March 21, 1986

''This doesn't feel like spring. This feels like Minnesota'' - Sherry Osterman, visiting New York from Elk River, Minn. [ A1:2. ]

The sun crossed the Equator, all right, but it was not a day for straw boaters. Collars turned up, bundled against the wind in winter coats, New Yorkers hurried past the dazzling display in the window of Worth & Worth Hatters on Madison Avenue. The Panama, the Twisted Seagrass, the Coconut, the Monte-Christi, the Baku, the Milan, the Japanese Hard Lacquered - none of these romantic straw hats beckoned. When a customer finally came in from the cold, it was only to inquire: ''Do you have something for foul weather?''

A report in the Business People column yesterday about the chairman of Quotron Systems misstated the closing price of the company's stock. It was $18.75, up $2.50 from Tuesday.

Friday BLUES FOR DEM BUMS Koko Taylor and the James Cotton Blues Band kick off a new blues series at the Arts at St. Ann's in Brooklyn this weekend. Called ''Dodger Blues'' in memory of the Brooklyn Dodgers, the series will continue until May. Tonight's performance features Koko Taylor and her Blues Machine, with James Cotton scheduled for tomorrow night. Both performances begin at 8 P.M. Tickets are $10. Information: (718) 834-8794. BOBBY SHORT IN PORTER SALUTE Bobby Short has just been immortalized as a New York cultural landmark in ''Hannah and Her Sisters,'' in which Woody Allen captures the veteran singer on film performing Cole Porter's ''I'm in Love Again.'' Tonight, Mr. Short will join forces with another musical institution, Skitch Henderson and the New York Pops, for a ''Salute to Cole Porter'' that includes ''I'm in Love Again'' and a stylish array of other favorite classics such as ''Hooray for Love'' and ''Night and Day.'' The program will also include works by other composers, ranging from Hoagy Carmichael to Tchaikovsky to songs from Charlie Chaplin movies written by the Little Tramp himself. The performance begins at 8 P.M. at Carnegie Hall. Tickets are $12 to $20. Information: 247-7800.

People Express Inc., which has come under pressure from some bank lenders because of its continuing losses, has decided to pay off its more nervous bankers. Meanwhile, People Express officials said yesterday that despite an expected loss of at least $35 million for the first quarter, ending March 31, the company plans to continue to pay dividends on its common and preferred stock. ''Their financial position is deteriorating,'' said Barry J. Gordon, president of the National Aviation and Technology Fund, a mutual fund.