October 27, 1986

Laying out his agenda for a second term, Governor Cuomo pledged over the weekend to cut personal income taxes, build more prisons, renew New York City's rent guidelines and increase state aid to local school districts. The Governor also said he would strive to freeze New York City's $1 transit fare for at least two years and to extend greatly the length of the school day in inner-city schools, but he fell short of an ironclad commitment on those issues. Mr. Cuomo's comments - in a two-hour interview in the Executive Mansion in Albany - marked the first time in the gubernatorial campaign that he has offered a comprehensive platform for a second term. He agreed to the interview, which came at the start of the last full week of campaigning, after receiving some criticism from citizens' groups and others for not taking a stand on key issues before the Nov. 4 election. Public-opinion polls show him to be leading his Republican opponent, Andrew P. O'Rourke, by more than 30 percentage points.

Andrew P. O'Rourke, the Republican candidate for governor, has established three priorities if he is elected - combating drugs, making the state economically competitive with its neighbors, and creating jobs. ''The first and major priority is to do something about the problem of narcotics with drug education and direct prosecution,'' Mr. O'Rourke, the Westchester County Executive, said in an interview last week devoted to a look forward on issues. His second priority, he said, would be a $2.4 billion state tax cut over three years to ''make New York competitive with neighboring states.'' He said Connecticut and New Jersey have been siphoning jobs and business from New York and have half the state's unemployment rate, which is now 6 percent.

When President Reagan signed the Tax Reform Act of 1986 into law last Wednesday, he set into motion the most sweeping restructuring of the tax system in at least a generation. The signing also spurred what had already been an intense race against the clock by taxpayers looking to take maximum advantage of the transition from the old system to the new system. Although the tax revision legislation is now officially the law of the land, most of its provisions do not take effect until Jan. 1, presenting an opportunity for people to lay claim to some of the more generous tax deductions still available under the old law, and take steps to benefit from the lower tax rates that go into effect next year. Frenzy Over Capital Gains Even before the President put pen to parchment, individuals were rushing to rearrange their financial affairs and close transactions before the year's end. Across the country, people have been unloading stocks, real estate and virtually every other type of asset that has had a big runup in value in order to take a last-chance advantage of the preferential capital gains tax.

The Jets recorded their sixth straight victory today and reached the halfway mark of the season with a 7-1 record. But their coach and some key people looked as if they had lost. For in producing a 28-23 decision over the energetic New Orleans Saints, the Jets lost Lance Mehl, their top linebacker; Joe Klecko, the heart of the defensive line, and Johnny Hector, the halfback -and nearly lost the game. Meanwhile, Pat Leahy lost his bid to tie the longest field-goal streak in National Football League history when he badly hit a sodden football on a 46-yard attempt in the final quarter in the rain. It was his first miss after 22 straight successes.

The ''Big Bang'' that will open up London's financial markets starting Monday has been looked upon as largely a regulatory watershed. But as securities firms have scrambled to install the computer systems needed to compete in the new era, it has become clear that a technological revolution is also being unleashed - for which few seem well prepared. Some are coming around to the view that the real Achilles' heel of London's securities industry, and its individual firms, may be inadequate or unreliable technology, not just the increased competition Big Bang will bring. ''There has been incredible naivete among the senior management at many firms about what could be achieved in such a short period of time,'' said Gordon Clarke, senior manager of the Information Technology Group at the London office of Deloitte Haskins & Sells, the accounting and consulting firm. ''Given the time frame, a lot of corners have been cut in putting the systems together. Some have been lashed up and stitched together in a pretty crude way, and they're vulnerable.''

Pressure is mounting on the First Interstate Bancorp of Los Angeles to increase the price it is offering for the troubled BankAmerica Corporation, and investment banking sources said this weekend that a sweetened offer was becoming increasingly likely. Also during the weekend it was disclosed that yet another overture had been made to BankAmerica. This offer, made about a month ago, was to provide fresh capital to BankAmerica rather than to take it over. Offer From Mayor's Husband According to reports published Saturday, Richard Blum, the husband of San Francisco Mayor Dianne Feinstein, had offered to raise $1 billion from wealthy individuals and institutions to keep BankAmerica in local hands. But according to the reports in West Coast newspapers, BankAmerica has rejected Mr. Blum's proposal, much as it rejected a similar proposal earlier this year from Sanford I. Weill, a former top officer at Shearson Lehman Brothers and American Express, and more recently from a group headed by Stanley Hiller of Menlo Park, Calif.

