May 17, 1991

With its hooked beak, scaly neck and stubby legs, the yard-long hawksbill sea turtle will win no beauty contests. But this homely creature, an endangered vestige of the dinosaur age, is suddenly at the center of a squall in United States-Japanese relations. It does not have the grace of a dolphin, the majesty of a whale or the mournful appeal of a baby harp seal. But the hawksbill may well prompt the first use of an American law authorizing curbs on imports of fish and other wildlife products from countries that contribute to the disappearance of an endangered species. Sanctions Seem Near Barring a last-minute breakthrough in negotiations, President Bush is likely to inform Congress by Sunday that the United States will impose trade sanctions on Japan for the sake of this rare turtle, senior Administration officials said today. It would be the first time the United States has used trade sanctions to help protect an endangered species.

Ninth Avenue Food Festival: Ninth Avenue between 37th and 57th Streets will be closed tomorrow and Sunday from 10 A.M. to 7 P.M. Amsterdam Avenue Festival: Amsterdam Avenue between West 77th and West 96th Streets will be closed on Sunday from 11 A.M. to 6 P.M.

It happens almost every other week at Congregation Beth Simchat Torah in the West Village of Manhattan. The president gets up after Friday night services and announces that there has been another death in the synagogue family. Beth Simchat Torah, with 1,100 members, is the largest gay and lesbian congregation in the country, and the AIDS epidemic has taken a devastating toll.

International In a U.S.-Japanese dispute, the hawksbill sea turtle may prompt the first use of an American law authorizing curbs on imports of fish and other wildlife products from countries that contribute to the disappearance of an endangered species. [ Page A1. ] Japan's top securities houses reported their worst earnings in years, reflecting last year's crash. [ D1. ] Karl Otto Pohl said he would resign as Bundesbank president in October. He is Europe's most powerful financial leader. [ D2. ] The Soviet Government said 13 of 15 republics had agreed on an emergency economic plan. [ A1. ] Companies A judge approved a disputed plan to revise the Manville trust fund, set up two years ago to compensate asbestos victims. [ D1. ] Compaq Computer said it planned to repurchase up to 11 percent of its common shares. The stock steadied. [ D1. ] Prodigy dropped its grocery shopping service in a cost-cutting move that is part of its effort to become profitable. [ D3. ] Bolar Pharmaceutical said it had agreed to pay $20 million to thousands of stockholders to make up for losses. [ D4. ] Mirabella will continue as part of an ad sales program with eight Murdoch magazines that are to be sold. [ D15. ] The Japanese parent of Bridgestone/Firestone said it would inject $1.4 billion into the debt-ridden U.S. tire maker. [ D3. ] Bristol-Myers Squibb said its breast implants were safe and the risk of cancer was negligible. [ A14. ] The Economy Construction of new homes and apartments rose 6.2 percent in April, the Government said. [ D1. ] The ability of business borrowers to get bank loans worsened, but the tightening was far less than in preceding quarters. [ D1. ] The S.E.C. said it had uncovered an investment scheme that may have defrauded 40,000 people. [ D12. ] Legislation that would make deductible I.R.A.'s available again to all won a lukewarm endorsement from Greenspan. [ D5. ] The number of people filing for initial unemployment benefits rose a slight 4,000 in the week ended May 4. [ D5. ] Members of a film-crafts union local accepted an accord with Hollywood producers on filming in New York City. [ A1. ] Markets Buyers moved back into stocks, as Wall Street concluded that it had overreacted on Compaq. The Dow rose 28.63, to 2,894.01. [ D6. ] Prices of Treasury securities moved lower, as dealers continued distributing notes and bonds bought at auction. [ D12. ] Silver futures prices tumbled as profit taking and panic selling punctured a speculative balloon. [ D13. ] The dollar rose slightly against most currencies. [ D13. ] Today's Columns The difference in U.S. and German monetary policies may reflect different reactions to political and economic dangers facing the two countries. Leonard Silk: Economic Scene. [ D2. ] DeSoto found what may well be one of the most unusual takeover defenses. Market Place. [ D6. ] Ad industry leaders are trying to chuckle their way through their two recessions. Stuart Elliott: Advertising. [ D16. ]

Moving quickly to rebuild investor confidence after its shares plunged 27 percent Wednesday, the Compaq Computer Corporation said today that it planned to repurchase up to 10 million, or 11 percent, of its common shares. That step, along with upbeat assessments of long-term prospects at the company's annual meeting here, apparently helped to stem further losses in Compaq's shares after the drubbing Wednesday that sliced the stock by $13.25 a share.