Broadcasting (Apr - June 1960)

of antitrust violations. To overcome this, EIA late last year asked the FCC to sponsor NSRC as a government constituted study group, similar to the industry-sponsored Television Allocations Study Organization. The FCC refused to do this, but later asked EIA to have the committee supervise technical tests. Mr. Wintringham is acting chairman of the full committee. 3M OPTIMISTIC Stockholders told record year ahead Minnesota Mining & Mfg. Co., encouraged by record first-quarter business and the addition of new advertisers and affiliates by its newly-acquired Mutual radio network, is glowing with optimism over the remainder of 1960. 3M officials reported at the company’s annual stockholders’ meeting Monday that sales amounted to $ 128,669,218 during the first three months, compared with $115,172,320 in the first 1959 quarter. Earnings were $16,217,911 (equal to 95 cents a share) as against $13,956,520 (or 82 cents a share) last year. Herbert P. Beutow, 3M president, said the figures include operations of foreign subsidiaries fully consolidated for the first time in the 1959 annual report. Save for Canadian and export, foreign operations previously had not been reflected. Sales at the start of the second quarter are reflecting adjustments in some industries served by 3M, with expectancy of improvement in the remaining eight months of 1960 and sales continuing above 1959 levels, he added. The annual stockholders’ meeting was highlighted with reports on 3M’s acquisition of MBS (Broadcasting, April 25) and a demonstration of its new tape cartridge system for home recorded music, to be available commercially sometime next year, plus a vote on a proposed three-for-one stock split. Stockholder approval of the threefor-one split in common stock, to become effective with filing of an amendment in Delaware May 20, was accompanied by board action. Directors voted to increase the quarterly dividend, payable June 12, to 45 cents per share on all shares outstanding on May 20, which is 15 cents on split shares. It’s equivalent to an annual rate of $1.80 per share on present shares outstanding compared with $1.60 per share. New dividend is equal to annual rate of 60 cents per share on split shares. There are 17,058,417 shares of common stock outstanding now compared with 17,007,273 for the quarter ended March 31. Mr. Beutow reiterated to stockholders that 3M bought Mutual to perform a public service but that the addition of new major advertisers and affiliated stations appears to justify 3M’s faith the radio network also will “return a profit.” He denied speculation that the company plans to use MBS to promote its products through heavy advertising schedules. His explanation to stockholders: “Our directors have felt for some time that we should direct some of our energies and resources to strengthen the free enterprise system under which we have grown and prospered. Mutual in our opinion provides such an opportunity. Its highly-regarded news and public affairs service is a vital part of our nation’s free press and communications system. “. . . Our divisions and subsidiaries continue to be responsible individually for their advertising programs and it is up to them whether they advertise on. Mutual or on any other networks.” In fact, Mr. Beutow noted, 3M recently signed, for its Thermo-Fax products, with NBC-TV for co-sponsorship of the National Open golf tournament to be telecast June 18. 3 M’s tape cartridge system was demonstrated to stockholders by Dr. Peter C. Goldmark, president of CBS Labs, with which 3M contracted initial research. Ease of handling, comparable to that of a conventional record player, and quality of professional tape equipment reproduction, are among the features of the system. The three-for-one stock split would increase the number of authorized shares from 25 to 75 million and outstanding shares from about 17 to 51 million. There were 17,007,273 shares of common stock outstanding for the first quarter ended March 3 1 compared with 16,948,902 in a similar 1959 j period. Total number of 3M shareholders exceeds 50,000. 3M stock closed Monday (May 9) on the New York Stock Exchange at 191.6 and Midwest Stock Exchange at 191.4. The company’s sound “cash position " will enable 3M to carry out a $50 mil1 lion expansion program to keep pace with sales growth, Mr. Beutow told stockholders. New plants are underway in this country and abroad. Tight squeeze ■ Using a sound-onfilm camera capable of fitting into cramped quarters that would not accommodate many cameras is Ralph Mayher (1), chief cameraman of KYW-TV Cleveland, here interviewing Lt. George E. Peterson Jr., USN, commander of a training submarine. The completely transistorized model 400VF camera weighs only 1 8 pounds and has a 1 2-pound over-theshoulder power pack (some 25 pounds less than standard SOF gear). It has a 400-foot-capacity film magazine and optical sound track. Total cost: $2000. Operating costs are reportedly nominal, primarily involving a $1 replacement battery every 10 hours of filming. Mr. Mayher made some of the improvements incorporated into the latest model, which is released by Television Specialty Co., 350 West 31 St., New York 1. With the high-speed lens, the available light is sufficient through use of Dupont ASA 160 film. Tri-X with a 320 rating can be used. A Hill automatic processor is also used and film may also be used reversably, printing color or black and white. 90 (EQUIPMENT & ENGINEERING) BROADCASTING, May 16, 1960