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Thurs., Aug. 25, 1927
THE
-St!k
DAILY
LAST MINUTE DEVELOPMENTS IN THE INVESTMENT FIELD AND THE DAYS QUOTATIONS ON FILM ISSUES
Financial
HOW BANKERS VIEW MOTION PICTURES—WEEKLY RESUME OF INDUSTRY'S FINANCIAL STRUCTURE
$11ASHAREfOKECAST rOR PARAMOUNT IN 77
Insiders in Wall Street anticipate that Paramount will earn about §11 a share for 1927. Earnings for the lirst six months of the year approximate %%.ii2 per share on the common. For the second quarter, net profits were §1,420,000 which is equal to $2.19 a share on the 577,798 shares of common outstanding. Those who profess to have an inside tack on Paramount state the third ((uarter earnings will outdistance those of the second. The last quarter of the year is the peak of the fiscal period.
"The Wall Street Journal" points out the company's expansion program for theaters has tied up large sums of money and has, for the time being at least, placed the organization in an unfavorable working capital position. It is pointed out further that bank loans and current liabilities which totaled $24,224,107 on April 2 were due entirely to films held over in inventory and to payments on real estate investments.
As noted, the company has five major films for general distribution. Those close to Paramount are credited with the statement that the combined grosses on these subjects will run into millions. They include "Old Ironsides," "Beau Geste," "The Wav of All Flesh" and "Chang." The cost of "Wrings" which ran over $2,000,000 is marked down against this year's production expense.
EDWARD B.SMITH &C0.
Members New York, Philadelphia and Boittn Stock Exchanges
Corporate Financing
Philadelphia New York Boston
[XP[a BUSIN[SS TO TAK[ DECIDED JUMP
Observers are of the opinion that major organizations will reflect increased earnings this Fall and Winter.
Sale< and divisional managers returning from the field are unanimous in declaring that exhibitors are most optimistic over the new season. The confidence in the immediate future, they state, is founded on the line-ups of major companies for the new season.
These sales executives have declined to make statements over their names, solely for the reason that they feel their remarks will be attributed to ovcrzealousness on behalf of their company's product.
".As a matter of fact", said one executive yesterday, "exhibitors have told nie that product for the new season looks very promising to them. It so happens my own organization is included in the list of the distributors who are credited with having a splendid line-up. That is not the important point, as I see it. It appears significant to me that, generally speaking, theater owners are of the opinion that the new product holds much in store for their box-offices."
Reports are seeping in from different sections of the country that the lethargy in buying is gradually breaking down. There have been a number of sales managers who have maintained continually that contracts this season have not been behind last vear's.
Quotations
High
Low
Close
Sales
*tAm. Seat. Vtc.
47
*tAm. Seat. Pfd.
48
*Balabaii & Katz. .
60
♦Bal. & Katz Vtc.
7i%
Eastman Kodak .
170^
1677^
169
1.466
*tFiIm Inspection
4
. > • •
♦First Nat'l Pfd.
100 !4
Fox Film "A". . .
im
17
17
1.200
IFox Theaters "A*
65 }i
64 >4
65^
4,000
*Intern'l Project.
8H
Loew's, Inc
S(>Va
56
56!4
1,566
ttLoew's 6s 41ww
104 »4
104
104
10
•ftLoew's. 6s41x-war. . . .
104
MGM Pfd
25!^
25'/,
25}^
100
•M. P. Cap. Corp
9
Pathe Exchange
7Va
y'Vi
7W
i66
tPathe Exch. "A"
34 J4
33 V4
33!/i
1,300
ttP,ithe Exch. 7s37
10054
10054
10054
10
Paramount F-P .
106J4
104^
.106?^
15,400
Paramount. Pfd. .
119
119
119
100
1tPara.Bway.5^s51.100Ji
lOOVS
5
**Roxv "A"
30
29
**Roxy Units . .
34
32
**Roxy Common .
8
7
....
Skouras Bros. . . .
36
36
36
Stan. Co of. Am.
