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Q2 CONCENTRATION OF ECONOMIC POWER It releases not quite 20 pictures yearly and maintains exchanges in 26 cities. It issues no public statement of gross assets or business done. For the fiscal year ended in 1939 its consolidated gross income was over $10,000,000. COLUMBIA PICTURES CORPORATION Columbia was incorporated January 10, 1924. Early the following year it acquired the assets of C. B. C. Film Sales Corporation, and continued buying up various exchanges throughout the country. In 1928 it acquired, through merger, Screen Snapshots, Inc., Hall Room Boys Photoplays, Inc., Starland Revue, Inc.—all short subjects producing companies. By 1929 its distribution system was organized on a national scale, and in 1930 it secured exchanges in foreign coun- tries. In 1931 it secured 50 percent of the capital stock of Screen Gems, Inc., producer of shorts, and in 1937 secured the remaining 50 percent. Today it produces from 35 to 55 features annually and ordinarily distributes a substantial number of features produced by others for release by it. It produces an average of 61 short subjects annually. It operates 32 exchanges in key cities. Its gross assets are approximately $15,000,000, and for the fiscal year ended in 1939 its consolidated gross income was about $20,000,000. UNIVERSAL CORPORATION Universal Pictures Corporation, formerly Universal Film Manu- facturing Co., was incorporated in New York in 1912. On January 10, 1925, Universal Pictures Co., Inc., was formed and about the same time purchased the entire outstanding capital stock of Universal Pictures Corporation. In January 1926 Universal Pictures Corporation secured sub- stantial stock interest in Universal Chain Theatres Corporation— exhibitors. In 1928 this exhibition corporation and its affiliates operated 315 theaters in Canada, the District of Columbia, and 20 States, including the Griffith Amusement Co., with 40 theaters in Oklahoma and Texas, and the Schine chain, with 90 theaters in New York and Ohio. Between 1929 and 1931 it disposed of a substantial number of theaters. In 1933 it went into receivership and the remain- ing theaters were sold by the receiver. From 1925 to 1936 Universal Pictures Corporation was the produc- tion branch of Universal Pictures Co., Inc. In December 1936 Universal Pictures Corporation was dissolved and its assets were transferred to Universal Pictures Co., Inc. Universal Corporation, organized in April 1936, acquired the controlling stock interest of ^Universal Pictures Co., Inc. (producer), and the Big U Film exchange (distributor). Today Universal produces 40 to 45 pictures annually and ordinarily distributes each season some features produced by others for release by it. It distributes extensively through the Big U Film Exchange, Inc., and Universal Film Exchanges, Inc. Its gross assets are approximately $12,000,000, and for the fiscal year ended in 1939 its consolidated gross income was about $20,000,000.