Exhibitors Herald and Moving Picture World (Apr-Jun 1930)

18 EXHIBITORS HERALD-WORLD April 5, 1 9 JO W MOTION PICTURE FINANCE Films Pointing Way to Other Issues In Emphatic Upward Trend By LAURENCE STERN NEW YORK, April 1. — The motion picture issues at present occupy less of the speculative limelight in Wall Street, but this is merely because other groups have emphatically joined the upward procession. There has been no actual let-up of demand for the film shares, and the leaders once more have climbed to record-breaking quotations. THE general market recovery, however gratifying, has reached a point which raises a serious question whether the advance has not run too far ahead of actual business progress. Taking its cue from the tape, the speculative community is in no mood to heed such a doubt at the moment but further fast advance cannot fail to make it of more urgent concern. So far as film stocks are concerned, considerable reassurance is available. It is the prevailing view that they have not yet overdiscounted tangible earnings prospects. Even the most favored in the group still sell at less than ten times probable 1930 earnings and at prices on which the dividend yield is well above current open market money rates. Almost all members of the group have again bettered their past marks during the last week, with attention focused chiefly upon Paramount and Warner Brothers. The former advanced 3]A and the latter 5 54 points, both reaching considerably higher prices than prevailed at the peak of the 1929 bull market. Aside from the market, developments in the Fox Film situation continue to dominate the interest of the financial district in the picture industry. Federal Judge Coleman’s disqualification of himself in the receivership litigation, following a charge of bias, is of far less significance than the open fight launched against Mr. Fox by Winfield Sheehan. This confirms the forecast, made in these columns some time ago, that the Fox company could emerge from its difficulties only with a thorough change of management. Wall Street is undecided whether Mr. Fox or Mr. Sheehan would be the greater loss to it. Motion Picture Club Increases Membership ; Initiation Fee Is $220 (Special to the Herald-World) NEW YORK, April 1. — The Motion Picture Club of New York is increasing its membership and has widened its enrollment scope toward that end. The constitution now reads, “Only those engaged in the production, distribution or exhibition of motion pictures, or those whose occupation brings them in frequent contact and affiliation with the foregoing shall be eligible for active membership. The initiation fee is now $220. A . R. Boyd Enterprises Buys One Theatre, Leases Another in Pennsylvania (Special to the Herald-World) PHILADELPHIA, April 1.— Alexander R. Boyd, president of the A. R. Boyd Enterprises here has announced the purchase of the Embassy theatre, Allentown, and the lease on a long term of the Globe theatre, Bethlehem. The Boyd Enterprises are also contemplating the erection of a new house in Easton, Pennsylvania. New Firm Controlled by Bondholders Acquires National Playhouse Group The ten theatres of National Playhouses, Inc., Chicago, last week were transferred from receivership, to the Bird Theatres Corporation, the stock of which is expected to be held by the Federal Theatre Corporation, a holding company. The Federal company, an Illinois corporation formed a month ago for the purpose, paid $100,000 for the interest in addition to assuming a mortgage of $2,500,000. The theatres, all of them on Chicago’s South Side and including several of the most pretentious in the city, have been operated by the Chicago Title & Trust Company, receivers, for the past two years. The majority of the stock in the new company, according to officials, is held by the bondholders, the main block of bonds being held by Frederick Peirce & Company of Philadelphia. It is expected that Frederick Peirce will be elected president of the Federal company when organization is completed. James Coston, who was managing the theatres under the receivership, is vice-president and general manager. Others stockholders are Coston and principal employes of the theatres. The Bird company appeared in federal court several months ago and acquired the equity in the theatres for a reported price of $100,000. In announcing that the policy of the circuit would continue as heretofore, Coston denied that any move was now in view to dispose of the houses to a large national chain. Film Engineers Society Now Totals 611; 313 New Members Signed in 1929 ( Special to the Herald-World) NEW YORK, April 1. — 313 new members have been added to the Society of Motion Picture Engineers in the past year. Latest figures show that the Society now has a total of 611 members, and 25 applications are now pending action. The total society membership as distributed over the United States and foreign countries is as follows: New York and East, 303; Chicago and midwest, 82; Pacific Coast, 74; British Isles, 90; Canada, 15; France, 14; Germany, 15; India, 6; Italy, 3; Russia, 2; Australia, 2 ; Japan, 2 ; Switzerland, 1 ; Sweden, 1; Holland, 1; total, 611. Frank Price Heads Golf Committee BALTIMORE — Erank Price, jr., manager of the Rivoli theatre here, has been appointed chairman of the golf committee of the Advertising Club and has announced the golf tournament schedule of that organization. SECURITIES PRICE RANGE Week Ending March 29 NEW YORK STOCK MARKET American Seating Sales 500 High 21 Low 20 Close 20% Brunswiek-Balke-Collenaer 3,000 3014 20% 29% Consolidated Film 8,000 241/4 23% 24 Do. rts Do. pfd 44,100 10,200 % 251/4 23% % 24% Eastman Kodak 38,600 244% 233% 238% Do. pfd 260 127 126% 127 Fox Film "A” 192.100 341/4 29% 33% Do. rts 162,100 5% 4% 4% Do. deb. rts 53,900 % % % General Theatre Equipment 90,800 46 421/4 441/4 Keith Albee Orpheum 100 115 115 115 Loew's, Inc Do. pfd. ww 28,500 76% 73% 75% 700 103% 102% 103% Do. pfd. xw 800 921/4 911/4 92 Metro-Goldwyn-Mayer, pfd 500 25% 25% 25% Paramount 237.900 76% 72% 76% Pathe Exchange 18,600 5% 4% 41/8 Do. “A" 4,900 11% 10% 10% Radio Corporation 540,800 54% 46% 53% Do. pfd. "A" 1,200 55% 55 55 Do. pfd. “B” _ Sales 4,600 High 77% Low 74% Close 76% Radio Keith Orpheum... 158,200 37 34% 36% Shubert Theatres 2,700 18 14% 16% Stanley Company 40 64 59% 60% Warner Brothers 372,200 80% 74% 79% Do. pfd. — 7,800 70% 66% 69% Balaban & Katz — CHICAGO STOCK MARKET 350 84 75 84 Gen. Thea. Inc 8,050 45% 42% 43% Marks Brothers cvt. p.. 500 14 14 14 Morgan Litho 14,450 21% 18% 20% Columbia Pictures NEW YORK CURB 4,200 39% 35% 39% Fox Theatres A 9,200 7% 6% 7% Loew’s rts 900 39 35 39 Do. war 11,600 12% 10 10 National Screen 42,800 30% 27% 28 Sentry Safety 39,500 9% 6% 9% Technicolor 7,200 73% 70% 70% Trans-Lux 1,800 10 6% 7%