastels,'' the gallery notes, contrasts with his ''meticulous pen-and-ink drawings of former years.'' Admission is free. Hours: 11 A.M. to 5 P.M., Tuesdays through Saturdays; Mondays, by appointment. Information: 245-6734. Saturday LUBOVITCH DANCERS ON L.I.