The Exhibitor (Jun-Oct 1943)

8 THE EXHIBITOR STOCKHOLDERS OKAY UNIVERSAL PLAN Universal Pictures Company, New Title Wilmington, Del. — Plan to merge Uni¬ versal Pictures Company, Inc., into Uni¬ versal Corporation was approved by a very large majority at a stockholders’ meeting of both corporations held last week end. Under the agreement of merger. Uni¬ versal Coi-poration, parent organization, acquires the business and assets, and assumes the liabilities of Pictures Com¬ pany. Universal Corporation is the sur¬ viving corporation, and the name is changed to Universal Pictures Company, Inc. Pui-pose of the merger plan, according to J. Cheever Cowdin, board chairman, is to increase the efficiency of operations, to simplify the corpOTate organization, and to make earnings more readily available to stockholders by eliminating arrears on the two outstanding preferred stocks. The outstanding 8,062 shares of Pictures Company’s eight per cent first preferred stock were called for redemption at 110 and accrued dividends. Explosion Injures Many Fair Lawn, N. J. — Several persons were injured, one seriously, police Captain Arthur Tuschman said, when an explosion sent glass flying into a group of persons waiting to purchase tickets at the New Hyway on State Highway Route 4 on June 27. Tuschman said the explosion, which wrecked four stores in the theatre build¬ ing, occurred in an air conditioning unit installed in the theatre. Six firemen who fought a small fire which broke out after the blast were treated for smoke inhalation. Russell Cooper, Wood-Ridge, assistant manager, was injured critically. The Legion of Decency Weekly Listing Is a Regular Feature of This Publication. Special "Shangri-La" Flyers New York — A special four-page flyer has been prepared by the War Activities Committee, and was shipped across the country over the week end to the thou¬ sands of theatres who will participate in the July war stamps campaign. The flyer contains a summary of stampsale boosters submitted by theatremen who have used them successfully. It also contains a set of advertising slugs, news¬ paper fillers, and radio spots. The ad slugs are available in mat form free of charge from any National Screen Service ex¬ change. Who’s Screening Today? See the Territory Trade-Screening Guide. Flynn Leaves Columbia Philadelphia— James Flynn, Columbia booker, resigned his post last week. He is also business agent for Local B-7, FFF.TT Walter Donahue becomes assistant office manager at the local exchange. EDITORIAL ' TODAY MISSOURI! £ One of the Grandest Programs Presented By Any Theatre This Year! ..fACK f»OM X/SAIUNCA GrIbLE ROMERO BOGART EXHIBITORS WHO HAVE BEEN asked to pay 40 per cent or comparable terms for each of these two pictures probably are wondering how the Missouri, St. Louis, Mo., can double them up in this fashion. The answer, if trade sources are correct, would seem to rest in the fact that one of the pictures is a flat buy while the other is percentage, but probably not 40 per cent. Although this is not the first time that two pictures of strong draw have been doubled up first run in St. Louis, this is one of the best combina¬ tions. Exhibitors who have trouble buying top grossing shows at terms which they think would allow them a fair profit should ask their salesmen what the an¬ swer is. Some of the other first-run doubles played in St. Louis were: “Gen¬ tleman Jim”-“My Sister Eileen”; “Hello, Frisco, Hello”-“Forever And a Day”; “White Savage”-“It Ain’t Hay”; and “Holiday Inn”-“Orchestra Wives.” — J. E. ITOA Reports Progress New York — At a meeting of the ITOA last week at the Hotel Astor it was indi¬ cated by Jack Hattem and Leon Rosen¬ blatt, members of a special committee, that ITOA’s plans to tackle the high film rentals i.ssue are taking shape with early action expected. ITOA will install president Harry Brandt and other officers at a luncheon meeting on Sept. 9. Sam Rinzler, WAC, was a guest speaker at the meeting, outlining the July War Savings Stamps drive. Allied Sets Meeting Pittsburgh, Pa. — President M. A. Ros¬ enberg announced last week that the board of directors of Allied States Association of Motion Picture Exhibitors will hold its summer session in Baltimore, Md., on Aug. 11 and 12. BANK REOFFERING 20TH-F0X SHARES Will Follow Stock Sale New York — A secondary distribution of the remainder of the Chase National Bank’s holdings in 20th Century-Fox Film Corporation, comprising 665,715 shares of convertible preferred stock, or 75 per cent of the 905,082 shares outstanding, was foreshadowed by the filing of a registra¬ tion statement with the Securities and Exchange Commission last week covering an offering of these shares. Announcement of the filing was made by Spyros Skouras, president, who said that the public offering price and the names of members of the underwriting group are to be supplied by amendment to the registration statement. At the mo¬ ment, however, no agreement with under¬ writers or purchasers has been made. It is anticipated that the proposed offering will be made soon after completion of the sale of 58 per cent of the shares of National Theatres Cor¬ poration by the Chase National Bank to 20th Century-Fox Film Corporation for $13,000,000. This transaction would have to be approved by film company stockholders at a special meeting to be held on July 6. They will also vote on the authorization of 100,000 shares of new prior pre¬ ferred stock of the film company, to be sold pub¬ licly in order to provide part of the funds needed to purchase the theatres stock, which thereafter would be wholly owned by the film company. The two offerings will not be simultaneous, however, and the re-offering of the Chase hold¬ ings of preferred stock will await completion of the sale of the new prior preferred stock, the proceeds of which go to the film company. The preferred shares to be sold by the Chase Bank are entitled to cumulative dividends at the rate of $1.50 annually per share. They are call¬ able at $35 a share, and convertible on the basis of 11/4 common shares for each preferred share. In addition to the proposed sale of its holdings of film company preferred stock and theatre com¬ pany majority stock, the Chase National Bank sold all of its holdings of film company common stock at several times in the past year. The lat¬ est sale arranged was that of 105,000 common shares to a group of investment trusts and in¬ dividual investors represented by Lehman Broth¬ ers. White, Weld & Co., and Glore, Forgan & Co. WAC Backs Mellett New York — The War Activities Com¬ mittee, in a special wire to Lowell Mellett, chief. Motion Picture Bureau, Office of War Information, last week expressed the hope that there would be no curtailing of Mellett’s services as liaison executive be¬ tween government agencies and the in¬ dustry. The communication also stated that the industry hoped that there would be no discontinuance of the “valuable war information” films produced by the OWI. distributed by WAC. Nate Sodikman Feted Albany, N. Y. — Nearly 100 friends of Monogram branch manager Nate Sodik¬ man turned out to pay homage on the eve of his induction into the army last week. Toastmaster was C. J. Latta, War¬ ner Theatres zone chief and Variety Club Chief Barker, under whose sponsorship the affair was given. Among the speakers were Harry H. Thomas, Harry Berkson, and others. Bader-Corelli New York — Dave Bader 20th CenturyFox department of trade relations, and Sylvia London, secretary to Alan Corelli, director. Theatre Authority, Inc., were married last week. June 30, 1943