Hartford Courant from Hartford, Connecticut • 44

October 6, 1987 ROUNDUP was little changed in a drifting session Monday as lingering interest-rate worries took the momentum out of last week's rally. The Dow Jones average of 30 industrials, down about 12 points for much of the session, closed with a loss of 0.81 at 2,640.18. The average rose 70.82 points last week. Oil prices mixed NEW YORK Oil futures prices closed mixed Monday, with home heating oil posting gains after a snap of unseasonably cold weather over the company of Hartford radio stations WTIC-AM and WTIC-FM, has completed its acquisition of Arch Communications Corp, which owns WTIC-TV Channel 61. Terms of the deal were not disclosed.

The merger was approved by the Federal Communications Commission in September 1986, but the consolidation was delayed because of Internal analysis" within Chase Broadcasting and Arch Communications, said Arnold L. Chase, president of Arch Communications. Chase is the son of David T. Chase, major shareholder in D.T. Chase Qrter-prises Ino, which owns Chase Broad- THE HARTFORD COURANT: Tuwdey, Big quake poses risk to insurers Coatiaaed from Page Dl of insurance industry credibility and urged his audience to take steps to restore public confidence.

He said insurance buyers were not very happy and that he saw a rising tide of consumer activism. "How can an industy that is on the brink of disaster suddenly rise, Phoenixlike, from the ashes and report enormous profits?" he said. Doetzer suggested several steps that agents and insurance companies jointly take to improve their public posture and defend themselves from critics, including inten- I sifying public relations efforts, im- proving claims' services for customers, eliminating redundant services and functions performed by both agents and companies, and im- proving the quality of products of- fered to insurance buyers. D2 chairman of the San Francisco 49ers professional football team, was said to be unavailable for comment NATION T-bill yields slip WASHINGTON Interest rates on short-term Treasury securities edged down in Monday's auction after a sharp jump in rates last week. The Treasury Department sold $6.4 billion in three-month bills at an average discount rate of 6.49 percent, down from 6.79 percent at a delayed auction conducted last Thursday.

Another $6.4 billion was sold in six-month bills at an average discount rate of 6.96 percent, down from 7.07 percent at Thursday's auction. The T-bill auctions normally take place Monday, but two auctions were held last week to replace an earlier debt safe canceled because of Congress's failure to pass legislation raising the debt ceiling. Stocks drift NEW YORK The stock market Spanish and English sometime in 1987. He said Monday the news show has been delayed because the FCCs approval of the merger has been appealed to the US. Circuit Court of Appeals in Washington, D.CL, by WHCT-TV, Channel 18.

A hearing in that case is scheduled for Oct 29, Arnold Chase said. REGION Stake in Zayre BOSTON Ohio-based developer Edward J. DeBartok) Jr. has a stake in Zayre Corp. and may attempt a takeover of the discount department store chain, Zayre announced Monday.

DeBartolo, the president and chief administrative officer of Edward J. DeBartolo Corp. of Youngstown, Ohio, holds 420,000 shares of Zayre and plans to purchase at feast 73,000 more shares, the company said. DeBartolo also has notified federal antitrust authorities that be might seek to acquire control of Zayre by buying at feast 50 percent of the company's 58 million common shares outstanding, said spokesman Arthur F. Loewy.

DeBartolo, who also is owner and turned Western Union into a financial-services outfit LeBow, through his holding company, LeBow Industries would invest $25 million and take a controlling interest in Western Union. Pressure on Western Union and ITT to complete the deal rose early in September when another pair of telex operations joined forces. MCI Communications Corp. announced it would buy RCA Global Communications a deal that analysts said put MCI in a dominant position over ITT. Under LeBow's proposal, bank rin the New York Mercantile Ex change, the November delivery price of West Texas Intermediate, the key US.

crude, fell 4 cents to close at $19.82 per 42-gaUon barrel. Among refined products traded on the exchange, the November delivery price for wholesale No. 2 heating ou rose 0.37 cent a gallon to 55.93 The November delivery price for wholesale unleaded gasoline advanced 0.03 cent a gallon to 51.54 cents. From staff and wire reports' lysts said. In exchange for debentures, bondholders are being asked to take highly diluted stock, analyst Holmes said.

In essence, they would no longer have claim to cash payments. "Why would a bondholder want to agree to something like that?" he said. Eighty percent of bondholders must approve the reorganization. If they don't, it would sink. The merger of parent and subsidiary in effect also removes preferred stockholders from preferred Western Union faces crucial shareholder vote this month on survival program sole owner of Arch Communications.

The intent of the merger was to advance economies of scale and to increase the efficiencies of the Arnold Chase said. "It was to allow the station to become more competitive." When the FCC approved the merger last year, Arnold Chase then said the affiliation would give Channel 61 the financial backing to start a half-hour, prime-time, local news program in term debt stands at $835.1 million, Bain said. LeBow's proposal was unveiled in May. It involves an exchange of debt for stock, a bond sale and the merger of Western Union and its chief subsidiary, Western Union Telegraph Co. LeBow would buy ITT international telex service, ITT World Communications then turn around and sell it to Western Union, which runs a primarily domestic telex service.

That is a departure from previous plans, which essentially would have Continued from Cage Dl overall decline in the use of telex service, which transmits written material over phone lines. Although telex still is popular overseas, it has largely been replaced in the United States by facsimile transmission and electronic mail services. Use of Western Union telexes declined from 457 million minutes' worth in 1983 to 312 million in 1986, the company reported. Revenues from the service dropped from $337 million to $296 million over the period, despite a price increase. creditors would be asked to agree to accept less than face value in payment for their holdings of Western Union debt Money to pay off the debt and for other purposes would be raised by Drexel Burnham Lambert Inc.

through junk bonds. Under terms of the merger between Western Union and Western Union Telegraph, preferred shareholders would get new shares, with unpaid back dividends translated into equity. Similarly, debt holders would turn in their notes for preferred shares. That's where the problem lies, ana World Class Interest on CD's at Bank off Boston I STATE Army contract FARMINGTON Emhart Corp. said its new Planning Research Corp.

subsidiary received a five-year, $38.3 million US. Army contract to provide test support and analysis for simulated war game exercises of the Army Training and Doctrine Command Combined Arms Test Activity at Fort Hood, Texas. The Army Training Command's responsibility is to conduct, monitor and measure performance of simulated combat training programs. Planning Research Corp, based in McLean, Vjl, also provides technical support for the Army's Combat Developments Experimentation Center in Fort Hunter-Liggett, Calif, where it supplies the instrumentation, telmetry and computer systems used in monitoring military experiments. Emhart acquired the company last year for $210 million in cash.

Chase merger Chase Broadcasting Inc. the parent Mailgram purchases also dropped, and the traditional telegram went "almost unused" on a large scale. Bain said, adding that cheaper express delivery services became more attractive than telegrams. Western Union's debt and losses mounted. The company said it lost $59 million in 1983, 358 million in 1984, $367 million in 1985 and $531 million in 1986.

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