The legality of the $1.73 billion purchase of Allied Corporation stock last Friday by the Campeau Corporation will hinge on how similar it was to the takeover strategy that Hanson Trust used on the SCM Corporation, legal experts said yesterday. The outcome is expected to clarify further the legal status of what has become one of the most controversial and increasingly widespread tactics for control of America's largest corporations. In the SCM case, a Federal judge ruled that Hanson's purchase of about 30 percent of SCM's shares in the open market last February did not constitute an illegal tender offer. The SCM and Allied trades are similar in that both were not publicly announced tender offers to all shareholders but instead were stock market buyouts of large shareholders, primarily arbitragers.

Responding to requests from the Central Intelligence Agency, the New York City Police Department is making members of the city's force available as temporary agents for counterterrorism operations abroad. A C.I.A. spokesman, Kathy Pherson, said last week that New York's department was among 18 major municipal police agencies in the country that had been asked recently for assistance in enlisting experienced investigators for the temporary assignments. ''It is a very specific program,'' she said. ''Sometimes the police have the sorts of investigative skills and training you can quickly put to use.''

OUTSIDE, steady rain was about to postpone the decisive seventh game of the World Series until tonight. Inside, behind his shiny maple desk in the Mets' clubhouse, Davey Johnson reacted calmly, but firmly to Darryl Strawberry's threat to break off diplomatic relations with the Mets' manager. Minutes after the Mets' theatrical 10th-inning 6-5 victory Saturday night over the Red Sox, their 24-year-old right fielder spoke harshly about having been removed in the ninth inning in a ''double swtich'' by the manager. ''I don't even want to sit down with him,'' Strawberry said of the manager. ''I don't want to talk to him. I don't have nothing to say to him. He's the manager. He made the decision. He can go his way and I can go my way.'' Upon listening yesterday to those published quotes, Davey Johnson never blinked. And the night before, the Mets' manager never blinked when he made the move that Strawberry resented. With the Mets trailing, 3-2, in the bottom of the eighth, Lee Mazzilli, had singled as a leadoff pinch-hitter for Jesse Orosco and then scored the tying run during a rally that ended with Strawberry hitting a high harmless fly ball to right field, dropping his Series average to .200. Strawberry continued on toward right field.

The pressure period that builds throughout the World Series and peaks with the seventh game gained an extra 24 hours last night when the decisive game between the Mets and the Boston Red Sox was rained out and rescheduled for 8:10 P.M. today. The extra rest could benefit some players, especially Ron Darling, the Mets' starting pitcher, who would have been pitching with three days of rest instead of his customary four. The extra day also prompted John McNamara, the Boston manager, to switch his starter from Dennis (Oil Can) Boyd to Bruce Hurst, the left-hander who has already beaten the Mets twice. Hurst will be pitching with three days of rest. However, the wet wait also could heighten the tension that exists in players at such a critical time.

A senior Reagan Administration official said today that the disclosure by Soviet officials of purported quotations from President Reagan at the Iceland summit meeting was an ''unprecedented violation'' of diplomatic practice. The official also said the disclosure was an effort to shift blame to the American side for the failure to reach an agreement at the Iceland meeting. The official, Richard N. Perle, an Assistant Defense Secretary who was part of the American delegation to the summit meeting this month, said the Russians were trying to ''create divisions between us and our allies and to fuel controversy here.'' A Soviet Campaign At issue is a campaign over the last several days by Soviet officials to portray Mr. Reagan as having agreed in his talks with Mikhail S. Gorbachev to the abolition of all strategic nuclear weapons within 10 years. White House officials have said Mr. Reagan did discuss that issue, but in general terms and did not assent to any agreement.

Issues of Governor's Race In interviews, the two major candidates for New York governor, Mario M. Cuomo and Andrew P. O'Rourke, outlined their goals.