Motion Picture Daily (Jan-Mar 1934)

6 MOTION. PICTURE DAI LY Wednesday, January 3, 1934 Film Stocks Gain as New Year Begins (Continued from page 1) pension of banking facilities. Thereafter, until late in the summer, there was a sharp upswing. This was followed by a reaction, but as the year closed all stocks were steady and tending irregularly higher. Confidence in the new year is widespread as the NRA and other measures of the new administration began to hit their stride and show results in the form of increased employment and public purchasing power. While earnings reports of leading producers during 1933 naturally did not reflect this improvement, the outlook for future income, in many quarters, is regarded as the best since the depression set in and, consequently, the market action of the shares fell in line with the new optimism. With respect to earnings, one company, Columbia Pictures, made a consistently good showing in the face of a general decline in other quarters. For the year ended July 1 the company reported a net profit of $740,241, against $574,292 in the year ended June 25, 1932. The earnings improvement of 1932 continued during 1933 and for the 13 weeks ended Sept. 30, 1933, Columbia reported a net of $241,558, against $220,027 in the corresponding period of 1932. Columbia voting trust certificates on the "Big Board" closed the year 14^4 points higher at 24. Other big gains were Eastman Kodak at 81, up 26^; Loew's, Inc., 28^, up 9y2; Loew's preferred 72, up 14; Pathe Exchange Class A 11, up 91a\; Warners at 5J4, up il/t and Warners preferred at \Sl/2, up 8J/&. Several changes took place in the list during the year, including the re moval of Paramount-Publix common. The company was thrown into bankruptcy Jan. 26. Late in the year, Kuhn, Loeb & Co., bankers, announced prospects for an early reorganization had been enhanced by encouraging operating results since the receivership. In conjunction with a complete reorganization of Fox Film, the old Class A stock of the company was taken off the board and new shares listed. Although engaged in a less spec tacular price movement, film stocks on the Curb Exchange and the list of bonds on the Stock Exchange kept pace with the rise in stocks and finished the year sharply above the final levels of 1932. Total turnover on the "Big Board" ran considerably under 1932 when the turnover was 9,367,262 shares as compared with 8,573,864 for 1933 and 28,842,600 shares for 1931. The curb market in 1933 showed more activity, 495,850 shares having been sold as compared with 367,905 in 1932, although 1931's total reached 1,958,625. Bonds valued at $11,172,000 made up last year's total. In 1932, the sales aggregated $17,-708,000 and $1,165,000 in 1931. Financial Authority Terms Outlook Better "Prospects for 1934," yesterday declared The Wall Street Journal, generally recognized as an authority on financial affairs, "seem better than in a number of years. While the difficulties of the industry are not entirely solved, the results of extensive reductions in expense, theatre rentals, film production costs and general overhead, coupled with a moderate improvement in theatre attendance, are now beginning to show in income accounts and should make possible profitable results in 1934 for a majority of the larger companies." The Journal regards discharge of RKO from bankruptcy "further from solution . . . than Paramount" Eastman Gains iy2 Net High Low Close Change Sales Consolidated Film Industries 2% 2% 2% 100 Consolidated Film Industries, pfd 10% 10% 10% + % 1,100 Eastman Kodak 82]/2 81% 82% +1% 500 Eastman Kodak, pfd 125 123% 123% + % 8,000 Fox Film "A" 1354 1354 135i — % 200 Loew's, Inc 29% 28% 28% 3,500 