Hard News from a Wire Service

When Investors Douglas Ruhe and William Geissler bought United Press International in 1982, they hoped that the worldwide information gatherer, which has lost money for more than 20 years, would break even in 1984. The actual news, however, has been disappointing. Tied to a far-flung bureau system with high communication costs and over shadowed by the Associated Press, U.P.I, is still staggering.

Last week the company and the union that represents about half of its 2,000 employees announced an austerity program un der which 100 to 200 workers will be laid off. The rest will take a temporary 25% pay cut and will receive stock equal to a 6.5% stake in the firm. The union will also gain a seat on U.P.I.'s board. The Washington-based news agency will slowly restore wages to their current levels by Dec. 15, 1985. "This is the worst agreement I have ever recommended to the membership," said William Morrissey, president of the Wire Service Guild. But Ruhe and Geissler took a less somber view. They expect the agreement to enable U.P.I, finally to turn a profit next year.