Hartford Courant from Hartford, Connecticut • Page 36

D2 THE HARTFORD COURANT: Thursday, January 30, 1992 Insurer to sell stake in securities firm parents Report suggests economy stalled in 4th quarter Chase Enterprises to sell TV station in Memphis 9 ities, said Joseph Fazzino, an ITT Hartford spokesman. i1 Piper Jaffray Inc. is expected io" file a registration Friday with the' Securities and Exchange sion for the sale of about 2,175,000 common shares -rabout 26 of the company's total. Included in the shares for sale will-be those held by ITT Hartford ariai" shares held by the Harry C. Piper EstateTrust.

Piper Jaffray Inc. on Wednesday-reported that net profits for 1994M were $24.3 million, compared with $9.5 million in 1990. McKinnon Inc. The final write-down on the transaction, which lowered net income, was $27.5 million. Also in 1989, ITT Hartford sold its 20.5 percent interest in WFS Financial parent of Richmond, based Wheat First Securities Inc.

ITT Hartford posted a $3.3 million pretax gain on the deal. In the past, ITT Hartford has said it realized it didn't need to own shares in the investment firms to maintain a good marketing relationship with them. Piper Jaffray, for instance, will continue to sell ITT Hartford's fixed and variable annu- By DIANE LEVICK Courant Staff Writer ITT Hartford Insurance Group said Wednesday that it plans to sell its 22 percent stake in Piper Jaffray the Minneapolis-based parent of a regional investment firm. The price isn't known yet because ITT Hartford's 1.85 million shares will be part of a secondary offering of Piper Jaffray common stock. "This sale completes our strategy of divesting the minority positions ITT Hartford has held in leading securities firms," said Lon A.

Smith, president and chief operating officer of Hartford Life Insurance Co. Piper Jaffray Inc. is the parent of Piper, Jaffray Hopwood, an investment firm with 64 offices in 16 Midwest, Mountain and Pacific Northwest states. ITT Hartford bought a stake in Piper Jaffray Inc. in 1983 for roughly $30 million.

ITT Hartford sold its minority interests in two other investment firms in 1989. The company reported a $41.7 million pretax loss on the sale of its 23 percent share of Thomson Hartford-based Chase Enterprises Inc. Wednesday agreed to sell a Memphis, television station to a San Antonio, Texas, company for more than $21 million in cash. The company said its Chase Communications Inc. unit has a definitive agreement to sell WPTY-TV in Memphis to Clear Channel Television Inc.

The agreement is subject to Federal Communications Commission approval. The deal is part of a plan Chase announced in October to divest itself of part or all of its media holdings to focus more of its assets on its many ventures in Eastern Europe. The company owns WTIC-TV, Channel 61, and radio stations WTIC-AM and WTIC-FM, all in Hartford. Based in San Antonio, Clear Channel Communications operates 16 radio and six television stations in 15 markets. It is a publicly traded company listed on the American Stock Exchange.

In a statement, L. Lowry Mays, president and chief executive officer of Clear Channel Communications, said WPTY-TV would be the company's sixth station affiliated with the Fox network. Chase officials could not be reached late Wednesday for comment. Chase Communications, owned by David T. Chase and his family, operates eight radio and five television stations in seven markets.

The family also has extensive holdings in financial services, insurance and real estate. The family in recent years has been expanding its businesses to include cable television, fast-food, insurance and banking interests in Eastern Europe. Mary Agnes Carey Cyndie D. Greer Inside Business Appointments, calendar, new business, corporate facts Banking Utilities Insurance Real estate How can we help you? We invite readers to write, call or visit to share their opinions, ideas for news stories and letters to the' editor. The business-news office is located at 285 Broad Hartford, and is open Monday through Friday from 9 a.m.

to 5 pm. Telephone: 241-6736 or toll-free, 1-800-524-4242, Ext. 6736. notes, bank rates Labor, workplace issues Joanne Johnson Susan E. Kinsman Diane Levick Lynne B.

Maston Michael Remez Gregory Seay Robert Weisman Stephen Williams I HvJua Kaman Corp. reports lower quarterly, annual prof its Louis J. Golden, business oversees all business sections. He can be reached by calling 241 -3857' Earnings commercial real estate Defense aerospace Personal finance, marketing carefully in this uncertain economic environment, we are well-positioned in our markets and are confident about our long-term prospects." Kaman's business activities are 40 percent in defense, 40 percent in industrial and 20 percent in commercial markets. vestment for the future and reduced bank debt by more than $30 million." "Kaman has never been financially stronger," he said.

"While we must manage and adjust our business very Associated Press WASHINGTON Government figures released Wednesday showed the economy virtually stood still in the fourth quarter, leading public and private economists to predict that any meaningful recovery is months away. The Commerce Department said Wednesday the minuscule growth at an annual rate of 0.3 percent in the gross domestic product was mainly attributable to a spurt in exports and a modest revival in the housing sector. And some experts contend those gains will prove shortlived. Most other components of the GDP showed little or no strength, including consumer spending, which accounts for two-thirds of the nation's economic activity and is essential for any sustained growth. For the year, the GDP sank 0.7 percent, the first annual decline since a 2.2 percent drop in 1982, the final year of the previous recession.

