Television digest and FM reports (Jan-Dec 1949)

Trade and financial notes: Philco’s 50^ quarterly dividend payable Dec. 12 to holders of record Dec. 3 (making year’s total $2 per share) is accompanied by 9-rao. sales and earnings report (Vol. 5:44) and statement by president Wm. Balderston noting “sales and earnings in the fourth quarter are running at a most satisfactory rate, and operating results in this 3-mo. period should be in excess of the total earnings for the first 9 mo. of the year” . . . Admiral declares dividend of 20^ per share on new common, payable Dec. 31 to stock of record Dec. 16; this is equal to 40^ on old shares, split 2-for-l Dec. 7 . . . Webster-Chicago president R. F. Blash and Mrs. Blash agree to public sale of undisclosed amount of their common stock holdings thru Eberstadt & Co. and Shillinglaw, Bolger & Co., Chicago; SEC registration will be filed shortly , . . Raytheon enlarging power tube plant in Waltham, so it will have 145,000 sq. ft. when completed in April 1950 . . . Admiral engages Steve Hannagan & Associates for publicity and public relations; Neil Regan assigned from Las Vegas office to account . . . Westinghouse reports it’s meeting only 70% of pre-holiday TV demand, Sunbury (Pa.) plant now at capacity. TV credited partly with improved showing first 9 mo. of this year: though sales were down to $710,360,596 from $712,984,144, net was $48,964,408 ($3.64 per share) vs. $37,296,345 ($2.74) same period last year. First annual report of Television Fund Inc. (Vol. 5:4, 8, 24, 34, 42) , dated Oct. 31 and released this week, discloses net assets of $2,780,796 and capital shares of 297,980 vs. $274,983 and 30,158 shares as of Oct. 31, 1948. Portfolios of $2,412,875 in common stocks as of annual report’s date (cost, $2,327,648), listed as follows: Admiral 4000 shares, Aerovox 1000, American Bosch 4000, ABC 2000, American Phenolic 1000, Bell & Howell 700, Burgess Battery 1200, Capitol Record 3000, CBS 4000, Consolidated Engineering 1000, Corning Glass 1000, Cutler-Hammer 4000, Walt Disney 2600, DuMont 7000, Eastman 3000, Emerson 6500, Fairchild Camera 1000, Fansteel 2000, GE 3600, General Instrument 2000, General Precision 3500, Hoffman 3000, IBM 600, IT&T 8000, Joslyn Mfg. 300, Loew’s 4300, Magnavox 2000, P. R. Mallory 1000, Minneapolis-Honeywell 2400, Motorola 4000, Muter 2000, National Union 1000, Oak Mfg. 2000, Owens-Illinois 1000, Paramount 5000, Philco 3000, Pittsburgh Plate Glass 1000, RCA 10,600, Sperry 1000, Sprague Electric 1500, Sylvania 3200, 20th Century-Fox 3500, Webster-Chicago 2300, Westinghouse 6000, Zenith 1000. Hoffman Radio’s earnings for 1949 will run about $950,000, according to president H. L. Hoffman. Our report on first 9 mo. earnings (Vol. 5:48) was typographical error. Mr. Hoffman now reports net earnings from radio corporation were $383,742 for first 10 mo., which when combined with sales corporation was increased to $692,592. Non-radio firm was successful bidder on main Majestic plant in Elgin, 111. (Vol. 6:49), divulged Dec. 7 when Chicago bankruptcy court approved Chicago Rawhide Mfg. Co. as purchaser of 70-acre plant for $1,250,000. Garod’s $70,000 bid for trade marks, patents, cabinet molds, etc. was also accepted. First NLRB hearing, to determine whether election should be held to find out if new CIO-sponsored lUE or old UE represents electrical workers, is scheduled Dec. 19 at Dayton (0.) for General Motors employes. More than 26,000 GM workers are involved. Decisions would have bearing on possibility of elections throughout industry. lUE wants elections, UE doesn’t. Columbia Records Inc. putting on big drive for LP, spotting one-hour Columbia LP Parade on 9 CBS-AM stations Sunday, Dec. 11 & 18, 4:30-6:30. Trade personals: Ray Cosgrove, ex-Avco, says there’s “absolutely nothing” to published stories he’s dickering to join Montgomery Ward . . . Commodore John D. Small, former executive officer of War Production Board, then Administrator of Civil Production Administration, recently president of Maxon Food Systems, joins Emerson as executive aide to president Ben Abrams . . . David T. Schultz, v.p.-treas. of Raytheon since its formation in 1928, elected to Raytheon board . . . Sidney A. Joffee, exPhilharmonic Radio Corp., new merchandising v.p. of Pathe Television, largely owned by Air King ... Jeff Wilson promoted to gen. sales mgr. of Columbia Records Inc., Ken McAllister named adv.-promotion director. Remington Rand’s industrial TV equipment (Vericon) doesn’t get much publicity, but company claims it gets biggest chunk of business. It reports installations at 14 Army Ordnance plants, at North American Aviation Co., Aerojet Corp., Los Alamos (atomic energy), among others. It copped off U of Kansas for first medical school setup (Vol. 5:42). Costs vary greatly, each installation being tailor-made, but $15,000 is typical, including 6x8-ft. projection unit. System was used at this week’s American Medical Assn clinic in Washington, with receiver at Armory picking up signals (4-mc video) microwaved from Gallinger Hospital operating room. Quality seemed good for projection that large. Company representative William Norvell says they’ll undoubtedly go to color sooner or later, probably CBS system. He says they’d like to get big-screen color and “have a few ideas along that line.” AMA itself sponsored demonstrations, paying costs. An indication of uhf coverage in rough terrain is given by Westinghouse study of 508-mc, 200-kw pulsed transmission from parabolic antenna 640 ft. above average terrain on tower of KDKA-FM, Pittsburgh. Report to FCC, based on 288 fixed point measurements in southeast direction, shows that Class A coverage is obtained out to 6% miles. Class B out to 12% — compared with FCC’s calculations of 12 and 17 miles, respectively, in its proposed standards (Supp. 64). Yet, calculated on 360 miles of mobile measurements. Class A service runs out to 9% miles. Class B to 11%. Report notes that 400 kw would push Class B service to 28 miles. Westinghouse engineers are reluctant to generalize, but they feel coverage appears better than expected in that terrain. An industry-wide research organization to compile figures on TV production, sets in use, consumer preferences, etc. was projected at New York meeting this week of manufacturer representatives with NAB, BMB, RMA, Dept, of Commerce. GE’s L. K. Alexander was chosen chairman; Philco’s Wm. Rinkenbach, head of committee on manufacturers’ production; Sylvania’s Frank Mansfield (also RMA research chairman), head of committee on distribution count. Set makers represented at meeting were Admiral, Crosley, DuMont, GE, Motorola, Philco, RCA, Stromberg-Carlson, Sylvania, Zenith. Zenith reports profit for 6 mo. ended Oct. 31 totaled $1,066,526 ($2.17 a share) after goodwill writeoff of $502,752 vs. $984,536 ($2) for same 1948 period. Quarter ended Oct. 31 netted $895,581 ($1.82) vs. $879,566 ($1.79) for same 1948 period. November shipments were reported highest in company’s peacetime history. “Antidote for Dial-Hopping” titles article in Dec. 10 Saturday Revietv of Literature, telling story of Ira Hirschmann’s WABF, New York FM outlet devoted to good music “estimated to have close to 200,000 listeners . . . tuned in an average of 3.8 hours a day.” Writer George Kent says sponsors tone down commercials, are “actually fighting to buy time,” and station is profitable. Article is due to be excerpted later in Readers Digest.