  A picture caption in Metropolitan Report on Tuesday with an article on the rededication ceremonies at the Museum of Modern Art misidentified the men standing in front of a painting. Donald B. Marron, chairman of the museum's expansion committee, was at left and the artist Jasper Johns at right.  

CORRECTIONS

  A clutch of prominent people from business, entertainment and politics who invested in two intricate partnerships designed to generate tax losses may now have more losses than they bargained for.    The tax shelter partnerships have filed for bankruptcy, and the investors are facing real losses - they may be asked to come up with many times their original stake to help pay off the partnerships' creditors.    Among the individual investors are Gen. Alexander M. Haig Jr., the former Secretary of State, who invested $50,000, and Arthur B. Laffer, the supply-side economist, who put up $25,000. Harold B. Mayer, who retired three years ago as chairman of Oscar Mayer & Company, weighed in with $500,000. Avery Corman, who wrote the novel ''Kramer vs. Kramer,'' invested $175,000.

TAX SHELTER PLANS GONE AWRY

  Lot No. 173, Suzuki motorcycle,'' yelled the auctioneer. ''Do I hear $50?''    In the middle of the auditorium, 15-year-old Michael Fitzgerald's hand shot up.    ''I have $50. Do I have $75?'' said the auctioneer, and a hand was raised at the front of the room. Michael bid $100, his competitor bid $125, then Michael bid $150.

POLICE AUCTION: BARGAINS, BUT WITH NO GUARANTEES

   Secret military trials and executions of people accused of taking part in an attempted coup last month are under way, according to Government officials and diplomats here.    ''The trials are going on,'' an official of this central African country said. ''Hundreds of people are involved. Those who took an active part in the putsch will be executed.''

CAMEROON REPORTED TO EXECUTE PLOTTERS AFTER TRIALS IN SECRET

  ''There's always, in any organization, likely to be infighting and pettiness.

Quotation of the Day

   In the 20 months since the General Motors Corporation canceled the second shift at its assembly plant here, the survival of one of the largest bluecollar employers in the suburbs of New York City has been in doubt.     Automobile assembly plants, like other smoke-billowing manufacturing concerns, tend to be short-lived when they are used at only half capacity. And now, after being offered a long list of economic incentives from the state, General Motors must decide whether to make a huge investment in its plant here or close it down.    Efforts by state and local officials to keep the plant, designed to employ 5,000 workers, have been intensified by the fear that its loss would do irreversible damage to the suburban economy.

WESTCHESTER FIGHTS TO KEEP BLUE-COLAR JOBS

  The board of directors of the Metropolitan Transportation Authority voted yesterday to sue the maker of the Grumman Flxible buses.    The city's transit system has 851 Grumman buses, all of which were pulled out of service earlier this year for safety reasons.    The board voted to sue to recover the $92 million cost of the four-year-old buses from the manufacturer, the Grumman Corporation of Bethpage, L.I. Nine members of the 14-member board were present; 7 voted to sue and 2 abstained.    The chairman of the M.T.A., Robert R. Kiley, said damages would also be sought, but he would not say how much.

M.T.A. TO SUE MANUFACTURER OF SIDELINED GRUMMAN BUSES

  Stock prices dropped yesterday in much heavier trading after advancing moderately on Tuesday. The star performer was Teledyne, which soared 32 points, to 187 3/4.     The Dow Jones industrial average finished down 10.78 points, to 1,165.52. The day before the average rose almost 10 points although several major banks raised their prime lending rates to 12 1/2 percent from 12 percent.

DOW SLIDES BY 10.78, TO 1,165.52

  -    FROM the road it looks ordinary enough: an old manor house, no great rarity in the lanes and byways of the English Midlands, in a hodgepodge of styles and of materials: Tudor brick, yellow ironstone, tan brick, gray fieldstone, bits of wood, stucco. It looks, indeed, like what it was, the family home of prosperous though never wildly rich country people.   But Canons Ashby, tucked away near the hamlet of Moreton Pinkney in an obscure corner of Northamptonshire, between BBC antennas at Daventry and George Washington's ancestral home at Sulgrave Manor, is much more special than it looks. It is special because of who lived there, what they left behind and the way in which it has been preserved.

THE RESCUE AND RESTORATION OF A NORTHAMPTONSHIRE MANOR

  A report in the Company Briefs column of Business Day on May 1 incorrectly described the location and business of Channel Industries, which acquired 50.1 percent of American Vision Centers Inc. The company, based in New York City, makes contact lenses.

   Governor Cuomo today released a list of New York State's ''12 most wanted'' criminals and urged the public to help in their capture.    The list - the first by a state, officials said - is culled from 11,174 suspects wanted in connection with violent felonies across the state. At a news conference, Mr. Cuomo urged the public to ''remain alert for those who threaten all of us, to look and watch and pay attention.''