The GDP is the nation's total domestic output of goods and services. Still, Federal Reserve Chairman Alan Greenspan told Congress on Wednesday the central bank is beginning to see "some very subtle signs that the erosion in the economy is beginning to stabilize." He also suggested that "this economy can move out of this extreme lethargy with monetary policy alone" and without the huge tax cuts that President Bush and many congressmen are proposing. A price index tied to the GDP showed the weak economy continued to dampen inflationary pressures. Prices rose at an annual rate of just 1.7 percent from October through December, down from 2.1 percent in the third quarter. For the year, inflation rose 3.6 percent, down from a 4.2 percent increase in 1990, and the lowest since prices rose 3.2 percent in 1987.

Analysts said the most troubling aspect of the GDP report was a 1.1 percent annual rate of decline in consumer spending. Personal consumption had jumped 2.3 percent from July through September, and it helped boost third-quarter GDP by a 1.8 percent annual rate. Business investment in plants and equipment fell for the fifth successive quarter, down at a 2.4 percent annual rate. Government spending was down 5.9 percent, its third consecutive decline. Exports soared at a 15.4 percent rate in the October-December quarter, but many economists expressed concern that this source of strength would dissipate as the economies of America's trading partners continue to weaken.

Freelance submissions: Freelance articles and proposals should be submitted to Louis J. Golden, business editor, at 241-3857 or toll-free, 1-800-524-4242, Ext. 3857. or toll-free, Loui J. GoWen 1-800-524-4242, Business Editor Ext 3857.

News releases may be sent to him at 285 Broad Hartford, CT 06115. James Doody, deputy business editornews, supervises the business sections that appear Tuesday through Saturday. He can be reached by calling 241-3907 or toll-free, 1-800-524-4242, Ext. 3907. Business staff members may be Tax troubles? Talk to us Kaman Corp.

Wednesday reported lower earnings for its fourth quarter and for 1991. The Bloomfield-based company reported earnings of $17 million, or 93 cents a share, on revenues of $780.4 million in 1991, compared with $19.2 million, or $1.06 a share, on revenues of $826.6 million in 1990. For the quarter, which ended Dec. 31, the company said it earned $4.1 or 22 cents a share, on revenues of $200.7 million, compared with $5.2 million, or 29 cents a share, on revenues of $212.3 million in the quarter a year earlier. Charles H.

Kaman, the company's chairman and chief executive officer, said that although earnings this year were lower, "we produced solid profits in a recession year, increased our reasearch and development in- General information: The Courant publishes several lists in Business Weekly each. Monday, including business appointments, coming events, new businesses and marketing news. To submit information for these lists, please call Louis J. Golden, business editor, at 241-3857 or toll-free, 1 -800-524-4242, Ext. 3857.

reached directly by calling 241-6736 to hear from you. A sampling of questions will be answered by members of the Connecticut Society of Certified Public Accountants. The answers will run each Sunday in the Business section beginning Feb. 23. Questions may by submitted by calling 520-3020 or, toll-free, 1-800-524-4242, Ext.

3020. It's that time again: tax time. And this time there's more to file than just your federal return. This time there's the new Connecticut state income tax return. If you're feeling overwhelmed and have questions about how to fill out the form, how to interpret it, what can be deducted or what it all means, The Courant would like or toll-free, 1 -800-524-4242, bxt.

6736. They are: W. Joseph Campbell Manufacturing, foreign trade, economy Ml a-1 JiWA 44 Tmt mi vaesm jgaflffi 'BintJ''y 1 Another bright spot in the report was a 10.6 percent jump in housing construction, which is coming out of its worst year since World War II. But even with the lowest mortgage rates in nearly 20 years, analysts contend that growth in this industry this year will be modest at best. mm mm tern -t I I i nt jn tvt TO i A yr fVr-A iSrt-'n' ft! r.A iaJHto rMl-A rt HA tin i m-i Sf? i wi.a THE TRAVELERS CORPORATION NOTICE The by-laws of The Travelers Corporation require that notice of nominations of persons for election to the Board of Directors, other than those made by or at the direction of the Board of Directors, must be received at the Office of the Corporate Secretary at least 60 days before the annual meeting of shareholders.

The notice must present certain information concerning the nominees and the shareholder making the nominations. Also, within the same time period, the Office of the Corporate Secretary must receive each nominee's consent to being a nomineev and a statement of intention to serve as a director, if elected. Travelers by-laws also require that for business to be properly brought before an annual meeting by a shareholder, notice must be received at the Office of the Corporate Secretary at least 60 days before the meeting. The notice must contain a brief description of the business proposed to be brought before the meeting and the reasons for conducting the business at the meeting. Also, the notice must present certain information concerning the shareholder making the proposal, who must be a shareholder of record at the time of giving the notice and be entitled to vote at the meeting.

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