But Mike's Raking In Money

By Laurence I. Barrett/Washington

Philip Schaefer had come cross-country from San Francisco to enrich Michael Dukakis' campaign treasury. It was a fine evening, Schaefer recalled, but he was surprised that his $1,000 ticket bought snacks instead of filet mignon. "Governor," joked the Democratic fund raiser, "never have so many paid so much to eat so little." "What do you mean?" shot back Dukakis, reveling in his reputation for parsimony. "We had an open bar."

That low-overhead, high-priced reception in Boston last month helped make Dukakis the cash king of Democrats. When candidates of both parties file their quarterly reports with the Federal Election Commission this week, Dukakis will show total donations of $4.2 million. He displaces Delaware Senator Joe Biden, now running second with $3.1 million. Missouri Congressman Richard Gephardt will be third, with $2.2 million, and the other four Democrats are well behind.

The bucks box score is important not only because it helps fuel a vigorous campaign now and generous TV ads next winter, but also because it is a mark of momentum. In a crowded field that lacks a clear front runner, it is a test of early strength. Dukakis must still show that he can attract money from strangers. Two-thirds of his haul came from Massachusetts. Donors of Greek descent supplied some of the out-of-state money. Biden and Gephardt, by contrast, have built broader financial bases.

Among Republicans, George Bush is doing a Midas turn. His FEC report will show cumulative receipts of $9.3 million, a tribute to his drawing power in the G.O.P. establishment. Bush has already spent more than most candidates have taken in. Rival campaigns have a frail hope: that Bush will spend so freely he will collide with the federal expenditure ceiling before the nomination is won.

Other Republicans seem in no danger of that. Senator Bob Dole has raised $3.7 million and is also drawing on funds collected for his last Kansas campaign. Former Delaware Governor Pierre du Pont, though still a distant figure in polls, has pulled in $2.3 million. By contrast, New York State Congressman Jack Kemp has been trying to shuck a reputation as the tin-cup candidate. Though he has collected $3.3 million, much of it comes from direct- mail solicitation, a high-cost technique that helps explain why he had a mere $150,000 balance after allowing for pending bills at the beginning of this month. His campaign is now emphasizing fund-raising methods providing a higher yield.