July 13, 1984

Because of an editing error, an art review in Weekend last Friday, of the show ''Abstract Painting and Sculpture in America, 1927-44'' at the Whitney Museum, incorrectly characterized the sculptor Theodore Roszak. He should have appeared in a list of well-known artists.

The Soviet Union and the United States are expected to initial an agreement in the next few days to modernize the existing hot line for crisis communications between the two governments. Administration officials and foreign diplomats said the accord was part of an expanding agenda of nonpolitical discussions between the two sides. In coming weeks, the sources said, talks will resume on the Soviet-United States boundary in the Bering Sea, on Soviet fishing rights in American waters and on cultural exchanges. While Soviet diplomats appear to be playing down the discussions as minor and technical, both sides recognize the broader implications. It is understood on both sides that the Reagan Administration will use the increased activity to argue that the Kremlin is prepared to work with President Reagan, contrary to Democratic accusations.

Companies Manufacturers Hanover's problems loans to Argentina reduced the big bank's second-quarter profits, as expected. Earnings fell 8.5 percent to $73.7 million. Other major banks with loan exposure in Latin America managed to report higher earnings. Chemical Bank's were up 10.2 percent, to $76.8 million; Marine Midland's rose 12.3 percent, to $26.4 million, and Irving Trust's climbed 10.5 percent, to $26.3 million. Profits at Interfirst of Dallas, hurt by bad energy and real estate loans, fell 57.9 percent. (Page D1.) Teledyne's profits rose almost fivefold to $355.7 million, reflecting the sale of major stock holdings. (D4.) United Technologies earnings increased 21 percent. (D4.) Westinghouse gained 32.9 percent, and Intel said its profits more than doubled. (D15.)

Though only in its fifth year, Pepsico Summerfare, the monthlong performing- arts festival at the State University's Purchase, N.Y., campus, has already established itself as an innovative cultural melting pot. This year's festival, which opens tonight and continues through Aug. 12, will offer more than 140 events, from free jazz concerts to internationally acclaimed theater. This weekend there's something for almost every taste - Anthony Newman playing Bach, zarzuela from Spain, performance art from Australia, cabaret, storytelling, children's opera and free rhythm-and-blues and steel-band concerts - on the campus, which is 25 miles north of Manhattan. The dominant focus this season will be appearances by highly regarded foreign companies, some straight from the Olympic Arts Festival in Los Angeles. Sankai Juku, Japan's modern-dance company, will make its East Coast debut next Friday. Founded seven years ago under the direction of Ushio Amagatsu, Sankai Juku has developed the, antitraditional style of dance called buto in which dancers with shaved heads and chalk-covered bodies resemble powerful moving sculpture.

A headline in some copies of Sports Pages yesterday on an article about exacta betting misstated the racing board's role. The board is being asked to approve additional exacta races.