University police Thursday initiated a stake-out of the Business School area in an effort to track down three men suspected in two assaults, Saul L. Chafin, chief of University Police, said yesterday.

Chafin said both incidents, which occurred over the last two weeks, involved the assault of individuals walking through the Business School area at approximately 8 p.m. He added the suspects succeeded in taking off with a wallet in the first instance and a watch in the second.

Next Victim

Chafin said the latest victim was taken to University Health Services (UHS), adding he didn't think the individual was seriously injured.

Chafin refused to comment further or to allow police involved in the case to comment yesterday.

Sources in the police said yesterday the suspects used a pipe in the first assault which occurred at East Drive near Kresge Auditorium. They added, in the second assault near the Weeks footbridge next to the paddle tennis courts, the suspects used a knife.

Sources in the police said the three suspects are black and believed to be in their twenties. One suspect was last seen wearing a red jacket. Another was wearing a blue jacket.

Police also said they believe the suspects were involved in two more incidents over the weekend--one on Linnean St. and the other on Oxford St.--both within the jurisdiction of the Cambridge police.

O.K. Corral

"I want these guys. For some reason they prey on that area. I definitely want these guys," Chafin said.

"We'll have to keep up the diligent effort in the hope they don't commit another offense," he added, referring to the indefinite duration of the present stakeout of the Business School area.