67
66
66y,
*tTrans-Lux Screen ....
4%
•tUniv. Pictures .
33y4
Univ. Pict. Pfd..
100
100
100
16
tWarner Bros. . .
16'4
16
1654
300
Warner Bros. "A"
24J4
24 arid
2m Asked
700
•Last Prices Quoted
•*Bic
(Over
the Counter)
tCurb Market
ttBond Market
NOTE: Balaban & Katz is listed on the Chicago Board; Skouras on the St. Louis Stock Exchange and Stanley in Philadelphia.
Attribute Eastman Rise to Amateur "Movie" Trade
Kastman Kodak's 40 point rise in 1927 is held due to the activities of the organization in the 16 millimeter field, according to "The Wall Street Journal".
.•\.s noted, the popularity of picture making by amateurs has grown. Eastman has found this new line of business profitable and is preparing to extend its activities in this field which many hold to be rich in potentialities. The narrow gauge film, sold to the public in 100 ft. rolls, includes the developing for a single price. At present, this laboratory work is handled in Kodak Park, Rochester and in San Francisco. According to "The Wall Street Journal," the foreign market is considerably far better fortified with plants which are now operating in Mexico City, Copenhagen, Geneva, Lausanne, Gothen
Finds Business Recession Only Seasonal Condition
Developments of the last few weeks tend to confirm the general view that the current recession in business activity is largely due to the seasonal influences that usually cause moderate curtailment at this time of year, states the current issue of "The Guaranty Survey", published by the Guaranty Trust Co. of New York.
"In financial markets, the most striking development of the last few weeks is a somewhat less ready absorption of new security issues by investors. This is the first time in recent years that any considerable difficulty has been experienced in finding an abundance of capital funds available for long-term investment. There is, however, little reason to suppose that this tendency reflects any impairment of confidence on the part of the investing public. In view of the quite unprecedented volume of new issues floated so far this year, it is not at all surprising that the market has been found to be temporarily over-loaded. Apparently the difficulty experienced in floating some of these issues has resulted in a considerable reduction in the volume of offerings during the last few weeks."
WE FINANCE
Production
Theatre Building
Equipment Accounts
or any other activity in
the Motion 'Picture Business
Motion Picture Capital Corp.
Capital anil ourpino over $2,800,000
FRANK R. WILSON, Pres. 51 E. 42nd St. New York City
l)urK. London, Harcelona, Madrid, .Milan, Florence, Lisbon, Oslo, Paris, Nice, Berlin, Amsterdam, Brussels, Vienna, Budapest, Rome, Bombay, Batavia, Cairo, Singapore, Calcutta, ."Shanghai, Cape Town, Buenos Aires, Rio de Janeiro, Montevideo, Havana, \'alparais(), Melbourne and Osaka.
Meet Monday on Roxy Financing Stockholders of the Roxy Theaters Corp. have been advised to meet on .\Iondav for the purpose of voting on a $2,500,000 issue of five year 6j4 per cent sinking fund gold notes with which to retire the current debts of the corporation. The notes are to be dated July 1, 1927 and will mature on July 1, 1932. Halsey, Stuart and Co.. identified prominently with the financing of various Fox enterprises, will probably handle the issue. Twelve directors will likewise be elected.
For Theatre
Mortgages and
Insurance
HAROLD
JCOHEN
201 W. 49th ST. N. Y. C.
EDWARD
G. JOSEPH
CIRCLE 0206 9964
Theatre Brokers
WE
Buy — Sell — Lease Promote — Finance
Motion Picture Theatre Anywhere
SofSerman Bros., Inc.
1560 B'way New York City
Phone Bryant 3607-8-9
WILLIAM E. LAUER & CO.
Members N. Y. Stock Exchange
1560 BROADWAY, N. Y. C.
W. AUERBACH. Manager
Tel Bryant 1780
Qive Up Orders Accepted
MAIN OFFICE
50 BROADWAY, N.Y.C.
Tel. Hanover 3350