Television digest with electronics reports (Jan-Dec 1958)

r 15 I Financial Reports; yt /^FFICERS-&-DIRECTORS stock transactions as re^ ported to SEC for Jan.: American Broadcasting-Paramount — jj John A. Coleman bought 500, holds 1000. Avco — Herman H. Kahn r bought 1500, holds 2500; John A. McDougald bought 9000, holds I 10,000; Matthew A. McLaughlin bought 400, holds 1075; Wm. I. Myers bought 500, holds lOOO. C&C TV— Matthew Pox bought 7900, sold 1000 by pledgee, holds 617,200 of which 609,300 are collateral against loans. Decca Records — Samuel H. Vallance sold 2500, holds 1 500. DuMont Labs — Frederick H. Gutennan bought 100, holds 400; Percy M. Stewart bought 900, holds 1000. Emerson — Benjamin ( Abrams bought 9400, holds 261,766 personally, 29,239 in trusts. 65,001 in foundations; Max Abrams bought 3700 and 600 more for trusts, I holds 100,909 personally, 13,355 in trusts, 65,001 in foundations. GE — W. R. G. Baker exercised option to buy 683, holds 12,974; John W. Belanger transferred 100, sold 1000, holds 11,163; Wm. R. Herod exercised option to buy 1930, holds 10,006; H. A. MacKinnon I exercised option to buy 200, holds 6427; Francis K. McCune bought ; 1125, holds 7276; Harold A. Olson bought 297, holds 2307; Philip D. j Reed bought 3300, holds 10,000. Hazeltine — Wilfred M. McFarland ■ bought 100, holds 734; James F. Harrigan bought 100, holds 528. IT&T — J. Patrick Lannan sold 5000 through partnership, holds 5000 in partnership, none personally; Edmund H. Leavey acquired 93 as compensation, sold 25, holds 286; Robert McKinney sold 29,000, holds 1000. Loew’s — Samuel J. Brlskln bought 400, holds 900; George Klllion bought 29,600, holds 30,600; Robert H. O’Brien bought 500, holds . 1000. Magnavox — Frank Preimann bought 1500, holds 54,406. P. R. Mallory — E. L. Nung bought 800, holds 1228. Motorola — Paul V. Galvin sold 300 privately, holds 98,153 personally, 155,580 in trust; Robert W. Galvin sold 200 privately, holds 183,923 personally, 155,580 in trust; Edward R. Taylor bought 500, holds 3560. National Telefilm Assoc. — Robert Westheimer bought 200, holds 400. National Theatres — B. Gerald Cantor bought 15,000 through Cantor Fitzgerald & Co., holds 15,000 in Cantor Fitzgerald & Co., 1000 in First Nevada Corp., 10,000 in Cantor <5c Douglas, 5000 in Jay Stewart Inc., 69,000 personally; E. C. Rhoden bought 1000 through holding companies, holds 53,525 in holding companies, 35,800 personally. Philco— C. F. Stelnruck Jr. sold 400, holds 10,000; Wm. R. Wilson bought 601, holds 15,431. RCA — George Y. Wheeler II bought 100, holds 10,733 personally, 730 as custodian. Raytheon — Ernest P. ! Leatham bought & sold 5000, holds 5838. Republic Pictures — Doug ilas T. Yates sold 1600 through Tonrud Inc., holds 206,337 in Tonrud Inc., 3527 personally; Herbert J. Yates bought 4100, holds 57,160. siegler — Donald Royce sold 1000, holds 13,416. Trans-Lux — Harry Brandt bought 425 and 850 more through foundations, holds 138,000 ■ personally, 24,470 In foundations, 1400 in holding companies, 17,700 for wife; Richard Brandt bought 550, holds 10,650; Jacob Starr bought 500, holds 51,400. Trav-Ler — Joe Friedman bought 8200, holds 221,233. Warner Bros. — Serge Semenenko sold 80,000, holds 80,000 personally, 2000 In trust. Webcor— James F. Raleigh bought 200, holds 305. Westinghouse— Fergus M. Sloan sold 400, holds 751; Leonard B. McCully sold 1073, holds 1300. RKO Teleradio Pictures earned $3,051,426 in fiscal year ended last Nov. 30 vs. $2,530,961 in 10 months of fiscal 1956, when accounting delays prevented inclusion of full year’s figure, according tee consolidated report of parent General Tire & Rubber. Including RKO Teleradio earnings. General Tire’s net income last year was $11,300,I 1155 ($2.12 per share) on sales (excluding Teleradio’s) of $421,165,147 vs. $10,860,129 ($2.30) on $390,471,355 year earlier. Reports and comments available: On Collins Radio and on shift of consumer buying habits (in Dec. & Jan.) from autos to other products, from Hemphill, Noyes & Co., 15 Broad St., N. Y. On Westinghouse, by Orvis Brothers & Co., 14 Wall St., N. Y. P. R. Mallory earned $3,133,000 ($2.04 per share) on sales of $78,055,000 last year vs. $3,065,108 ($2.60) on , $68,915,049 in 1956, according to preliminary report which included operations of Radio Materials Co. Assets of Airdesign Inc., maker of specialty transformers, have been sold by Tele-Video Corp. (controlled by Reeves Soundcraft Corp.) to Joseph M. Baxter, who be » comes pres, of reorganized Airdesign. 