January 11, 1985

A film review of ''The Plague Dogs'' on Wednesday incorrectly described the film's animation. It was executed by hand.

Temperatures dropped to the teens, New Yorkers shrank into their down coats, but in the garment district the focus was summer clothes, in torrid shades of lime, mango and raspberry. This was market week in the garment industry, one of the several periods during the year when buyers from department and specialty stores across the country converge on New York with their ''open-to-buys'' - their budgets for the coming season - and visit dozens of showrooms. One of the showrooms at the top of many buyers' lists was Anne Pinkerton's. Miss Pinkerton, a 41-year-old who started her own company 21 months ago, is a leader in ''contemporary wear,'' inexpensive and fast-changing fashion that is aimed at the baby-boom generation. It is arguably the industry's fastest-growing category.

On the whole, the American oil industry has been able to operate relatively loosely for a decade. Oil prices jumped tenfold during the period, and company coffers brimmed. But, aside from some increased dividends, much of the money was not returned to stockholders. Instead, it was poured into disappointing diversification efforts, as well as drilling projects that had limited returns. This free-spending era, however, may now be ending, largely because of the efforts of T. Boone Pickens, the so-called corporate raider from Texas who is chairman of the Mesa Petroleum Company. Analysts say the changes he is sparking in the oil industry should bring long-overdue financial discipline to the surviving companies. The analysts reason that with companies going more heavily into debt, they will have to make more prudent investments. ''In many ways, Boone Pickens is a breath of fresh air,'' said James Scott, a professor of finance at the Columbia Business School. ''Basically, what he's saying is you ought to look at these companies from the point of view of shareholders. It's kind of straight textbook finance.''

In a move that caught the insurance industry and Wall Street analysts by surprise, the Travelers Corporation said yesterday that its president, Alva O. Way, had resigned for ''personal reasons.'' Mr. Way, who is 55 years old, gave up the presidency of the American Express Company in January 1983 to join Travelers, one of the nation's largest multiline insurance companies. Edward H. Budd, Travelers' chairman and chief executive officer, assumed the additional title of president. Neither he nor Mr. Way was available for interviews yesterday, according to a spokesman, Alan R. Fletcher. Asked for further explanation beyond the company's terse press release, Mr. Fletcher said that Travelers had authorized him to add that, ''Mr. Way made a personal decision that he cannot devote full time to the demands required by this job.'' Mr. Way will continue an affiliation with Travelers as a director, the chairman of the finance committee and a consultant.

Markets Stocks soared, with the Dow Jones industrial average jumping 20.76 points, to 1,223.50. Volume on the New York Stock Exchange surged to 124.7 million shares, from 99.2 million. The rally, extending Wednesday's gains, was reinforced by comments from Paul A. Volcker, the chairman of the Federal Reserve Board. (D1.) Mr. Volcker said the Fed has more flexibility in managing credit now that inflation appears under control. (D4.) The basic money supply fell $500 million in the latest week. The drop was much less than expected and bond prices fell. (D10.)