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78 MONEY BEHIND THE SCREEN
Co. and C. E. Rogers. Over 90 per cent, of the common stock was acquired for So, 500,000. All the stock is held in a 10 year voting trust of which the CaUfornia banker, A. H. Giannini, the president of Standard Capital, J. C. Cowdin, and the EngUsh miller, J. A. Rank are prominent members. J. C. Cowdin appears formerly to have been vice-president of Blair & Co. and Bancamerica Blair Corporation (a prominent firm of investment bankers at one time allied to Chase National Bank and also to Giannini), he is at present also Chairman of Transcontinental Air Transport Inc., and director of California Packing Corp., CurtissWright Corp., Cheever Corp., Dougolas Aircraft Corp., Whitehall Securities Co., Ltd., Sperry G}toscope Co., Curtiss Aeroplane and Motor Co., Ford Instrument Co., Intercontinental Aviation Inc., Sperry Corp., and Water bury Tool Co. According to the English trade press the new Universal holding company was formed through an agreement between Standard Capital and an English syndicate headed by Lord Portal and including also J. A. Rank. This latter syndicate is concerned in this country with the General Film Distributors Co., recently organised by C. M. Woolf. The Universal reorganisation provided for a merger of their British subsidiary with G.F.D., and the fact that J. A. Rank has been nominated a voting trustee, while he and another British member are directors of the new American holding company seems to indicate that the British interests have acquired a share in the control of the American parent organisation. In addition C. M. Woolf and H. Wilcox have been elected to the board of the American production company.
RadioKeith-Orpheum Corp.: R.-K.-O., organised as we have seen, in 1928 as a subsidiary of the Radio Corporation of America, is the third of the great film companies falling into receivership during the recent crisis. In October, 1935, R.C.A. sold half its interest in R.-K.-O. to Atlas Corp. and Lehman Bros., who also took an option for the purchase of the remainder. It appears, however, that the Rockefeller interest remains predominant in R.-K.-O., throTigh direct stock holdings in the name of Radio City, the great Rockefeller real estate enterprise.
Columbia: This company is at present controlled by a voting trust holding 96 per cent, of the voting stock and consisting of A. H. Giannini and two of the company's founders, Harry and Jack Cohn.
CONCLUSION.
The development of American film finance which we have attempted to outline in this brief sketch can be summarised as a spiral movement from early monopoly control at a time when the industry, measured by national standards, was but a minor sphere of economic life and when its undreamed-of possibilities of expansion