Loew's, Inc., pfd 72 72 72 100 Paramount, cts 1% 1% 1% 4,200 Pathe Exchange 1% 1% 1% + % 200 Pathe Exchange "A" 11% 11 11% + % 700 RKO m 2% 2% + % 200 Warner Bros 5% 5% 5% + % 2,600 Technicolor Only Curb Opener Net 'High Low Close Change Sales Technicolor 9<A 9}4 9% + % 200 Pathe Bonds Rise lx/i Points General Theatre Equipment 6s '40 General Theatre Equipment 6s '40, ctf Loew's 6s '41, ww deb rights Paramount Broadway 5%s '51 Paramount F. L. 6s '47 Paramount Publix 5%s '50 Pathe 7s '37, ww Warner Bros. 6s '39, wd (Quotations above jor January 2, 1934) Net High Low Close Change + % Sales 3% 3% 3% 1 3% 3 3% s7 10 86 85 86 + % 11 30 30 30 2 30 30 30 5 30% 29% 30% + % 11 86% 86% 86% +1% 3 42% 42 42 -IX 17 "Big Board" Sales in 1933 Total 8,573,864 Shares 1933 s. 1932 Sales High Date Columbia Pictures, vtc 177,500 28 Nov. 23 Consolidated Film 112,200 5% May 29 Consolidated Film, pfd 391,600 14% May 29 Eastman Kodak 638,519 89% July 14 Eastman Kodak, pfd 2,390 130 Mar. 20 Fox Film "A" 542,900 4% June 6 Fox Film "A" (new) 82,900 19 Sept. 14 Keith-Albee-Orpheum, pfd 4,150 25 May 31 Loew's, Inc 1,488,200 36% Sept. 18 Loew's, Inc., pfd 22,400 78% July 19 Metro-Goldwyn-Mayer, pfd 11,400 22 Sept. 1' Orpheum Circuit, pfd 1,140 7 June 9 Pathe Exchange 404,100 2'/2 July 10 Pathe Exchange "A" 325,600 14J4 Dec. 3 RadioKeith-Orpheum 532,100 5% June 8 Universal, pfd 2.840 35 June 13 Warner Brothers 3,822,625 9% Sept. 15 Warner Brothers, pfd 11,300 24lA Oct. 6 Low 6% m 5% 46 110 % 12 35 13V2 1% % 1% 1 10 1 4J4 Date Mar. 27 Jan. 4 Mar. 21 Apr. 4 May 2 Mar. 29 Oct. 21 Jan. 26 Mar. 22 Apr. 4 Mar. 1 Jan. 30 Jan. 4 Jan. 25 Mar. 31 Apr. 24 Feb. 25 Feb. 7 Net Change +14% + 1 + 454 +26J4 + 5% removed 13% not listed 1932 — 5 Last 24 2% 10% 81 124% 15 28% 72 20 6 1% 11 254 18 5% 15% + 9% +14 + 2% + % + 1% + 9% + 1% + 7 + 3'A + 8% High Low 14% 4% S*s 1 11% 2% 87% 35% 125 104J4 5% 1 not listed 30 7 37% 13J4 80 39 22% 14 15 3% 154 54 5% 154 m 1% , 50 10% 4% 'A 20 4 1931 High not listed 15 18% 185% 135 38% not listed 101% 63% 98 27 75 2% Low 4 57% 20% 40% 3% 7% 77 103 2% 10 23% 56 15 4% % 1% 254 24 2% 8% Curb Exchange Sales Turnover Is 495,850 Shares 1933 Sales High Date Columbia Pictures, common 7,200 27% Nov. 24 Educational Pictures, pfd 50 3 Nov. 27 General Theatre Equipment, pfd 77,200 % Tune 7 National Screen Service 2,000 13 Sept. 19 Sentry Safety Control 25,600 % June 6 Technicolor 293,400 14 Oct. 10 Trans-Lux 89,800 3% June 6 Universal Pictures 600 4 May 13 Low 8% 2 % 5% 1% 1 Date Feb. 27 Dec. 14 Mar. 15 Apr. 5 Jan. 6 Feb. 15 Mar. 22 Feb. 16 Last 27% 2 3/16 12% % 9 . 2% 1 Net Change +17% —20 +1/16 + 2 —1/16 + 6% + % 1% 1932 High 15 22 1% 18 1 5% 3% 6 Low 4% 8 % 10% % % % 1931 High 23 42 31% 24 3% 15% 13% 7% Low 3% 13% % 15% % 1% 1% 4 $11,172,000 in Bonds, Year's Transactions 1933 _^ Sales Bond and Maturity in Dollars High Date Low Date General Theatre Equipment 6s, '40 1,212,000 9% July 19 1 Mar. 30 General Theatre 6s, '40, ctfs 192,000 7% July 18 1 Jan. 19 Keith 6s, '46 1,128,000 61 July 19 29% Jan. 27 Loew's 6s, '41 924,000 89 Aug. 24 48 Mar. 23 Paramount-Broadway 55^s, '51 372,000 40 Aug. 7 25 Mar. 17 ParamountBroadway 5^s, '51, ctfs 72,000 38 Aug. 2 27% Nov. 24 Paramount-Famous-Lasky 6s, '47, ctfs 468,000 34% Aug. 2 10% June 5 Pathe Exchange 7s, '37, w.w 240,000 87 July 19 47% Jan. 26 Radio-Keith-Orpheum 6s, '41 12,000 30 Tuly 13 8% Feb. 4 Warner Brothers 6s, '39 6,552,000 48 Sept. 18 12 Jan. 30 Last 3 3 5254 85% 30 30 30 85 15 43% Net Change + 1% + 1% +22% + 5 — 7 not listed 1932 +15% +17 % +25% 1932 High 7% 6 63 90 82 80% 19 40 Low 1 1 24 64 34 not listed 12% 49 14J4 9% 1931 High Low 74 2 not listed 78% 35 99% 70 105 65 not listed 97 40 96 51 not listed 74% 25