CUOMO LISTS FUGITIVES CALLED '12 MOST WANTED'

  THURSDAY, MAY 10, 1984   The Economy    Martin S. Feldstein resigned as chairman of the Council of Economic Advisers, effective July 10. The departure of Mr. Feldstein, who frequently differed with the White House on economic policy, had been expected. But he used the occasion to again support the Fed in the face of White House criticism. (Page A1.)

BUSINESS DIGEST

   Roberto d'Aubuisson, the candidate of the far right, said today that according to his party's count he won the presidential election on Sunday. He charged that votes were being improperly counted.    ''With 100 percent of the votes counted we have won 52 percent of the votes,'' Mr. d'Aubuisson said at a news conference.   His opponent, Jose Napoleon Duarte, the candidate of the moderate Christian Democratic Party, said Monday that he had won the election with 54 percent of the votes. This agreed with the tally made by United States officials, who stuck to their position after Mr. d'Aubuisson's statement today.

RIGHTIST CLAIMS ELECTION VICTORY IN EL SALVADOR

   Martin S. Feldstein, who frequently differed with the White House over budget deficits and Federal Reserve policies, said today that he would resign July 10 as the chairman of the President's Council of Economic Advisers.      Mr. Feldstein, who has often spoken of his desire to leave public office and return to university life, said he would return to Harvard University.    Then, as he has during much of his tenure, Mr. Feldstein took issue with the White House's latest attack on the Federal Reserve.   On Tuesday, Larry Speakes, chief spokesman for the President, said the central bank's restrictions on the supply of money to the economy had forced commercial banks to increase their prime lending rate by half a point, to 12 1/2 percent.    ''The Fed is pursuing the right kind of policies,'' Mr. Feldstein said, to achieve the Administration's objectives of a 5 percent growth in the economy this year with inflation held to 5 percent.

FELDSTEIN, AFTER STORMY TENURE, LEAVING REAGAN ECONOMIC TEAM

  The President appealed on television for approval of his package of military and economic aid to Central America, warning that ''the Communists will likely succeed'' in toppling the Government of El Salvador if Congress rejects the program. Mr. Reagan made his most explicit appeal for support of what was once known as a program of ''covert'' assistance to rebels seeking to overthrow the Government of Nicaragua. (Page A1, Column 6.)  Roberto d'Aubuisson claimed victory in the Salvadoran presidential election, saying that votes had been improperly counted and that by his party's count he had won 52 percent of the votes. Jose Napoleon Duarte, the moderate candidate, said Monday he had won the election with 54 percent of the votes - a statement with which United States officials agree. (A1:5.)

THURSDAY, MAY 10, 1984 International

   President Reagan, appealing in a television speech for approval of his package of aid to Central America, warned tonight that ''the Communists will likely succeed'' in toppling the Government of El Salvador if Congress rejects the aid.   Mr. Reagan also made his most explicit appeal for support for what was once known as a program of ''covert'' assistance to rebels seeking to overthrow the Nicaraguan Government.   The President said that those who had taken up arms against the Nicaraguan Government were ''freedom fighters'' and that the United States ''must support both the elected Government of El Salvador and the democratic aspirations of the Nicaraguan people.''   Seeks to Allay Fears    But Mr. Reagan sought to allay general fears about the possibility of war or direct military involvement in the region.

REAGAN PREDICTS LOSS OF SALVADOR IF U.S. CEASES AID

  The word in the insurance industry these days is ''demutualize.'' For many of the nation's mutual life insurance companies - insurers owned by their policyholders rather than by stockholders - are thinking of converting to stockholder ownership, a move that could change the face of the industry.     A few smaller companies have already made the change. But experts say the momentum is growing and is likely to carry over to some of the large insurers, in particular those that sell life insurance.

A REALIGNMENT FOR INSURANCE

  Because of an editing error, a dispatch from Peking April 27 about a last-minute concession by the Chinese on a nuclear agreement with the United States incorrectly identified the sources of the information. The information came from commercial sources, not from commerce officials.  

CORRECTION

   In an unusual arrangement with Congress, the Comptroller of the Currency, C. Todd Conover, gave a number of banks permission today to operate units across state lines and told legislators that he might approve scores of similar applications unless they passed a banking bill before the elections.    In the meantime, he said, he will not act on other such applications filed after March 31. That was, in effect, a renewal of Mr. Conover's earlier moratorium, which he had lifted as of March 31. The ban will last until the end of this session of Congress, he said.    Mr. Conover said that, under ''present law,'' the so-called non- bank banks were ''definitely legal,'' and that, unless Congress acted, ''I will have no choice but to proceed accordingly.''

