April 18, 1984

WEDNESDAY, APRIL 18, 1984 The Economy Housing construction starts fell 26.5 percent in March, the steepest one-month decline since the Government began compiling figures in 1959. Analysts said bad weather and higher interest rates caused the decline. (Page D1.)

EASTER in the Mediterranean region is the most exciting festival of the year, an explosion of vitality after the cold and dreary rains of winter, a reawakening of earth's abundance that calls to mind the ancient myths on which the Mediterranean imagination has always fed. The breaking of the long, meatless Lenten fast, still taken more seriously in this area than in other parts of the modern Christian world, is the occasion for feasting and gaiety on a scale rivaled only by Christmas. It does not diminish Easter's sacramental nature to recall that the festival has its origins deep in the old pre- Christian celebrations of spring. In both a real and a symbolic sense, Easter is a link with those ancient festivities, Recipes are on page C8. interpreted through Christianity. Many of the foods that are traditionally a part of the festival, like the roast lamb that is the centerpiece of the Sunday feast, or eggs as a symbol of new life, or the grains of wheat that are an integral part of the Neapolitan pastiera di grana, can be traced back to the ancient celebration of spring.

Wang Laboratories said yesterday that it had agreed to buy as much as 30 percent of Intecom, a maker of communications and switching equipment, in an effort to increase Wang's telecommunications offerings for the office market. Analysts said the transaction, which includes joint research and development efforts, was likely to hasten a shakeout under way among the more than 50 companies that make private branch exchange, or PBX, equipment. Last June, the International Business Machines Corporation made a similar investment in the Rolm Corporation, a major PBX manufacturer in Santa Clara, Calif.

Mayor Koch got to the printer first and parlayed a personal account of his administration and his 1982 gubernatorial campaign against Mario M. Cuomo into a best-seller. Most versions of history that have endured, however, have been recorded by the victors. And, with the publication by Random House of ''Diaries of Mario M. Cuomo: The Campaign for Governor,'' the victor's version of that contest is now available. Mr. Koch, especially, dwells primarily on his accomplishments, which is why he devotes only one chapter to his campaign for the Democratic gubernatorial nomination and calls his memoir ''Mayor.'' But even so, the contrasts with Mr. Cuomo's more-complete chronicle are striking and instructive. Here, for purposes of comparison, are excerpts from both books. Side by side, the two volumes demonstrate how different perspectives can color interpretations of the same event. Threading through both are hints of how their religious heritages and other personal factors influenced their policies and political outlooks.

The American Express Company, which operates Shearson/American Express, and three major securities firms, the E.F. Hutton Group Inc., First Boston Inc. and Paine Webber Inc., all reported sharply lower earnings yesterday for the quarter ended March 31. Donaldson, Lufkin & Jenrette Inc., with the help of a strong performance from its investment management and institutional equities/options divisions, reported an increase of 9.4 percent. All of the companies said that earnings were hampered by slow underwriting activity resulting from rising interest rates and the continued sluggishness in the retail markets. ''The results are not surprising,'' said Joseph Spivack, senior analyst of the Value Line. ''It's been the same story since July.''