December 8, 1986

The special commission appointed by Governor Cuomo and Mayor Koch to recommend ways to prevent municipal corruption is completing its work with nearly half of its members protesting that the panel could have - and should have - done much more. Generally, these commission members said they felt that the commission should have been given subpoena power to compel testimony under oath and should have had a larger budget and bigger staff. With these things, they said, the panel could have conducted a rigorous investigation of whether the corruption in municipal government was in some measure caused by the way the city operates. Several commission members, including two members of the Koch administration, suggested last spring that the commission's staff and budget be expanded, but the Governor's counsel, Evan A. Davis, a commission member, opposed the idea and it was dropped, commission members said.

Ivan F. Boesky, the Wall Street speculator who traded stocks on illegal insider information, will, for all practical purposes, go out of business this Friday, according to Wall Street sources. In settling charges with the Securities and Exchange Commission on Nov. 14, Mr. Boesky had been allowed to take up to 18 months to wind down the activities of the $880 million investment partnership he managed. But, according to several Wall Street executives who have talked with some of Mr. Boesky's employees in recent days, the firm bearing his name will dismiss most of its research and secretarial staff and will cease to have traders on the floor of the New York Stock Exchange after this Friday. The firm's name and any reference to Mr. Boesky have already been removed from the building directory at 650 Fifth Avenue. Portfolio Transformed In addition, these sources, who requested anonymity, say the stock portfolio of the investment partnership, Ivan F. Boesky & Company L. P., has been almost entirely transferred into cash-equivalent fixed-income securities for distribution to partners soon.

The Economy Consumer spending could begin to taper off this holiday season, economists say, because of declining disposable income, a high personal debt level and a recent splurge of car purchases. [ Page D1. ] The U.S. agency that insures pensions will be disbursing more in payments next year than it will be taking in, officials say. The looming red ink, tied to steel industry bankruptcies, could lead to stricter treatment of companies heading for Chapter 11. [ D1. ]

Issues of economic justice, human rights and national sovereignty have long stood in the way of harmony at the United Nations. On top of that, there is the issue of the drinking water jugs. For three hours Friday evening, the United Nations Advisory Committee on Administrative and Budgetary Questions, the Fifth Committee, debated the implications of restoring drinking water jugs to committee rooms. The jugs, which each delegate received on a tray with several glasses, were removed from the 13 rooms as part of the Secretary General's cost-saving cuts. The expected savings: $100,000 a year.The debate - sometimes serious, sometimes less so - had implications that went beyond parched throats. One delegate voiced concern that an ''unfortunate symbolism'' could be created if diplomats voted to supply themselves with water while cutting humanitarian aid around the world. Another delegate said pitchers were still supplied to committee chairmen, raising disturbing questions about the nature of international democracy.

Long Island is so rapidly consuming or polluting its water supply that in 10 to 15 years, officials say, water shortages could be widespread. Fears of shortages are leading to talk of moratoriums on building - such as the one proposed for this North Shore town - and stringent water-conservation and rationing measures. And if rationing is imposed on a long-term basis, many say, the quality of life on Long Island, as well as its economic vibrancy, may be significantly diminished. Concern about shortages is primarily focused on Nassau County, which is smaller in area than neighboring Suffolk County, has more severe pollution and uses about the same amount of water. Water in 3 Huge Aquifers The Island's water supplies rest directly underground in three vast aquifers that are believed to hold about 60 trillion gallons of water.