September 10, 1984

A court-appointed panel has approved a plan to sell the Mortgage Guaranty Insurance Corporation to the Northwestern Mutual Life Insurance Company and an MGIC management group, the panel's chairman has announced. Proceeds from the sale of the mortgage corporation, a subsidiary of the troubled Baldwin-United Corporation, could be partly distributed to holders of Baldwin annuities. Baldwin-United filed for protection from its creditors under Federal bankruptcy laws in September 1983, and has been seeking to reorganize.

Walter F. Mondale plans to announce a plan Monday to reduce the Federal budget deficit by an estimated $175 billion in 1989, campaign aides said today. The Democratic nominee's plan calls for interim deficit reductions with the start of a Mondale Presidency next year, they said, reaching $175 billion, or two-thirds of the deficit's projected amount, at the end of the term in 1989. About half the $175 billion reduction would be achieved through cuts in domestic and military programs and the other half through a tax increase, the aides said. Based on January Proposals Meanwhile, Congressional Democrats said they feared Mr. Mondale's showing against President Reagan might hurt their campaigns. (Page B8.)

In a few weeks, Galway Irish Crystal will attempt to cash in on a new baby boom by selling its first infant- related item, a four-ounce, lead crystal baby bottle with a silverplated cap for about $38.50. The Boston-based distributor said there have been more than 5,000 requests for the bottle in the last two weeks. Lewis of London offers a $1,500 gold-plated crib at its New York store. ''Business is terrific,'' said Mindy Isacoff, the store manager. ''It's baby boom No. 2.''

MONDAY, SEPTEMBER 10, 1984 International The U.S. was ready to discuss a joint moratorium on tests of new space weapons with the Soviet Union, Secretary of State George P. Shultz said, but he ruled out a Soviet proposal for a freeze of such tests in advance of actual negotiations. Previously, the Reagan Administration had said it was willing to engage in talks with Moscow on curbing the militarization of outer space so long as there were no conditions. The United States had not specifically addressed itself publicly to the moratorium question. (Page A1, Column 4.) Jamaica is a heavy contributor to the worsening American drug problem despite its position as one of the closest political allies of the United States. In the face of Congressional threats to cut off millions in economic aid, Jamaica has steadily been producing large amounts of marijuana for export to the United States. It is also increasingly being used as a base for transshipping cocaine from South America, United States officials say. (A1:2.)

It was Nicole Anthony's day to be dipped in the water, to have her sins washed away and her spirit purified. It was her day to be baptized at the Upper Room Baptist Church. As the sun moved toward the horizon on a recent Friday, the 9-year-old contemplated the evening's coming event, when she would be admitted into Christianity and the church. ''I guess it's the same as getting a needle,'' she said, biting her nails. ''I'm scared about getting under the water.''