The Film Daily (1943)

™3fe Friday, April 30, 1943 Casanave Forms New Distribution Firm (Continued from Page 1) a deal with Artlee Corp. for American rights to a number of features and foreign rights to part of the group. Titles involved will he announced soon. Certain Artlee Corp. assets which do not require active exploitation remain the property of that company, now headed by Oscar E. Hanson, president of Pioneer Films, Ltd., of Toronto. Hanson succeeds the late Arthur Lee. Plans for the new Casanave-Artlee Pictures, Inc., are broadly inclusive of many phases of the amusement business, and may eventually lead to production and distribution of motion pictures in this country, and abroad. The new company, which will also deal in 16 mm. film, will occupy the present offices of the Artlee Corp., at 1600 Broadway. All of the Artlee personnel will be retained, and the staff will be increased, it was said. The transfer and sale of the Artlee properties to Casanave was handled by Hanson and H. William Fitelson on the legal end. Sam Spring and Charles J. Seidler represented Casanave. Casanave, since leaving National, has been operating the Luron Co. of America, which has the world commercial rights to Luron-Neon effect advertising. He plans to continue the manufacture and distribution of Luron as part of his newly acquired interests. Harry Brandt Again Prexy As ITOA Nominates, Elects (Continued from Page 1) membership. Agenda otherwise was given over to a discussion of trade problems, with definite action deferred. Nominated and elected with Brandt were: First Vice-president, David Weinstock; 2nd Vice-president, Stanley Lawton; Treasurer, Leon Rosenblatt; Secretary, Abraham Leff; Sgt.-at-Army; John Bolte; Directors, Isadore Gottlieb, Hyman Rachmil, Abraham Shenk, A. H. Eisenstadt, J. Joshua Goldberg, Gilbert Josephson, Charles Steiner, Jack Hattem, Rudolph Sanders, Emanuel Hertzig, Samuel Freedman, Leo Brecher, Samuel Seelen, Ray Rhonheimer, A. D. Erickson, Max A. Cohen, Irving Renner. Committees were appointed as follows for the year: Finance, Abr. Shenk, J. Hattem, G. Josephson; Auditing, H. Rachmil, R. Rhonheimer; Membership, J. J. Goldberg, S. Seelen; Grievance, D. Weinstock, S. Rhonheimer, I. Renner and S. Lawton. Para. Net Up to $13,125/436 $3,919,394 Gain; Stockholders Meet June 15 (Continued from Page 1) the year aggregated $14,631,650. The comparative figure for 1941 was $10,251,242. (In early March, company estimated its net earnings for 1942 at $14,525,000, after all charges. This figure included an estimated $1,200,000 as Paramount's share in the undistributed earnings of partially owned subsidiaries and $450,000 of non-recurring income). Common Earned $4.74 Per Share Common stock earnings per share for 1942, on the basis of combined consolidated earnings and share of undistributed earnings of partially owned affiliates was $4.74 as compared with $3.41 for 1941. The company included in the consolidated financial statements only those subsidiary companies which have operations in the Western Hemisphere and in England, Australia, New Zealand and India. Income from all other foreign sources is included only to the extent that dollars have been received. $25,539,300 Cash on Hand Consolidated balance sheet shows that cash on Jan. 2, 1943 amounted to $25,539,300. Of this amount $3,360,596 represented balances in foreign companies other than Canada a3 follows: Great Britain, $2,928,630; Australia, $362,000 and other foreign countries, principally South America, $69,966. Total current assets were $57,836,953 and current liabilities $17,219,018 leaving a net working capital of $40,617,935. During the year dividends were paid aggregating $3,811,198 representing dividends at the rate of six per cent on the first preferred, six per cent on the second preferred to date of redemption on Feb. 3, 1942, and $1.05 per share on the common. The regular quarterly dividend of $1.50 per share on the first preferred and $.30 per share on the common were paid on April 1, 1943. Convert 95 Per Cent of Called Shares On Jan. 2, 1943 there were outstanding 121,451 shares of the company's first preferred, par value $100 per share. On Jan. 22, 1943, 59,222 of these shares were called for redemption on April 1, and on March 9, all remaining shares which had not been converted into common stock were called for redemption on May 10. About 95 per cent of the shares so called have been converted into common stock at the rate of seven shares of common for each share of first preferred. After the redemption has been completed the company's outstanding capital stock will consist entirely of common stock. At the same meeting at which the board approved the annual report, it also authorized the delivery to the Manufacturers Trust Company, trustee under the indenture covering the company's four per cent debentures due 1956, of $4,909,000, principal amount of these debentures previously acquired for cash and held in the treasury. Of this amount $2,064,000 covers the payment of the sinking fund obligation due May 15. 