The Exhibitor (1950)

20 EXHIBITOR Depinet, Schwartz Heads RKO Companies New York — Ned E. Depinet, president, RKO, last week I'evealed details of the split of the company into theatre and pro¬ duction-distribution units. He declared that the directors and man¬ agement of RKO have recently taken various steps looking toward consum¬ mation as of Dec. 31 of the reorganiza¬ tion plan heretofore authorized by stock¬ holders, and designed to effect a separa¬ tion of our theatre operating business from our motion picture producing and distributing business. The two new parent corporations contemplated by the plan have been organized in Delaware, with the names of RKO Pictures Corporation and RKO Theatres Corporation. Upon consummation of the plan, they will re¬ spectively acquire from RKO its picture producing and distributing assets and its theatre operating assets. Their stocks will be delivered to our stockholders in ex¬ change for our presently outstanding stock. The new companies have authorized the filing forthwith of applications to list their common stock on the New York Stock Exchange, and to register such stock with the SEC under the Securities Exchange Act of 1934. The board of directors of RKO has taken action, as required by the reorganization plan, to designate the initial directors of the new companies as follows: New Picture Company: Howard R. Hughes and Noah Dietrich, president and executive vice-president, respectively, Hughes Tool Company; Francis J. O’Hara, Jr., attorney-at-law, Washington, D, C., and Ned E. Depinet and J. Miller Walker, president and vice-president, respectively, RKO. New Theatre Company: Maurice H. Bent, investment banker, associated with Merrill, Lynch, Pierce, Fenner, and Beane; James T. Brown, vice-president, Mellon National Bank and Trust Company, Pitts¬ burgh; J. P. Dreibelbis, vice-president. Bankers Trust Company; Ben-Fleming Sessel, vice-president, Irving Trust Com¬ pany, and Sol A. Schwartz, executive vicepresident, RKO Theatres, Inc. At meetings of the board of directors of the two new companies the following officers were elected: New Picture Company: Dietrich, chair¬ man of the board; Depinet, president; Walker, vice-president, general counsel, and secretary; William H. Clark, treas¬ urer; Garrett Van Wagner, comptroller; Walter V. Derham and Edwin J. Smith, Jr., assistant treasurers, and Joseph J. Laub, assistant secretary. New Theatre Company: Schwartz, president; William H. Howard, vice-presi¬ dent; Thomas F. O’Connor, vice-president and treasurer; William F. Whitman, sec¬ retary; Oliver R. McMahon, comptroller; Edward W. Avery, Harold E. Newcomb, John E. Redmond, and Alex E. Reoch, assistant treasurers, and Louis Joffe and Milton Maier, assistant secretaries. The theatres company will operate 97 houses in this coimtry, with 85 wholly controlled. Of these 48 are in fee, nine are built on leased land, and 28 are leased. The theatre company will also own a the¬ atre in Ottawa, Canada, leased to a Can _ Carter Barron _ The motion picture industry lost one of the most popular and impor¬ tant figures in the passing of Carter Barron. The trade and country, led by Presi¬ dent Truman, have good reason to mourn his death, for Carter Barron performed a great service for this business. In civic, welfare, political, and fra¬ ternal activities in Washington, he was always in the forefront, and it was sig¬ nificant that at his funeral not only prominent industryites but leaders in civic and political affairs paid their respects. The fact that Washington news¬ papers as well as wire services devoted so much attention to his passing was proof of how important he stood, but to those within the industry who knew and respected him this proof was not necessary for the trade knew the job he was doing for it. As eastern division manager of Loew’s Theatres, he was important to his country, his industry, and his or¬ ganization, and to each he gave his best efforts. The industry and nation suffer a great loss. J. E. Mrs. Springer Passes New York — The trade was saddened last week by the passing of Rae Springer, 51, wife of Joseph R. Springer, Springer The¬ atres. Funeral services were conducted at Riverside Memorial Chapel. She is susvived by her husband, a daughter, Mrs. Beatrice Cohen, a granddaughter, and three sisters. Republic Declares On Preferred New York — A dividend of 25 cents per share on preferred stock was declared last week by the board of directors of Republic. adian exhibitor. RKO has sold interests in 121 houses of the 263 in which it had minority interests, with three to be sold. A trustee appointed by the court holds interest in 124. Howard Hughes owns 23.59 per cent in each of the companies. Republic President Herbert J. Yates and John Ford, accompanied by actor Ward Bond apd William Martin Seal, executive assistant to Yates, recently; left for Europe to scout locations for a picture to be'-filmed in Ireland, and are seen above as they l^ft from the coast, from left,', ^ James R. Grainger, Republic sales and distrib'ii* ' tion head, on hand to bid bon voyage; Bond, Ford, Yates, and his grandson, David Titus Yates. Tri-States Shifts Revealed By Blank Des Moines — A. H. Blank, president, Tri-States Theatre Corporation, last week announced the future operating policy and procedure of Tri-States Theatres in Illinois, Nebraska, and Iowa whereby these theatres will be guided by a cabinet consisting of all of the home office execu¬ tives and district managers. To coordinate the activities of this cabinet, and to serve as a point of contact between the district managers, the various home office de¬ partments and Blank, Dale H. McFarland has been promoted to the newly created post of assistant to the president. The duties formerly handled by Branton have been divided among McFarland, L. McKechneay and district managers H. D. Grove, William Miskell, and Kermit Carr. Replacing McFarland as chief, film buy¬ ing and booking department, will be Ker¬ mit Carr, Des Moines district manager, for the past two years. Carr will continue to supervise the Des Moines district until the conclusion of the current “Thank You” Drive, but in the meantime he will assume part of his new duties in the book¬ ing department. Effective on Jan. 1, the post of Des Moines district manager will be elimi¬ nated. Supervision of theatres in Water¬ loo, la., will be assigned to Grove in addi¬ tion to his present district, Davenport, la.; Rock Island, Ill.; Moline, Ill.; and Cedar Rapids, la. ■The 10 Tri-States theatres in Des Moines will be under direct supervision of the home office beginning on Jan. 1, with Rob¬ ert Leonard, manager. Paramount, acting in the capacity of city manager. Leonard will continue to manage the Paramount but will also supervise the operation of the other theatres under the direction of the home office. A. G. “Art” Stolte is returning to the organization as city manager in Waterloo, la. Stolte, who retired two years ago as Des Moines district manager to spend his time fishing, himting, and traveling, is returning to his first love, running the¬ atres. His career with Blank pre -dates the Tri-States organization by almost 20 years. In Waterloo, Tony Abramovich will con¬ tinue as manager. Paramount, and Helen Davey will remain as house manager. Strand. RKO District Heads Meet New York — Robert Mochrie, RKO vicepresident and general sales manager, last week issued a call to all his district man¬ agers for a meeting on Dec. 4. Among those scheduled to attend are: R. J. Folliard, eastern; M. E. Lefko, east¬ ern central; H. H. Greenblatt, midwestern; A. L. Kolitz, Rocky Mountain; J. H. Mc¬ Intyre, western; L. S. Gruenberg, metro¬ politan; David Prince, southeastern; Ben Y. Cammack, southwestern, and Leo M. Devaney, Canada. Allied Committee Named Indianapolis — Appointed last week by Trueman Rembusch, national Allied States president, to serve on the organization’s cooperative buying committee were: Ben¬ jamin Berger and Stanley Kane, North Central Allied, Minneapolis, and Abe Berenson, Gulf States Allied, New Orleans. November 29, 1950