October 15, 1984

Some people thought it was a school bus, some an ambulance. Some people said it was ''cute.'' Others said it was ''the strangest thing'' they had ever seen. At least one woman just plain refused to get into the vehicle, experimental taxi No. 304. In all, drivers of the taxi - a cross between a station wagon and a van - said they had lost up to a dozen fares a day because New Yorkers did not realize that their vehicle was for hire.

MONDAY, OCTOBER 15, 1984 The Economy The Administration is unlikely to seriously consider a V.A.T. - value-added tax - as a means of narrowing the Federal budget deficit, Treasury Secretary Regan said. A Treasury review of tax proposals is expected to be released in December. (Page D1.)

The Giants started two rookie linebackers today against the potent Atlanta Falcons, seemingly an invitation to disaster. Instead, the rookies led a strong, opportunistic defensive performance that helped the Giants achieve a 19-7 upset victory. The rookies were Carl Banks, 22 years old, 6 feet 4 inches tall, 235 pounds and a first-round draft choice, on the left outside, and Gary Reasons, 22, 6-4, 234 and a fourth-round choice, on the left inside. Banks was there because Andy Headen was injured, Reasons because Joe McLaughlin had not been playing well.

The revival of the Democratic Presidential campaign after last Sunday's debate has apparently dimmed the prospects for major Republican gains in the House of Representatives, according to strategists in both parties. By his strong performance in the televised contest, Walter F. Mondale, the Democratic nominee, altered the dynamics of the Congressional battle by energizing Democratic activists and forcing President Reagan to concentrate on his own race. This led Representative Tony Coelho of Calilfornia, who heads the Democratic Congressional Campaign Committee, to declare that the ''big winners'' in the debate were Democratic candidates for the House. G.O.P Landslide Held Less Likely Republican strategists still hope to recapture enough momentum by Nov. 6 to alter the balance of power in the House, where Democrats are now in control. But the Republicans are playing down talk of a landslide, and conceding that the Democrats show new signs of life.

Negotiators for the Ford Motor Company and the United Automobile Workers reached agreement on a new labor contract this morning. Also today, union officials said a pact with the General Motors Corporation had been ratified by 57 percent of the rank and file. The tentative agreement with Ford came after a continuous 24-hour bargaining session. It was reached almost two days after an informal deadline set for noon Friday and closely parallels the accord reached last month at General Motors, officials of both sides said.