Weekly television digest (Jan-Dec 1960)

VOL. 16; No. 20 23 Officers-&-Directors stock transactions as reported to SEC for April: Allied Artists. Roger W. Hurlock sold 300, held 19,300. Ampex. T. Kevin Mallen sold 3,990, held 65,600. Henry A. McMicking sold 10,000, held 67,235. Joseph R. McMicking sold 196,000 from trust in private transaction, held none in trust, 450,000 personally. Walter T. Selsted bought 1,500, held 2,626. Amphenol-Borg. J. Frank Leach sold 160, held 860. William H. Rous exercised option to buy 200, held 1,000. Belock Instrument. Donald C. Walton sold 600, held 19,571. Cinerama. Sam Boverman bought 1,000, held 2,000. Hazard E. Reeves sold 12,500 and 5,000 more for sons, held 133,173 personally, 250 for sons in whose shares he disclaimed beneficial ownership. Collins Radio. Robert T. Cox acquired 279 through exchange, sold 1,600, held 2,042. L. M. Schoon exercised option to buy 260, held 620. Consolidated Electronics Industries. John Bentia exercised option to buy 6,250, held 10,000. E. A. Diemand excd. option to buy 125, held 125. Desilu Productions. George Murphy sold 1,000, held none. Emerson. Harold Goldberg bought 200, held 1,753. Harvey Tullo exercised option to buy 1,303, held 8,487. Gabriel. Royal Firman Jr. bought 200, held 1,600. General Dynamics. Vernon M. Welsh sold 1,000, held 8,000. GE. George L. Irvine exercised option to buy 1,612, held 6,395. Gerald L. Phillippe sold 1,185, held 7,427 personally, 750 as custodian. Charles K. Rieger sold 1,166, held 6,826. Harold E. Strang sold 400, held 7,450. Arthur F. Vinson sold 1,134, held 10,731 personally, 466 as custodian. Glenn B. Warren sold 1,000, held 9,331. General Precision Equipment. Edwin A. Link sold 2,000, held 36,811. Herold Radio & Electronics. Morris J. Steelman sold 400, held 82,546. Hoffman Electronics. C. E. Underwood sold 1,600, held 8,400. International Resistance. Walter W. Slocum bought 200, held 300. ITT. Louis T. Rader bought 100, held 100. Paul F. Swantee sold 1,300 (600 listed in amended Dec. 1969 report), held 3,546. C. Douglas Webb sold 600, held 3,599. Lear. Harold C. Andrus received 134 as bonus, held 1,357. Roy J. Benecchi received 177 as bonus, held 2,166. Albus Durham received 157 as bonus, held 1,122. Philip E. Golde received 223 as bonus, held 4,327. T. K. Greenlee received 107 as bonus, held 2,006. Andrew F. Haiduck received 194 as bonus, held 194. William P. Lear bought 22,800, received 493 as bonus, held 446,060. Richard M. Mock received 277 as bonus, held 11,310. J. M. Walsh received 100 bonus, sold 523, held 100. Litton Industries. Glen McDaniel sold 1,000, held 18,000. P. R. Mallory. M. E. Hamilton excd. option to buy 1,169, held 1,730. Microwave Associates. Julian Pathe sold 2,100, held 8,200. Minnesota Mining & Mfg. William L. McKnight sold 3,000, held 924,824. Louis F. Weyand sold 300, held 76,425. National Telefilm Associates. H. I. Bucher exercised option to buy 250, held 250. National Video Corp. & Rico Electronics Inc. Asher J. Cole bought 100, held 100. Philco. Joseph H. Gillies sold 800, held 6,402. Robert F. Herr sold 1,000, held 23,953. L. J. Woods sold 733 Jan. 1969-Feb. 1960, held 6,077. Polarad Electronics. Lawrence J. Lieberman sold 6,000 for wife, held 39,946 for wife, none personally. RCA. Kenneth W. Bilby exercised option to buy 400, held 1,323. Douglas Y. Smith exercised option to buy 1,100, held 1,430. David A. Thomas exercised option to buy 1,200, held 1,245. Raytheon. Ivan A. Getting exercised option to buy 980, held 6,374. Richard E. Krafve bought 1,000, held 2,060. Reeves Soundcraft. Milton F. Untermeyer sold 200, held 300. Henry S. Woodbridge sold 500, held 200. Siegler. Philip S. Fogg sold 359, held 22,000. Texas Instruments. Patrick E. Haggerty sold 900 in private transaction. held 121,075. S. T. Harris sold 2,200, held 20,020 personally, 1,017 in trusts. J. E. Jonsson sold 5,000 in private transaction, held 374,132. E. McDermott sold 5,000 in private transaction, held 296,328. Thompson Ramo Wooldridge: Irwin A. Binder sold 400, held 2,000. Horace A. Shepard bought 1,000, held 6,400. J. D. Wright bought 500, held 10,838 personally, 3,600 for wife. Trans Lux. Harry Brandt bought 600 for Pamela Amusement Co. and 900 more for foundations, held 1,000 in Pamela Amusement Co.. 35,280 in foundations, 160,900 personally, 17,000 for wife, 100 in Barvic Theatres Corp., 2,000 in Brapick Inc., 100 in Marathon Pictures, 400 in Bilpam Corp. 20th Century-Fox. J. D. Codd sold 1,660, held 300. United Artists. Robert S. Benjamin bought 400, held 1,406. Varian Associates. Francis P. Farquhar sold 600, held 12,380 personally, 1,640 as trustee. H. Myrl Stearns sold 168, held 28,848 personally, 3,800 as trustee. 