Television digest with electronics reports (Jan-Dec 1955)

15 Financial & Trade Notes: Television-Electronics Fund Inc., reporting total net assets of $96,182,331 (8,489,045 shares) as of April 30, up from $79,231,366 (7,275,625 shares) as of Jan. 31, reports that it added these stocks during the quarter: 9200 shares of Babcock & Wilcox at market value of $869,400; 10,000 Barry Controls Inc. “B,” $145,000; 3000 Bell & Howell, $115,875; 16,200 Bullard Co., $607,500; 9000 Continental Telephone Co., $219,375; 12,000 Elgin National Watch, $250,500; 4000 Lockheed Aircraft, $187,000; 16,100 Pullman, $970,025; 10,000 Servomechanisms Inc., $112,500; 1200 Topp Industries Inc., $7950. Also acquired were 7400 shares of recently offered (Vol. 11:17) Gross Telecasting Inc., valued at $142,450. Fund also holds 800 Consolidated TV & Radio Broadcasters Inc. (Bitner stations), at $20,800, and increased its holdings in Storer Bcstg. Co. from 5000 to 20,000 shares at $505,000. Fund added to holdings in these stocks during quarter: ACF Industries, Addressograph-Multigraph, AllisChalmers, American Broadcasting-Paramount, American Chain & Cable, Beckman Instruments, Borg-Warner, Bulova Watch, Carborundum Co., Chance Vought Aircraft, CBS “A,” Columbia Pictures, Consolidated Electronics Industries, Consolidated Engineering Corp., Cornell-Dubilier, Corning Glass, Curtiss-Wright, Douglas Aircraft, Eastman Kodak, Eaton Mfg., Electric Controller & Mfg., ElectroData, Food Machinery & Chemical, Garrett, General Dynamics, General Tire, Goodyear, Hazeltine, Indiana Steel Products, IBM, International Nickel of Canada, I-T-E Circuit Breaker, Magnavox, Maxson, MinneapolisHoneywell, Minnesota Mining, National Acme, National Cash Register, North American Aviation, Northrop Aircraft, Oak Mfg., Paramount Pictures, Penn Controls, Photon, RCA, Reliance Electric, Remington Rand, Ryan Aeronautical, Square “D,” Stewart-Warner, Taylor Instrument, Texas Instruments, Tung-Sol, 20th CenturyFox, United Aircraft, Walt Disney Productions, Westinghouse Electric, Worthington. Part of holdings were sold in Aerovox, AT&T, Bendix Aviation, Borg (Geo. W.), Clark Controller, Clevite, Cutler-Hammer, DuMont “A,” Emerson Radio, General Con trols, GE, Hammond Organ, International Resistance, Raytheon, Robertshaw-Fulton, Stromberg-Carlson, Technicolor, Thompson Products, United-Carr Fastener, Western Union, Westinghouse Air Brake, Zenith. Having disposed of American Bosch Arma in preceding quarter, it also sold its 1900 shares of American Bosch preferred, 1952 series, retaining in portfolio of preferred stocks Eastern Industries, 75 Giannini, 2000 Raytheon. (For similar report on Oct. 31-Jan. 31 quarter, see Vol. 11:10, p. 13.) 4: « ^ ^ Daystrom-Weston merger (Vol. 11:14) was approved May 17 by stockholders of both companies. Weston stock will be exchanged for Daystrom on one-for-one basis, and Weston will become wholly operated subsidiary of Daystrom. For fiscal year ended March 31, unaudited Daystrom figures show estimated sales of $73,800,000, compared to $62,473,000 preceding year. Net income was $1,690,000 ($2.56 a share) compared to $1,459,000 ($2.33). Weston’s 1954 sales totaled $28,672,800 vs. $32,409,800 in 1953. Net income was $1,056,714 ($2.47 a share) vs. $1,025,930 ($2.40) in 1953. Daystrom pres. Thomas Roy Jones predicted 70% of company’s sales this year will be in electronics, electrical and related field. Reeves-Ely Laboratories Inc. 1954 sales dropped to $35,332,365 from record $39,630,155 of 1953, reports pres. David T. Bonner, but net income went up to $2,295,688 ($2.16 per share) from $1,823,174 ($1.71). Backlog at year’s end was $51,000,000, and working capital was $15,387,430 compared with $12,244,152 at end of 1953. Jerrold Electronics Corp., Philadelphia, major manufacturer of community antenna and master antenna systems, has filed with SEC proposed issue of $2,750,000 of 6% convertible subordinate debentures due 1975 and 200,000 shares of common; underwriting is headed by Van Alstyne, Noel & Co. and Butcher & Sherrerd, Philadelphia. Storer Broadcasting Co. reports net income of $811,989 ($1.44 a share) for first quarter vs. $803,235 ($1.43) in 1954 quarter. Gross revenues were not disclosed. (For 1954 and px’eceding years’ balances, see Vol. 11:15, p. 16.) 1AST TESTIMONY in Lamb case was concluded May 20 ^ after 56 days of hearings extending over 8 months as Toledo broadcaster-publisher-industrialist Edw'ard Lamb reaffirmed from the witness stand “every non-Communist affidavit I ever made” and declared “I do not retract by one iota or comma” any affidavits made to FCC. Actual hearing record — which now contains about 1,500,000 words — won’t be closed until both sides meet with examiner Herbert Sharfman to dispose of certain motions, discuss various stipulations, etc. This shouldn’t take longer than one day. Next step will be for each party to file proposed findings (for which 20 days is permitted by Commission rules), then examiner’s initial decision — likely to take several months — followed by filing of exceptions by both sides, then final decision by FCC. At this week’s hearing, former Attorney General J. Howard McGrath, Lamb’s business partner and attorney, testified on “issue No. 2” in Lamb case — the accusation that bribe had been offered for false testimony against Lamb. McGrath testified that Emmet Lee Wheaton Jr., Toledo, had signed statement that Wm. G. Cummings, selfstyled ex-FBI undercover Communist and FCC’s first witness against Lamb, told him it would be “worth $1000” if he could remember that Lamb had attended the dedication of Communist headquarters in Toledo in 1944. McGrath emphasized that he was not accusing FCC of proposing or condoning an attempted bribe. Proceedings this week also heard Pittsburgh Mayor David L. Lawrence, 32nd witness in the hearings, testify he had known Lamb since 1937 as staunch enemy of Communism, that he first met him in Pittsburgh when Lamb was labor lawyer fighting to keep Reds out of United Steelworkers Union. In a related development, a Federal jury in Washington, deliberating only 20 minutes, found Mrs. Marie Natvig guilty of 3 counts of lying to FBI and FCC officials. Trial did not deal with the truth of what she said about Lamb in either her original or her turnabout testimony. She faces up to 15 years in prison and $6000 fine, was released on bond pending probation report. Her attorney, who argued Mrs. Natvig was “confused” while on stand at FCC hearing, said verdict would be appealed. In summing up to jury, Justice Dept, attorney said she committed “one of the most vicious things she could have done” if she lied in linking Lamb to Communists. He said evidence seemed to show that she did. ■ Sylvania has no present intention of seeking new financing this year, pres.-chairman Don G. Mitchell told Wall Street Journal this week, apparently prompted by inquiries about its atomic energy activity. He said Sylvania is one of leaders in field of atomic fuel & components, under contract with AEG. While this business is not profitable, it isn’t losing either, he said, and over next 5 years he said company’s atomic energy activities could become as big as Sylvania is today (1954 gi’oss: $281,641,987, net $9,480,941, or $2.92 per share).