SOME NON-BANK BANKS CLEARED BY COMPTROLLER

   The Securities and Exchange Commission today approved a sweeping legislative package of changes in Federal takeover regulations that could restrain a company's efforts to repel takeovers.    Among the recommendations is a proposal that, if adopted by Congress, would make it more difficult for companies to make tender offers for their own stock during a takeover struggle.   In a separate effort to clamp down on antitakeover tactics, the S.E.C. has been arguing in court that a recent stock repurchase by Carter Hawley Hale Stores to repel a hostile bid was such a tender offer, conducted illegally.   The commission's actions come amid a mounting sense of urgency on Wall Street and in Washington about questionable management maneuvers in takeover situations.

S.E.C. BACKS NEW TAKEOVER RULES

   Bulgaria today became the first Soviet bloc nation to join the Soviet Union in saying its athletes would not participate in the Olympic Games in Los Angeles.    Diplomats here said East Germany, Czechoslovakia and Hungary were expected to follow, although no announcements were made.   There was no official word on Polish intentions, but the press echoed the denunciations the Soviet Union made Tuesday of preparations for the Games, which are due to begin July 28.   (In Washington, the State Department said the United States would not try to induce the Soviet Union to change its mind. In Moscow, news of the Soviet announcement was played down in the press as people celebrated the anniversary of the end of World War II in Europe. Pages A7 and A9.)

BULGARIA FOLLOWS MOSCOW'S EXAMPLE ON OLYMPIC GAMES

  THE best purpose of the garden is to give delight,'' wrote Gertrude Jekyll, the illustrious early-20th- century English gardener. And while city gardens offer delights on a modest scale, there are many beautifully planned and planted rooftops, terraces, balconies and yards in New York.    Possibly because the challenge is so great, city gardeners take special pride in their successes. They must cope with urban pollution, less-than-perfect surroundings and compact spaces.   Some city gardeners have dealt with planning and planting themselves. But others, facing a barren terrace or a desolate brownstone yard, have turned to landscape designers to understand their needs and balance them with the practical aspects of garden making.

GREEN RETREATS IN THE CITY: 5 SUCCESSFUL GARDENS

  Teledyne Inc., the electronics and manufacturing conglomerate, offered yesterday to repurchase about 25 percent of its outstanding stock at $200 a share - a premium of almost $45 over the stock's trading price on Tuesday.    In a terse statement, the company would not comment on the $1 billion offer, other than to say that it expires May 31. The company said it might buy back more of the stock if investors tendered more than five million shares.   The move is the latest and the largest of several such buybacks offered by Teledyne in recent years. Analysts said it was part of an effort by Henry E. Singleton, the company's tight- lipped founder and chairman, to raise the price of Teledyne stock by greatly increasing the earnings per share outstanding.

TELEDYNE SEEKS 25% OF SHARES

  With Gary Hart's victories in Ohio and Indiana, the Democratic Presidential campaign yesterday entered a new phase of competition that centered on the California and New Jersey primaries and on the overall battle for delegates.    Advisers to Walter F. Mondale conceded that the former Vice President, who had hoped to sew up the nomination by carrying Ohio, now faced a struggle that would continue at least through the final primaries on June 5 in California, New Jersey, West Virginia, New Mexico and South Dakota.   Scramble for Delegates Seen      But they insisted that Mr. Mondale would go into the Democratic National Convention in July with the 1,967 delegates required for nomination.    In response, Mr. Hart predicted yesterday that he would stop Mr. Mondale short of that number and then defeat the Minnesotan in a scramble for uncommitted delegates in the period between the last primaries and the start of the convention on July 16. ''This race will not allow itself to shut down early,'' Mr. Hart said in Washington.

VICTORIES BY HART BEGIN NEW STAGE IN PARTY BATTLE

  President Reagan today nominated Charles L. Marinaccio, the chief minority counsel on the Senate Banking Committee, to the Securities and Exchange Commission. Upon Senate confirmation, Mr. Marinaccio, 50 years old, would succeed Barbara S.   Thomas, a Democrat who resigned last year. He has been an aide to Senator William Proxmire, Democrat of Wisconsin, and has served on the Senate Banking Committee staff since 1975.      

Reagan Makes S.E.C. Choice

Edward José Mujica is a Venezuelan former professional baseball pitcher. He played in Major League Baseball (MLB) for the Cleveland Indians, San Diego Padres, Florida/Miami Marlins, St. Louis Cardinals, Boston Red Sox, Oakland Athletics, and Detroit Tigers.

May 10, 1984

Headlines from May 10, 1984

CORRECTIONS

TAX SHELTER PLANS GONE AWRY

POLICE AUCTION: BARGAINS, BUT WITH NO GUARANTEES

CAMEROON REPORTED TO EXECUTE PLOTTERS AFTER TRIALS IN SECRET

Quotation of the Day

Billboard 200

Footloose

Can't Slow Down

Thriller

1984

Colour By Numbers

Notable Births

Historical Context for May 10, 1984