The Exhibitor (1952)

EXHIBITOR 9 Loew s Reorg. Plan Receives Approval New York — Loew’s, Inc., stockholders last week approved the company’s reor¬ ganization plan by the vote of 3,613,929 to 26,240. The meeting at the home office was pre¬ sided over by J. Robert Rubin, vice-presi¬ dent. Reelected directors were George A. Brownell, Leopold Friedman, F. Joseph Holleran, Eugene W. Leake, Charles C. Moskowitz, William A. Parker, William F. Rodgers, Rubin, Nicholas M. Schenck, Joseph R. Vogel, and Henry R. Winthrop. Later, the directors met, and reelected President Schenck and all officers for another year. A resolution calling for reduction in the capital of Loew’s, Inc., from 6,000,000 to 3,000,000 shares was approved, with the certification of incorporation to be amended along those lines. The date of the transfer of assets of the American and Canadian theatre com¬ panies to a new theatre company, also to have 3,000,000 shares of stock, is called for under the reorganization plan, with holders receiving one share of the theatre company and a new Loew’s certificate for each share of old stock. Date of trans¬ fer must be by Feb. 6, 1954, unless an extension is permitted. Moskowitz told the stockholders that returns from foreign markets were grow¬ ing, but no figures were revealed. For the first 28 weeks, 55 per cent of the in¬ come for the first 28 weeks of the year came from production-distribution and 45 per cent from theatre operations. Rubin told the assembly that the com¬ pany had been thinking about making applications for TV stations. He said that the company had not considered selling old films to TV. Regarding closing of houses by TV, he said that the circuit as a whole was in a good position although some marginal houses might be lost. Vogel said two theatres had been sold since the last annual report and that deals were being closed for two more. Questions by stockholders brought out that Loew’s had decided not to become involved in Cinerama, with the reasons for this decision being enumerated; that rela¬ tives of Louis B. Mayer and other present and past executives are on the studio payroll because of ability, and will not be replaced because of family relationships but solely on the basis of abilities; that a new pension plan will be submitted in which a $25,000 annual ceiling will be placed on annual pension possible for new employes and that neither Schenck nor other company executives have any financial interest in concession firms dealing with circuit houses. Theatre TV Praised Washington — The Federal Civil De¬ fense Administration last fortnight sent Congress a report giving praise to theatre television as a training medium, and promising an even greater use of the medium in the future. Giroux Suffers Stroke Hollywood — George Giroux, Techni¬ color field operations head, was recover¬ ing this week following a stroke. At the recent annual convention of All ed Theatre Owners of lowa-Nebraska, Al Myrick, president of the organization, center, and Leo Wolcott, chairman of the board, discuss with Keenan Wynn, MGM star, a booklet of photos taken of Wynn's troupe appearing in various shows. UPT Stockholders Meeting New York — Reelection of United Para¬ mount Theatres’ 13 directors is urged in management’s proxy statement to stock¬ holders, issued last week in preparation for the stockholders’ meeting on May 20. The slate includes John Balaban, A. H. Blank, John A. Coleman, Charles T. Fisher, Jr., E. Chester Gersten, Leonard H. Goldenson, Walter W. Gross, Robert L. Huffines, Jr., William T. Kilborn, Walter P. Marshall, Robert H. O’Brien, Herbert J. Schwartz, and Robert B. Wilby. Presi¬ dent Goldenson received a salary of $181,000 in 1951; Gross, $46,850, plus a $5,000 bonus; Robert W. Weitman, vicepresident, $46,850, plus a $5,000 bonus; Edward L. Hyman, vice-president, $46,800, plus a $5,000 bonus, and O’Brien, $46,850, plus a $5,000 bonus. Balaban, as president, Balaban and Katz, received a salary of $104,000, plus $15,989 as a share in profits; Blank, president, Tri-States, received $95,744 as a share in profits, and Wilby got $52,182 in profits. Eastman Sales Holding Flemington, N. J. — Eastman Kodak Company’s preliminary consolidated sales for the 12 weeks ending on March 23 were approximately $119 million, which compares with reported sales of approxi¬ mately $120 million for the corresponding period in 1951, according to a report last week by Thomas J. Hargrave, president, who told share owners at the annual meet¬ ing in Flemington, N. J., that, compared with what was a good first quarter last year, the company held its own very well in total sales in the 1952 quarter. William G. Stuber, Perley S. Wilcox, Raymond N. Ball, Albert K. Chapman, and Marion B. Folsom were reelected Greater State Unify Sought By Ohio Houses Columbus, O.— Closer cooperation be¬ tween Ohio drive-ins and conventional theatres is seen following adoption last week of a resolution favoring such a move by the board of directors of The Inde¬ pendent Theatre Owners of Ohio. 1. Film distributors and National Screen Service should not discriminate against outdoor theatres simply because of the nature of their operation. 2. The distributors and National Screen Service should be made cognizant of the fact that drive-ins as a rule are not open the full year, but nevertheless have in¬ vestments which must be amortized over a period of 12 months, and the distributors and NSS must apply a different yardstick to determine film rentals in such situations than that used in conventional theatres. 3. Film rentals to drive-ins should be determined on the basis of the age of the product (i.e. number of days after last preceding run) in accordance with the same basic principles by which rentals are determined for indoor theatres. 4. That the same cooperation that exists between various indoor theatres to elimi¬ nate competitive bidding and excessive multiple day and date runs be extended to include drive-ins. 5. That the basic aims of ITOO to pre¬ vent legislation inimical to the interests of indoor theatres be extended to include those same basic interests for drive-ins. 6. That the services of officers, board of directors, and the executive secretary of ITOO be made available to drive-ins on the same basis as to indoor theatres. 20th-Fox To Vote New York — Stockholders of 20th-Fox, meeting on May 20, will be asked to re¬ elect the present board, consider the pro¬ posal to approve the selection of Touche, Niven, Bailey and Smart as auditors for 1952, and take action on a resolution proposed by a stockholder. Director candidates are: L. Sherman Adams, R. L. Clarkson, W. J. Eadie, Daniel O. Hastings, Donald A. Henderson, Robert Lehman, W. C. Michel, Seton Porter, Murray Silverstone, and Spyros P. Skouras. directors of the company for terms of three years. Stuber is honorary chairman of the board; Wilcox is chairman of the board; Ball is president, Lincoln Rochester Trust Company; Chapman is Kodak vicepresident and general manager, and Fol¬ som is Kodak treasurer. May 7, 1952