This article is from the Programming VCOMM FAQ, by email@example.com (Taed Nelson) with numerous contributions by others.
There is a Microsoft Knowledge Base article on this topic:
How to Monitor or Intercept COMM Data Traffic in Windows 95
ID: Q141230 CREATED: 13-DEC-1995 MODIFIED: 14-DEC-1995
[It is not on the January 1996 Library CD, so check the VCOMM archive