ON THE TOWN: Has activity on the...

ON THE TOWN: Has activity on the local club scene really slowed down as much as all the rock night owls have claimed? Maybe so, but you wouldn’t know it from the swarm of A&R; execs who were at the Roxy the other night to see local faves, Jane’s Addiction. Judging from the guest list alone, it’s a safe bet that the band, which plays lots of lengthy jams and has been described as a cross between Blue Cheer and early-Public Image, will be signed by early summer--at the latest. Its Roxy show attracted a Who’s Who of A&R; execs, including key figures from Columbia, MCA, Capitol, A&M;, Geffen and Warner Bros. Records. . . . The Balancing Act, who just signed with I.R.S.’ new P.M.R.C. label, headlined at Raji’s the other night, debuting some new songs and spicing up its acoustic show with a sleek cover of “South of the Border,” an old instrumental hit by Herb Alpert & the Tijuana Brass. . . . Meanwhile, Bob Dylan managed to make it past the ever-vigilant fire marshals at the Club Lingerie the other night, where he saw the Graffiti Band, featuring John Trudell and Jesse Ed Davis. . . . And Bobby Neuwirth, who opened for John Hiatt at McCabe’s last weekend, attracted a host of guest performers, including Kris Kristofferson, T-Bone Burnett and Billy Swan.