Television digest with electronics reports (Jan-Dec 1953)

10 Financial & Trade Notes: First management changes resulting from ABC-UPT merger into new American Broadcasting-Paramount Theatres Inc. (Vol. 9:7), as announced formally this week by president Leonard K. Goldenson, elevate Robert H. O’Brien from UPT secy.treas. to financial v.p. & secy, of parent AB-PT, with the added job of executive v.p. of the ABC div. He has already moved into ABC offices, where he is working with Robert Kintner, now president of the ABC div. Robert M. Weitman, ex-UPT v.p., becomes ABC v.p. in charge of programs & talent. Earl Hudson, president of subsidiary United Detroit Theatres, goes to Hollywood as v.p. in charge of ABC western div. John Mitchell, mgr. of WBKB, Chicago, becomes v.p., reporting to Slocum Chapin, v.p. in charge of network’s owned TV stations. John H. Norton Jr., ABC central div. v.p., Chicago, continues to supervise ABC-TV and Radio networks and AM station WENR, and Wm. Phillipson is named gen. mgr. of TV-radio operations, western div., under v.p. Earl Hudson. Simon Siegel, ex-UPT comptroller, is now AB-PT treas.; J. L. Brown, now comptroller & asst, treas.; Edith Schaffer, asst. secy. Foregoing are first major moves among numerous reassignments and appointments to be made, involving concomitant changes in theatre operations. At radio station WSMB, New Orleans, half owned by AB-PT subsidiary in partnership with Maison Blanche dept, store, Jack O’Meallie has succeeded Harold Wheelahan as mgr. * * * * Among officers’ and directors’ stock transactions reported by SEC for Dec. 11-Jan. 10: James D. Shouse bought 700 Avco, holds 6050; Edgar M. Batchelder sold 1000 CBS “A”, holds 10,450; Bruce A. Coffin sold 2000 CBS “A”, holds 11,383; Lloyd H. Coffin sold 2000 CBS “A”, holds 11,250; Max Abrams bought 1500 Emerson (Aug. & Dec.), holds 155,140 personally and through foundations & trusts; Thomas B. McCabe bought 100 GE, holds 200; Ruby M. Ballard sold 500 Muntz TV, holds 600; T. E. Courtney sold 350 Muntz TV, holds 40,000; Percy L. Schoenen exercised right to buy 350 Olympic (Oct.), holds 5500; James O. Burke sold 100,000 Standard Coil, holds 238,910 personally and through Tripp Bldg. Corp.; Robert E. Peterson sold 50,000 Standard Coil, holds 139,955; Glen E. Swanson sold 100,000 Standard Coil, holds 303,160. In motion picture and allied fields these transactions were reported: Abraham Montague acquired 10,250 Columbia from distribution (Oct.), holds 10,250; Peter Colefax bought 1000 National Theatres (Nov.), holds 1000; Elmer C. Rhoden bought 8000 National Theatres, holds 18,925 personally and through holding companies; David J. Greene bought 4200 RICO, holds 67,750 personally and through trust, partnership & family; Jack L. Warner bought 17,100 Warner Bros., holds 413,848 personally and through trust. • * * * RCA and Emerson Radio have applied to N. Y. Stock Exchange to list added shares of capital stock upon official notice of exercise of stock options held by executives. RCA directors in 1950 granted Chairman Sarnoff an option to buy 100,000 shares at $17.75 a share, President Folsom 50,000 at same price, which was market as of Nov. 2, 1950 closing (it’s 25-26 now) ; options are exercisable in whole or part up to Nov. 3, 1955. Emerson directors in 1951 approved stock option plan for officers and employes holding less than 10% of capital stock, involving 100,000 shares and exercisable up to Feb. 15, 1957. International Resistance Co. reports net income of $577,877 (44 1} a share on 1,325,163 shares) on total income of $11,989,681 for 1952, compared with $754,675 (57<t) on $13,194,514 in 1951. Sales for 1953 so far are reported running 20% ahead of last year. By far the finest public service contribution of the joint broadcasters-manufacturers — the annual Voice of Democracy Contest — came off with a bang again this week, with 4 high school students as co-equal winners of $500 cash awards, plaques, trips to Washington and historic environs, visits with President Eisenhower and V.P. Nixon, etc. At Washington luncheon Feb. 18, awards were presented by Senator Margaret Chase Smith (R-Me.) in presence of Supreme Court Justices Clark and Minton and other notables. In addition, RTMA contributed TV receivers to each of the 4 youngsters (out of more than 1,000,000 participants) whose essays on “I Speak for Democracy” were adjudged best; plus a Philco set to U. S. Commissioner of Education McGrath for his cooperation. Managed by NARTB’s Robert K. Richards and RTMA’s James Secrest, the contest is also sponsored by U. S. Junior Chamber of Commerce, has attracted an increasing number of entrants each of its 6 years. Winners, who read excerpts of their 5 min. scripts, were Robert Davis, Maui, Hawaii, who got a Westinghouse set; Frank Lammadee, San Marino, Cal., Packard-Bell; Thomas J. Walsh, Washington, D. C., Stromberg-Carlson ; Adelaide Nacamu, Peekskill, N. Y., Sylvania. More community antenna systems in Rocky Mountain area are in the works, in addition to major project for Casper, Wyo. (Vol. 9:7). A $100,000 project to serve Tiinidad, Colo, has been promoted by Cal Perley, owner of KCRT there, backed by Denver capital. First service will come from KKTV, Colorado Springs, via pickup tower on 7500-ft. Signal Mountain, 3-mi. north of Trinidad. Some 1000 subscribers are expected initially, with ultimate of 2-3000 visualized. Service from KDZA-TV & KCSJ-TV, Pueblo, will probably be added later. Promoters of the Casper project expected to attract 3-6000 subscribers. Phone company will supply microwave bringing Denver signals. Target date for start is Sept. 1. Casper group also plans projects for other Wyoming towns. Consulting engineer on Trinidad and Casper systems is T. G. Morrissey, Denver. General Tire’s TV-radio profits rose in 1952, while earnings from company’s other operations declined despite record sales. Financial statement for year ended Nov. 30, 1952 shows subsidiary General Teleradio (WOR & WORTV, New York; KHJ & KHJ-TV, Los Angeles; WNAC & 'WNAC-TV, Boston, and Yankee & Don Lee networks), made profit of $949,342, compared with $773,827 for fiscal’ 1951. Excluding TV-radio operations, company reported for fiscal 1952 net sales of $185,914,247, profit of $6,147,918 ($4.76 a share) vs. 1951 sales of $170,771,521, profit of $7,016,640 ($5.46). Dividends: Philco, 40<? payable March 12 to stockholders of record Feb. 27; Hazeltine, 25< ? March 16 to holders March 2; Oak Mfg., 35^ March 16 to holders March 2; Erie Resistor, 20«( March 16 to holders March 9; Television Electronics Fund, 12<# Feb. 28 to holders Feb. 18; I-T-E Circuit Breaker, 56% <f March 5 to holders Feb. 20; CBS, 40tf March 6 to holders Feb. 20; Sprague Electric, 40<* March 14 to holders Feb. 27; Hammond Instrument, 50^ March 10 to holders Feb. 25; Clevite Corp., 50c March 9 to holders Feb. 27; Loew’s, 20^ March 13 to holders March 31; Capitol Records, 10?1 April 1 to holders March 15; Standard Radio “A” & “B,” 10tf April 10 to holders March 20. Gabriel Co. reports 1952 sales of $17,888,893, some $2,000,000 greater than $15,795,488 in 1951, but net profit dropped to $13,927 (21V a share) from last year’s $591,992 ($8.74). Federal income taxes were $7200 in 1952 and $417,120 in 1951.