Television digest with electronic reports (Jan-Dec 1952)

11 Electronics Reports: Govt, dashed hopes of consumer goods manufacturers for another substantial supplemental allocation of steel in first quarter 1953 when NPA chief Richard McDonald announced this week that preliminary examination of steel mill order books shows virtually no additional space available. First quarter steel allotments for TV-radio and other civilian goods manufacturers are lowest ever made by NPA, despite supplemental allocation announced last month (Vol. 8:44-46). DPA is scheduled to decide next week on second quarter metals allocations, expected to be considerably more generous than those for first quarter. New advisory group on reliability of electronic equipment, formed by Defense Dept. Research & Development Board, will be headed by Crosley’s Lewis M. Clement. Other members are Frederick J. Given, Sandia Corp., Albuquerque, N. M., and Stuart L. Bailey, Washington consulting engineer. Named as consultants were Joseph A. Chambers, Motorola Research Lab, Phoenix, Ariz., and Albert F. Murray, Washington consulting engineer. C. W. Potter, v.p.-gen. mgr. of Indiana Bell, on loan to NPA Communications Equipment Div., will succeed Richard W. Murphy as asst. NPA administrator for Textile, Leather & Specialty Equipment Bureau, responsible for administration of Electronics Div. and 9 other NPA divisions. Murphy returns to National Cash Register Co. when Potter takes over. Chatham Electronics Corp., Newark, opens new plant in Livingston, N. J. to employ 200 in making hydrogen thyratron tubes for defense applications. INDUSTRIAL TV field has new entry in Telescreen Corp., 36 Grove St., New Canaan, Conn., headed by William L. Norvell, formerly in charge of Remington Rand’s now defunct TV dept. Mr. Norvell says Telescreen specializes in the engineering, development and manufacture of “complete color and monochrome industrial TV systems.” Another firm specializing in industrial TV systems, Dage Electronics Co. (G. H. Fathauer, president), 69 N. Second St., Beech Grove, Ind. is now manufacturing compact 18-lb. self-contained industrial camera chain, utilizing RCA Vidicon tube, at basic price of $2850. Dage^s lightweight camera proved its mettle at Dec. 10-12 Computer Conference & Exhibition at New York’s Park Sheraton Hotel, where it was used to relay technical lectures and demonstrations from ballroom to 8 standard TV receivers in meeting room 2 floors above. Conference was sponsored by AIEE, IRE and Assn, for Computing Machinery. Other manufacturers now making industrial TV equipment: Diamond Power Specialty Coi*p., Lancaster, 0.; DuMont; General Precision Laboratory; Industrial Television Inc., Clifton, N. J.; Radio Receptor Co., Brooklyn; RCA; Television Utilities Corp., New Hyde Park, N. Y. Directory of manufacturers of industrial TV equipment will be a feature in our TV Factbook No. 16, due off presses Jan. 15 Arcturus Electronics Inc., Newark, manufacturer of CR tubes, merges into General Electronics Inc., Paterson, N. J., under presidency of Delbert E. Replogle, onetime Raytheon executive who founded General. Frederick D. Gearhart Jr., president of Gearhart & Otis, bankers, is chairman; Nathan E. Brown, secy.; Charles G. Hampson, gen. mgr. & director; Bruce D. Replogle, director. Zetka Television Tubes Inc., Clifton, N. J., filed Chapter XI petition in Federal district court in Newark this week following debt claim of $5000 by Victory Container Corp. Liabilities were listed at $177,455, assets $154,500. Financial & Trade Noies: “Another tremendous boom” is predicted for the TV industry by Hallicrafters president Wm. J. Halligan, who said it is “not a flash in the pan but a continuous growth boom.” He forecast 7,200,000 TVs will be made in 1953, comparing with the record 7,500,000 of 1950 and about 6,000,000 this year. In 1954, he said, the industry will make 8,000,000 sets. Next year (1953) will be “the first good year of replacement selling.” Within 5 years, he foresaw more than 500 vhf stations and 2000 uhf. Halligan spoke at Dec. 8 annual stockholders meeting, at which he announced sales for first quarter of current fiscal year ended Nov. 20 were $13,000,000 with profit of $376,087 (45.6tf per share) after taxes. This compares with $10,058,000 sales and $86,384 (10%(r) profit for like period last year. First quarter earnings, in fact, nearly equaled the 45.9^ a share earned for all of last year, he observed, and firm may resume dividends next spring. With November sales alone running $4,500,000, Halligan said fiscal year indicates 15% increase over preceding year’s record $42,000,000, and per share earnings 3 times greater. “Actually,” he said, “we expect to do even better.” * * * * Among officers’ and directors’ stock transactions reported by SEC for Oct. 11-Nov. 10: Wm. A. Blees exercised option to buy 1000 Avco (March 1951), to sell 1000 (Jan. 1952), exchanged 1000 (March 1951), holds 19,000; Kenneth E. Ryan bought 100 Cornell-Dubilier, holds 100; John H. Briggs bought 5197 Gabriel, holds 35,885 common, 2750 pfd.; R. Bowling Barnes & Heywood Fox, through Fox Wells & Co., bought 28,295 Olympic, hold 123,170; James T. Buckley gave 193 Philco as gift, holds 19,594; Thomas A. Kennally gave 15 Philco as gift, holds 18,047; A. H. Gutseh bought 1000 Remington Rand (Sept. 1952), holds 3025; Harry A. Hicks bought 750 Remington Rand, holds 1950; Albert M. Ross exercised option to buy 4000 Remington Rand, holds 6599; Jeffrey S. Granger sold 400 Sentinel (Sept. 1952), holds 2500; John Sanderson received 2000 Sperry under stock option plan, holds 3000; Henry C. Bonfig bought 50 Zenith, holds 50. In motion picture and allied fields these transactions were reported: Harry Cohn gave 100 Columbia as gift, holds 125,178 common, 400 pfd.; Charles C. Moskowitz bought 1000 Loew’s, holds 4500; Elmer C. Rhoden bought 2100 National Theatres, holds 7925 personally and through holding companies; Sherrill C. Corwin sold 10,000 RKO, holds 209,884; David J. Greene bought 1800 RKO, holds 64,150 personally and through partnership, trust and family; A. Louis Oresman bought 1900 RKO, holds 30,000; Walter P. Marshall bought 50 United Paramount Theatres, holds 175; Alfred E. Daff bought 1000 Universal, holds 1000 common, 100 pfd. * * * * Standard Coil Products Inc., through F. Eberstadt & Co., on Dec. 11 offered new issue of $5,000,000 of 5% convertible subordinated debentures and 250,000 shares of common. Maturing Dec. 1, 1987, the debentures are priced at 100% and interest and are convertible into common at $18.50 on or before Dec. 1, 1957, at $20 thereafter to Dec. 1, 1962, $21.75 thereafter. The $1 par common is priced at $16.75. Proceeds of new financing will be used to retire $3,000,000 in bank loans, for current and contemplated expansion, including that of subsidiary Kollsman Instrument Co. Proceeds from sale of the common shares will revert to 3 principal stockholders, who will continue to hold approximately 48% of common. Muntz TV reports net loss of $82,536 for 6 months ended Sept. 30 on sales of $20,009,695. No comparable figures are available, but for fiscal year ended last March 31, firm earned net income of $898,004 (80!£tf a share) on gross revenues of $32,923,661.