1 Dividends: CBS Inc. “A” & “B,” 25<J payable March 7 ' to stockholders of record Feb. 21; AB-PT, 25<* March 15 to } holders Feb. 21 ; AT&T, $2.25 April 10 to holders March 10. Prime contract award to RCA for missile warning network which ultimately will cost about $721,000,000 (Vol. 14:3-4) was announced officially this week by Air Force. At same time, leading subcontractors were named as Sylvania (primarily data processing), GE and Goodyear Aircraft Corp. Under separate contract. Western Electric will provide communications equipment linking new missiledetection system with SAGE early warning network. RCA stated it has been studying missile warning techniques for 2 years, independent of military contracts. Electronics’ share of military spending in fiscal year 1959 will be $4 billion — record 25% of total Defense Dept. $15.8 billion expenditure for major procurement, production, research & development, according to EIA projections based on recently released Federal budget. Federal spending for electronics has increased steadily from 16% in 1951 to 23% in both 1957 and 1958 fiscal years. In 8 years, electronics’ cumulative share has been 19% — $24.7 billion of $128.1 billion defense total. Electronically guided automobile, which travels along special one-mile stretch of road without human guidance, was demonstrated in Detroit Feb. 14 by General Motors. It was first full-sized automatically operated car to utilize principles developed and previously demonstrated by RCA team headed by Dr. Vladimir Zworykin (Vol. 13:42, 14:3) and will be used in development of complete automatic guidance system. Business & Defense Services Administration of Commerce Dept.’s National Defense Executive Reserve adds these electronic industry executives as members: Richard B. Leng, Packard-Bell ; Wm. T. Welsh, Raytheon; Raymond E. Carlson, TungSol; Harry A. Ehle, International Resistance; Walter F. Joyce, Texas Instruments. ♦ * * * Voice of Democracy had undemocratic overtones, U. S. Junior Chamber of Commerce inferred in withdrawing sponsorship of nationwide high school student script-writing contest which it shared jointly with NAB & EIA. JCC charged NAB used contest as a “lobbying device” and that, after carrying the ball at the local level, JCC failed to get due recognition when winners visited capital. NAB called withdrawal “headline grabbing attempt;” EIA termed timing unfortunate since it came just when “public attention was on national winners,” adding that differences could have been adjusted. NAB & EIA plan to continue the 11-year-old contest; JCC plans one of its own. Almost lost in publicity over controversy were 4 national $500 scholarship winners: David Hardacre, Piedmont, Cal.; Sharon McClelland, Portland, Ore.; Ross Fish, Phoenix; Barbara Mary Breaud, New Orleans. GE is so confident FCC will eventually permit dearchannel radio stations to hike power from 50 kw to 500-750 kw, that it has announced plans for building the high power transmitters. Intention is to use GE’s new 50-kw unit as driver for 500-kw amplifier, with still another unit to be added for 750-kw. Paul L. Chamberlain, technical products dept, marketing mgr., said price “will certainly be competitive” — about $400,000. National Telefilm Associates Inc. now owns 100% of KMGM-TV, Minneapolis (Ch. 9), having paid Loew’s Inc. $138,411.36 for its 25% — exactly what Loew’s paid for the stock in 1956 as part of $750,000 deal involving film purchases (Vol. 12:44). NTA acquired 75% control of station last year for $650,000 (Vol. 13:34, 47). Call letters change March 9 to KMSP-TV.