June 9, 1984

In a sweeping move to close the books on a costly and embarrassing trading loss, the nation's largest insurance brokerage concern has dismissed the key managers in its investment department. The move, by Marsh & McLennan Companies, followed weeks of investigation into a $90 million loss after taxes that was tied to trading in long-term government bonds. John M. Regan Jr., the company's chairman, said yesterday that the dismissed employees included the treasurer, the head of its investment management group and the chief bond trader. The company's loss was one of the most spectacular developments in the increasingly volatile government securities market. As interest rates have risen, bond prices have declined sharply, leading to severe losses for some traders and firms. The upheaval in the bond market - prices have fallen by $140 per $1,000 bond since mid-January - has also led to the bankruptcy of two small government securities firms and the loss of more than $25 million to three dozen New York State school districts and counties that had invested money through these firms.

The Senate voted today to delete funds for construction of two military bases in Honduras that were originally sought by President Reagan. The action came on an amendment, offered on behalf of the Administration, to cut $4.4 million from the defense authorization bill for the fiscal year 1985. Jeff Bingaman of New Mexico, a Democrat, had been expected to offer the amendment next week, but John Tower, Republican of Texas, brought it to the Senate floor early this morning in a surprise move as the Senate began its second day of debate on the legislation. Meanwhile, the latest large-scale military exercise involving United States, Honduran and Salvadoran troops ended today and as a result, American officials said, the number of American servicemen in Honduras will be reduced from 1,700 to 700. The officials said no new large-scale exercises were scheduled in Honduras between now and the Presidential elections in November. (Page 3.)

A resurgent economy, a strong dollar and plentiful gasoline are pointing to a big travel summer for Americans at home and abroad, according to government and industry experts. Visits by foreigners to the United States are also expected to reverse a recent downward trend and to rise slightly this year, despite weakening currencies. ''This is going to be an incredible year for Americans overseas,'' said Vivian Deuschl, special assistant to the Under Secretary of Commerce for travel and tourism. The number of new passports issued this year is expected to be 4.7 million, a record, constituting a 12 percent rise over last year's total, which in turn was up 16 percent over 1982, according to the State Department. A record of 599,961 passports were issued last month alone, up 53 percent from the year before, officials said.

Text of statement is on page 6. LONDON, June 8 - Leaders of the seven major industrial democracies called today for ''reasoned dialogue and negotiations'' to resolve conflicts, but they disagreed over a new appeal to the Soviet Union to resume nuclear arms talks. On the second day of their talks at the economic summit conference, the leaders issued a 500-word Declaration on Democratic Values, affirming belief in freedom, equality and progress. American officials expressed disappointment, however, that the statement fell short of their hopes for a specific declaration on negotiating with Moscow.

After a roller-coaster primary campaign, Senator Gary Hart today determinedly pursued plans for winning the Democratic Presidential nomination. But his aides stressed his equal determination to emphasize issues and minimize any discord with Walter F. Mondale. ''He recognizes it's a long shot and will not do anything to hurt the party,'' said his adviser, Patrick H. Caddell. ''But there are other reasons to stay. He represents a large constituency and there are issues and processes that are important to him.''