20 in joint tenancy. Sigurd F. Varian sold 900 from community property, held 80,348 in comm, prop., 8 personally. Warner Bros. Wolfe Cohen exercised option to buy 6,000, held 6,000. Herman Starr exercised option to buy 7,500, held 7,600. Westinghouse. Mark W. Cresap Jr. sold 400, held 6,460. Tomlinson Fort sold 1,400, held 2,668. W. Watts Smith exercised option to buy 1,900, held 1,930 personally, 1,600 jointly with wife. Indiana General directors have voted a 2-for-l stock split, to be issued June 10 to stockholders of record May 23. They have also approved a quarterly dividend of payable June 10 to stockholders of record May 20. Board also directed Indiana General to apply for NYSE listing. Common Stock Dividends Stk. of Corporation Period Amt. Payable Record Axe Science & El — $0.64 Jul. 5 May 23 CBS Inc — .35 Jun. 10 May 27 GPE Q .25 Jun. 15 May 27 Indiana, General Q .30 Jun. 10 May 20 Indiana General ;. i ;. . . Stk. 100% Jun. 10 May 23 ITT registered a 7.5% increase in both sales & profits in 1960’s first quarter, stockholders were notified at the annual meeting. Pres. Harold S. Geneen reported that the backlog of unfilled orders at the quarter’s end totaled $565 million — down from $571 million on March 31, 1959, but ahead of the $551 million reported at the close of 1959. Geneen said U.S. & Canadian sales account for 40% of ITT’s volume. Queried by a stockholder about speculation that ITT plans to merge with GT&E, Geneen said there is no possibility. In the table below, the 1959 net income is before a special credit of $923,000 (7^ a share) which resulted from sale of ITT’s hq building in N.Y. and a currency devaluation in Spain. For the quarter ended March 31: I960 1959 Sales & revenue $183,956,000 $170,985,000 Net income 5,871,000 5,464,000 Per common share 38^ 36«S Bendix Aviation, which will be renamed Bendix Corp. June 1 to reflect its major activities in the electronics, missiles, and automotive fields, tallied strong sales & profit gains in fiscal 1960’s first 6 months ended March 31 (1959’s shares & earnings-per are adjusted to reflect a 5% stock dividend): i960 Net sales $399,036,702 Net income 11,676,693 Per common share 2.18 Common shares 5,366,624 For the quarter ended March 31: Net sales $201,545,865 Net income 5,923,110 Per common share 1.10 1959 $323,490,430 10,926,801 2.04 5,345,836 $168,996,402 5,768,937 1.08 General Dynamics Corp., which includes StrombergCarlson among its many divisions, reports a decline in net income despite a healthy sales gain in the quarter ended March 31 : Net sales Net income Per common share Common shares . 1960 1959 $473,368,568 $351,677,525 6,164,175 7,182,925 62^ 12i 9,945,588 9,932,222 Axe Science & Electronics Corp. mutual fund reports strong gains in assets & stockholders for the quarter ended March 31: Net assets Net assets per share . . . . Capital shares 1960 $13,191,790 11.78 1,120,701 1959 $11,146,891 13.44 829,632 Webcor reports a decline in sales & earnings in the 9 months to March 31: 1960 1959 Net sales Net income Per common share $24,008,000 $26,496,000 395,000 483,000 6U 74(f Lafayette Radio & Electronics (parts wholesaler & mail-order house) announces record sales 9 months ended March 31: 1960 Net sales $13,5.26,182 Net income 365,592 Per common share ...... 36<J & earnings for 1959 $10,987,472 200,676 25(f Itek Corp. & Hermes Electronics have agreed in principle to megre, subject to stockholder approval & further study of their business & finances. Itek, based in Waltham, Mass., would be the surviving company and would exchange one share of its common for each 4% shares of Hermes common. Itek reported net sales of more than $25 million in its fiscal year ended Set. 30, 1959. Hermes, of Cambridge, Mass., posted sales of $3.8 million in its fiscal year ended Jan. 31, 1960.