July 18, 1986

Although there is concern that transfused blood may have infected some people with AIDS and public anxiety about transfusions has mounted, the health authorities contend that today's blood supply is perhaps safer than it has ever been, in part because of dramatic changes in the nation's blood banks. Blood transfusions have never been entirely safe, but today blood banks are screening donors more strictly, using more advanced tests, labeling and matching blood more efficiently and processing blood in ways that eliminate elements that may carry dangers. They are also discarding blood if there is even the slightest fear that it is contaminated. 'Safer Than Ever' Although the introduction of AIDS virus into the nation's blood supply is a setback, all but a tiny percentage of tainted units have been eliminated and over the years other tests have made it possible to remove blood contaminated with other microbes. The result, health officials from New York and New Jersey said in a statement Wednesday, is a blood supply ''as safe, or safer, than it has ever been.''

Despite its long history in the magazine business, Time Inc. yesterday named as its new president an executive whose management expertise lies elsewhere. He is Nicholas J. Nicholas Jr., an executive vice president responsible for Time's expanding cable television operations. The appointment of Mr. Nicholas, who was also named chief operating officer, is effective Sept. 1. Mr. Nicholas will report to J. Richard Munro, who is currently president and chief executive officer. Mr. Munro will remain Time's chief executive and become chairman, replacing Ralph P. Davidson. Mr. Davidson, 58 years old, will become chairman of the executive committee of the board, currently a vacant position. Mr. Nicholas is responsible for Time's video businesses, which includes the American Television and Communications Company, the nation's second-largest cable operator, and Home Box Office, the largest pay television service. He also served as Time's chief financial officer from 1982 to 1984. His selection reflects the growing importance of the non-magazine part of Time Inc. and the increasing financial complexity of the company.

An article in The Home Section yesterday about organizations that help mentally retarded people listed an incorrect telephone number for the Young Adult Institute. Its number is (212) 563-7474.

The Bolivian Interior Minister announced today that drug raids about to begin here with assistance from the United States military would continue until the drug trade was wiped out in Bolivia. The official, Fernando Barthelemy, said American troops would provide support for the raids for as long as necessary. About 100 American troops in combat gear and carrying weapons, including M-16 rifles, arrived today in Trinidad, Bolivia, airlifted from American bases in Panama. Trinidad, in the Beni region of north central Bolivia, is the heart of the nation's cocaine-producing region.

Six regional Bell companies yesterday reported improved second-quater profits, with four of them recording double-digit gains. Their former parent, the American Telephone and Telegraph Company, however, said its earnings declined 8.5 percent, largely because of a 26-day strike and continued soft sales of A.T.& T. equipment. The strong showing by the others - U S West, which climbed 11.5 percent; Bell Atlantic, 8.6 percent; Ameritech, 5.3 percent; Pacific Telesis, 16.2 percent; Nynex, 18.4 percent, and BellSouth, 11.3 percent - was attributed to increased demand for basic phone services and stringent cost-control measures. ''The industry continues to show earnings improvement,'' said Neil Yelsey of Salomon Brothers. Analysts, saying the earnings were right on target with their expectations, predicted a bright future for the regional companies created from the breakup of A.T.& T. on Jan. 1, 1984. A.T. & T. A.T. & T. earnings declined to $422 million, or 37 cents a share, compared with $461 million, or 41 cents a share for the comparable period last year. Revenues for the quarter were down 1.6 percent, to $8.42 billion, from $8.56 billion.