1943 and the balance of $2,845,000 is being delivered to the trustee in anticipation of future sinking fund obligations. Thereafter there will be outstanding $19,634,700 principal amount of the company's four per cent debentures as compared with the original $24,543,700. Annual Meeting on June 15 In his report to the stockholders, Balaban noted that more than 5,000 men and women from Paramount and its subsidiaries and affiliates are in the armed services. Annual meeting of stockholders was set for June 15 with proxy statements and a form of proxy to be sent to stockholders about May 12. Local AFM Moves Tomorrow American Federation of Musicians will move its headquarters to 570 Lexington Ave. tomorrow. Local 306, Empire Vole for a Merger (Continued from Page 1) area. The membership of Local 306 voted for consolidation at Manhattan Center late Wednesday night The merger is expected to be consummated in a short time, it was said. The members of Empire were understood to have acted on their own, their action reportedly having been taken without the blessing of their officials. The Empire men are supported in their action by the law permitting a group of workers to choose their own bargaining representative. Repeated attempts to have Empire consolidate with Local 306 have been made over the past dozen years. The last was in the early summer of 1942, failing after several weeks' negotiations Exhibitors yesterday reacted joyously to the news because the consolidation of the two unions will end a situation that has long been a headache to them, terminating a rivalry between the labor groups of more than a decade and promoting OPA Discriminates, New England Charge (Continued from Page 1) dustry leaders were invited guests at the meeting. According to several speakers, exhibitors in small towns are doomed to close unless some change can be made in the order. An immediate appeal was advocated to the Congressmen and Senators from New England urging that something be done at once to relieve the area of what was termed undue pressure. Midwest Labor Reps. To See "Desert Victory' Screenings of "Desei't Victory" for representatives of labor and management in war plants in the industrial Midwest have been arranged by the WPB in the belief they will prove an incentive to increased production of war goods. Plant tieups will be effected. peace in the industry in New York City. The merger would make Local 306 rule as the sole projectionists' union in this area. .REVIEWS "Wild Horse Stampede" with Hoot Gibson and Ken Maynard (HOLLYWOOD PREVIEW) Monogram 58 Mi MAYNARD AND GIBSON RETURN THE SCREEN WITH FAST MOV WESTERN. Ken Maynard and Hoot Gibson return to the screen and demonstrate they have lost none of their skill in hard-riding, straight shooting and fisticuffs. Robert Tansey handled the production reins on their initial subject for Monogram, while Alan James turned in a good job of direction. Marcel LePicard is credited with the photography The story is rather familiar, but serves as a satisfactory vehicle for the cowboy stars. This time Hoot and Ken come to the rescue of Betty Miles, whose cattle have been stolen by Ian Keith's henchmen, Keith, a gambler, is determined to keep law and order out of his territory and prevent a railroad from completing its line through his section. Glen Strange is Betty Miles' foreman, but works in league with Keith. Strange and some other Keith henchmen steal $5,000, in bills, which was to have been paid to Betty by the railroad, for her horses. May> nard gets into a card game with Keith and wins some of the money, in question, to use as evidence. In a slam-bang finish, Ken and Hoot wipe out Keith and his gang. CAST: Ken Maynard, Hoot Gibson, Betty Miles, Ian Keith, Don Stewart, Bob Baker, Si Jenks, Kenneth Harlan, John Bridges, Glen Strange, Tom London, Reed Howes. CREDITS: Producer, Robert Tansey; Director, Alan James; Author, Frances Kavanaugh; Screenplay, Elizabeth Beecher; Cameraman, Marcel LePicard; Editor, Fred Bain; Musical director, Frank Sanucci DIRECTION, Good. PHOTOGRAPHY, Good. Navy Stepping Up News Films from Pacific Area (Continued from Page 1) units now serving with the Pacific fleet. These units, formed more than two months ago, each including two movie cameramen and one still photographer, are expected to be shipping in a constant volume of footage suitable for newsreel and other theatrical .use. In addition combat camera units of the Marine Corps are expected to be turning in considerable footage, some of which should be suitable for public showing. Last week's newsreel story of an aircraft carrier transporting Army planes was the first to come from the Navy units. More material is likely also from the regular photographers stationed on all major naval vessels. Plans are now being worked out to allow them more latitude, probability being that they will be relieved of duties other than photographic except in cases of extreme emergency. Abbey Gets "At Dawn" Republic's "At Dawn We Die" opens May 7 at the Abbey Theater for an extended run.