November 13, 1985

The air collision over New Jersey Sunday night came after 10 years of increasing traffic by corporate aircraft that has come close to saturating the airspace over New York and its suburbs. Aviation experts say the use of corporate jets, propellor-driven craft and helicopters has changed the way thousands of top executives conduct their business. More than 60,000 corporate planes are now based at airports around the country, each of them lending support to the corporate credo that time is money. While no one has counted the number of corporate planes based in the New York metropolitan area or traveling here each day, the experts say the area has some of the world's heaviest corporate aircraft traffic.

For the first year and a half after the breakup of the Bell System on Jan. 1, 1984, the seven new regional phone companies seemed more alike than different. Now, one of the seven, the Southwestern Bell Corporation, has distinguished itself - and not for flattering reasons. The company, serving a five-state region from its St. Louis base, is not performing so well as the others, some Wall Street analysts say. Since the breakup, they note, revenues in Southwestern's core telephone business have been growing more slowly than those of its peers. Its expenses are burgeoning when the other Bell companies have instituted austerity. As a result, Southwestern Bell's earnings have shown only modest increases this year - including a third-quarter gain of just eight-tenths of 1 percent - while profits at the other regionals have increased sharply. The company's results ''are just not coming in strongly,'' said Eileen Polsky, an analyst at Drexel Burnham Lambert Inc.

Interest rates on Treasury securities continued their descent yesterday, with long-term bond yields moving close to 10 percent, a level not seen since mid-1980. A lack of supply in the Treasury market, hopes that the Federal Reserve will soon ease its monetary policy and the prospects for Congressional action to reduce Federal budget deficits were all cited by analysts as reasons for the decline in note and bond yields. Although many market participants doubt that those three reasons justify continued declines in interest rates, their skepticism did not discourage investors or prevent the price of the bellwether 10 5/8 percent Treasury bond due in 2015 from gaining more than 7/8 point on the day, to an offered price of 105 18/32, to yield 10.03 percent. The closely watched 30-year issue traded as high as about 105 25/32 to yield 10.01 percent - a far cry from the Oct. 28 close of 101 to yield 10.51 percent.

Lloyd's of London, in concluding its investigation into a series of scandals that came to light in 1982, today imposed a record $1.4 million fine and expelled from its membership the former head of an insurance syndicate who diverted $60 million in insurance funds to himself and a small group of associates. In its action, the insurance underwriting exchange described Peter S. Dixon, former head of PCW Underwriting Agencies, as ''a clever, dishonest, greedy and unscrupulous individual.'' Lloyd's added that Mr. Dixon's shady practices over a period of more than a decade ending in 1982 were ''a complete negation'' of the principles of honesty and integrity that are the foundation of the nearly 300-year-old insurance exchange. ''The PCW case was the most significant of the troubles'' at Lloyd's in recent years, said Peter Hill, a Lloyd's spokesman. ''And this is the last of them to be dealt with.''

Markets The stock market rally showed signs of spreading to more secondary issues after its recent blue-chip run-up. The Dow Jones industrial average rose 1.72, to 1,433.60. Broader-based market indicators had good gains and trading was heavy. [Page D1.] Yields on Treasury securities continued to fall amid a shortage of supply, hopes for a relaxed Fed policy and Congressional efforts to reduce Federal budget deficits. [D1.] Treasury bond futures soared to their highest level in five years. [D18.]