May 31, 1984

Henry C. Wallich, the Federal Reserve Board's senior governor, denied today that the Fed is considering putting controls on ''nonproductive'' lending - that is, bank loans that companies use to finance takeovers of other companies. Rumors that the Fed might attempt to relieve pressure on interest rates by curbing such lending began circulating in financial markets earlier this week. Markets have been in turmoil in recent weeks because of rising rates and because of the near collapse of the Continental Illinois National Bank of Chicago earlier this month. An Old-Hat Rumor But, Mr. Wallich suggested in an interview, the rumor is pretty well old hat. ''That has come up many times'' in the past, he said. ''But once you get into classifying loans as productive and nonproductive, that quickly becomes a nonproductive activity.''

Revlon Inc. said yesterday that an investor group was trying to put together a leveraged buyout of the giant cosmetics company. While Revlon would not identify the participants, Wall Street executives said one was Martin E. Revson, the company's former executive vice president. They said the price would likely amount to about $50 a share, or a total of about $1.8 billion.

THIS is the time of year when James McCann's suntan is so deep that people think he has just come in from the beach. There is a good chance that he has: Mr. McCann, an insurance broker, keeps a bathing suit, a bottle of suntan lotion and a folding chair in his car trunk so he can sneak away from his Lake Success, L.I., office during the business day and catch some sun. While the last four rainy days have been daunting, in sunny weather many New York-area beaches are crowded with surreptitious sun worshipers like Mr. McCann during the prime midday tanning hours. Unlike their colleagues who are content with snatching a bit of sun during coffee breaks, they want the total experience, so they tell their bosses they are off to a meeting or are suddenly sick and heading home, then spend the next few hours lolling on the sand.

An article by the Associated Press in Metropolitan Report on May 19 about the sentencing of former Councilman Luis A. Olmedo and his co-defendant, Carlos Castellanos, erroneously reported the basis for an appeal by Mr. Castellanos. The appeal will say that a surprise decision by Mr. Olmedo to take the stand damaged Mr. Castellanos's case.

''I lost convincingly, it was a defeat. If governors got everything they wanted, they wouldn't need state legislatures.