Radio broadcast .. (1922-30)

RADIO BROADCAST NEWS SECTION. Financial Notes Griggsby-Grunow's stockholders are smiling these days. Earnings are running in excess of $1,000,000 a month net, or at the rate of $30 a share, according to W. C. Grunow, vice president. Gross sales for the ensuing twelve months will reach 100 million dollars compared to 49 million last year. The capital stock has been increased from 500,000 to 2,000,000 shares; the shares have been split up four-for-one to stockholders of record on August 16. Polymet has increased its capitalization from 60,000 to 300,000 shares of no-par value stock and the stock which is out- standing at present has been split up three- for-one. The new stock has been placed on a $1.00 annual basis payable quarterly. Slock dividends at the annual rate of 4 per cent, have been declared, They begin on January 1, 1930 to all stockholders of record on Dec. 20, 1929. At the first annual meeting the following Board of Directors was re-elected: Carl L. Schmidt, Edmund J. Sampter, Otto Heineman, Foster G. Smith, Judge Hadley Howd, Otto Paschkes, and Nathaniel E. Greene. Dubilier reports a net profit for the year ending June 30 of $169,999. This is equal to 56 cents a share on the 304,150 no-par- value shares outstanding. This is to be compared to a net loss of $131,356 in the preceding year. Radio Products Cor- poration, formed by the Shultz Machine Company, Inc., will acquire the as- sets and business of Vac- uum Tube Products. The output of this company is B.F.Dulweber some 2,000,000 radio tube Supreme I nst. parts as well as tube manu- Corp. facturin<* equipment sold to prominent tube manufacturers. To fi- nance this purchase 50,000 shares of com- mon stock have been offered to the public through two New York houses at $36.50 a share. Ultimately 100,000 shares will be outstanding of a total capitalization of 200,000 shares. Sparks-Withington's success for the past year is shown in the report of opera- tions for the year ending June 30. A net income of $2,510,322, which, after pre- ferred dividends requirements have been deducted, is equal to $14.56 a share on 168,690 shares, has been reported. This is compared to a net income of $1,212,605 or $8.03 a share on 149,280 shares for the previous year. The Cardon-Phonocraft Corporation has been organized to take over the prop- erties of Cardon Corporation and Pho- nocraft Corporation, manufacturer of vacuum tubes and automatic phonograph- radio combination. Sale of 100,438 shares of stock at $24 has been consummated by W. E. Hutton & Co. General Instrument Corporation stock has been offered through two Chicago brokers in units consisting of one share of Class A and one share of Class B. The price was $22.50 per unit. The Atlas Stores Corporation, of Phila- delphia, have completed arrangements for the acquisition of City Radio Stores and Davega. This will bring the number of stores in the Atlas chain up to 69. An issue of 50,000 shares of stock convertible into common will probably be made, bringing the total number of shares up to 300,000. Tube Prices Increase New prices on several types of tubes have been announced by a number of tube manufacturers. These are increased prices and in- volve the following types: 200A .... $4.00 240 11 . 12 . uv 199 ux 199 120 3.00 3.00 3.00 2.75 2.50 3.00 Last year the combined earnings were $1,400,000. Wextark Radio Stores, Inc., shows sales for the seven months of the present year to June 30 of $7,049,856 and net earnings of $730,647. This is a holding company in part and owns or controls through direct or stock ownership the following compa- nies: Wextark Radio Stores, Inc., Columbia Radio Corp., Walthal Electric Corp., Duo- vac Radio Tube Corp., Chicago Salvage Stock Stores Inc., Allied Radio Corporation, as well as a loud speaker manufacturing corporation and jobbing companies. Acoustic Products' stockholders have approved a plan of recapitalization which involves exchanging preferred stock for common on a basis of eight shares of com- mon for one of preferred with an additional two shares of common in consideration of waiver of dividends arrearing on each share of preferred, making in effect a 10 for 1 exchange. Common stock has been increased to 1,500,000 shares. Stock- holders will probably be offered the right to subscribe to 300,000 of the new shares. The Temple Corporation, to provide ad- ditional funds for expansion, has offered holders of preference stock rights for addi- tional stock at $30 per share. At the pres- ent time 35,000 shares are outstanding. The DeForest Radio Company hasoffered to purchase all outstanding sharesof Jenkins Television through an exchange of shares on the basis of 1 for If of Jenkins. If the offer is accepted DeForest must issue 570,000 new shares, bringing the total to 3,570,000. Distributors Appointed KELLOGG: A factory branch with F. W. Lorenz in charge has been established in the Cleveland territory for direct distribu- tion to dealers. Office and warehouse space have been leased at 1531 West 25th Street, Cleveland. PmLco:The May Distributing Corpora- tion represent Philco in the New York area. D. W. May is president. STERLING: Superior Distributors, Inc., are exclusive distributors for Sterling Con- certone Receivers in the New York Metro- politan area. The Sterling line is on display at 154 West 52 Street adjacent to the company's offices at 150 West 52 Street. SONORA: Announcement is made by this company of the appointment of the H. P. Schade Company, 1329 North 15 Street, Philadelphia, as distributors of Sonora Radios and the Sonora Radio-Melodon. KENNEDY: This company recently an- nounced the appointment of the following distributors: Reibold, Inc., of Bismark, N. D.; Clinton Paper Company, of Clin- ton, Iowa; The Northland Electric Supply Company, of Minneapolis, Minn.; Hafer Supply Company, of Joplin, Mo.; Carroll Electric Company, Inc., of Washington, D. C. KOLSTER :The Commercial Electric Com- pany was recently appointed distributor for Kolster and Brandes receivers. The Commercial Electric Company recently moved to its location at 14 North Erie Street, Toledo, Ohio. TRIAD: Recent distributors appointed by the Triad Manufacturing Company in- clude the Beaudette and Graham Com- pany, of Boston; Stuyvesant Electric Company, of New York City, and Lehr Automotive Supply Company, of New York City. EDISON: Roy S. Dunn, western sales manager of Thomas A. Edison, Inc., re- cently announced the establishment of Renier Brothers, Dubuque, Iowa, as a distributor of Edison radios, phonographs and records. The new Edison distributor will serve dealers located in northwestern Iowa, southwestern Wisconsin and north- western Illinois. New Equipment Ships 580 Radio Receivers per Hour By means of a carousel convey- or, radio receiving sets can be car- ried to waiting freight cars at a rate of 580 per hour at the new addition to the plant of the Cros- ley Radio Corpor- ation, Cincinnati, Ohio. Three floors of the eight-floor addition have been finished and are in operation. NOVEMBER 1929 • 35