SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES ACT OF 1934
AMENDMENT NO. 3
GYRODYNE COMPANY OF AMERICA, INC.
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(NAME OF SUBJECT COMPANY)
Common Stock
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(TITLE OF CLASS OF SECURITIES)
4O3820-10-3
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(CUSIP NUMBER OF CLASS OF SECURITIES)
Sandra P. Guthman
Polk Bros. Foundation, Inc.
420 North Wabash Avenue, Suite 204
Chicago, Illinois 60611
(312)527-4685
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS
May 14, 1998
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check the
following box [ ]
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7.)
<PAGE>
CUSIP NO.: 403820-10-3 Page 2 of 4 Pages
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Polk Bros. Foundation, Inc.
36-6108293
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (x)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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7 SOLE VOTING POWER
60,648
NUMBER -------------------------------------------------------------------
OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY -------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 60,648
PERSON -------------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
60,648 shares of Common Stock
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.75%
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14 TYPE OF REPORTING PERSON
CO
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<PAGE>
Page 3 of 4 Pages
This Amendment No. 3 to Schedule 13D amends the original Schedule 13D
filed by the reporting person on April 30, 1982 as previously amended by
Amendment No. 1 and Amendment No. 2 thereto.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The aggregate number and percentage of shares of Common Stock
beneficially owned by Polk Bros. Foundation, Inc. is 60,648 representing
5.75% of the number of outstanding shares of Common Stock as of January 31,
1998 (based on information contained in the Issuer's most recent available
Quarterly Report on Form 10-Q).
(b) The number of shares of Common Stock as to which Polk Bros.
Foundation, Inc. has sole power to vote or direct the vote is 60,648. The
number of shares of Common Stock as to which Polk Bros. Foundation, Inc.
has sole power to dispose or direct the disposition is 60,648.
(c) In the past 60 days, Polk Bros. Foundation, Inc. effected the
following open market sales of Common Stock:
Date Number of Shares Sold Average Price Per Share
- ---- --------------------- -----------------------
7/07/98 2,000 $20.2500
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of its knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: July 14, 1998
POLK BROS. FOUNDATION, INC.
By: /s/ Sandra P. Guthman
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Name: Sandra P. Guthman
Title: President and Chief
Executive Officer
