July 2, 1985

A picture caption in Metropolitan Report on June 18 with an article about a proposal for a domed stadium in Queens misidentified the hearing at which City Council President Carol Bellamy testified. It was a meeting of the city's Concessions Review Committee.

Across the industrial belt, from the auto plants in the Middle West to the steel mills in the Northeast, the threat posed by President Reagan's tax plan seemed clear: Smokestack America was to be the sacrificial lamb in the effort to cut taxes for individuals and foster development of faster-growing sectors of the economy. But in the last few weeks, some prominent industry executives, along with some Wall Street analysts and private economists, have raised strong doubts that the plan would deal as crippling a blow to the industrial heartland as initially thought. Although the President's proposal would scale back billions of dollars in investment incentives, many depressed companies have accumulated enough tax losses to keep themselves immune from tax changes for years. And others would find the cutback in investment incentives at least partly offset by the lowering of the corporate tax rate. Furthermore, many smokestack companies are no longer as capital-intensive as they once were. And customer orders to the smokestack industries are not expected to dry up because of the loss of tax benefits.

A CHINESE silk screen hangs over the couch in the consulting room of James Hillman, a Jungian analyst. The screen depicts a sage sitting on a bamboo deck, casting a doleful, cantankerous gaze at some exquisite birds. That image is a fitting emblem for Dr. Hillman, for he proposes to make one of the main goals of therapy the heightening of people's esthetic appreciation of the world around them. And in appraising the state of therapy in general, Dr. Hillman's outlook is as doleful and cantankerous as the Chinese sage's visage. Such views come naturally to Dr. Hillman, who many see as the most imaginative and important of contemporary Jungian thinkers. Dr. Hillman is the leading spokesman for the trend within the Jungian movement to make therapy more art than science. And although he remains a controversial figure, among his following are many influential Jungians, and he has found an even larger audience beyond the ranks of Jungians. Like Carl Jung himself, Dr. Hillman sees the mission of psychology as stirring people's souls, in the fashion of philosophy and religion. In his most recent work, for example, he challenges therapists as being too limited in their focus.

The Mesa Petroleum Company, citing a number of complex accounting practices and tax rules, said yesterday that it would report an after-tax gain of about $83 million, or $1.22 a share, for the quarter ended June 30 as a result of its attempt to acquire the Unocal Corporation. Because Mesa's chairman, T. Boone Pickens Jr., failed to gain control of Unocal - and because the battle for the company was long and costly - many financial analysts had expected Mesa to report a loss of as much as $20 million from its dealings. In its statement, Mesa referred particularly to its accounting treatment of several aspects of the transaction with Unocal.

A music review of Caramoor yesterday gave an incorrect date for the festival's end. Performances will continue through Aug. 25.