An item in yesterday's Business section incorrectly described a report from the Investment Company Institute. Assets of money-market mutual funds, not all mutual funds, rose by $2.94 billion to a record $418.33 billion. (Published 11/10/90)

Consumer credit increased $3 billion in September at an annual rate of 4.9 percent as consumers rang up more charges on their credit cards, the Federal Reserve said.

Mutual fund assets rose by $2.94 billion to a new record $418.33 billion in the week ended Wednesday, the Investment Company Institute reported. The rise followed a $140.4 million decline in fund assets the previous week and broke the record high of $415.53 billion set the week ended Oct. 24.

Dominic F. Antonelli Jr., chairman of Parking Management Inc., told lenders he will file for bankruptcy protection unless they sign an agreement giving him more time to negotiate his real estate debts. Antonelli and the lenders were said to be close to agreement last night and lawyers involved in the negotiations said it appeared a bankruptcy filing would be averted.

Hearst Corp. purchased the 20 percent interest in the sports cable television service ESPN Inc. that had been held by RJR Nabisco. Terms were not disclosed.

Albert Young, a former Merrill Lynch vice president, pleaded guilty to soliciting and demanding payoffs from vendors hired to construct the brokerage firm's headquarters at the World Financial Center. Young faces up to 18 years in prison and a $1 million fine when sentenced Jan. 18.

STC, a British communications and information systems company, accepted a friendly takeover offer from Canada's Northern Telecom that values STC at $3.6 billion.