Motion Picture Daily (Jan-Mar 1934)

MOTION PICTURE DAILY Thursday, March 15, 1934 Fox 39Week Profit Up to $1,410,793 {Continued from page 1) lents per share on the 2,436,409 teres of Class A and B stock outitanding. Forty-four cents per share if this was earned during the last uarter. The balance sheet total is given as ,18,264,086. This includes $5,021,932 i cash, $1,691,082 in accounts receivable, and inventories of $11,123,541 Igainst current liabilities of $3,910,292. 'here are no bank loans. Investments and advances to affilited companies, after deducting the eserve for revaluation of $14,500,000, mount to $16,623,543. Fixed .assets, after deducting the sual reserves, stand at $10,632,050. "unded debt comprises five-year six ter cent convertible debentures, $1,4o,600, and subsidiary realty comanies' bonds, $2,378,075, a total of 4.124,675. The net worth of the corporation as hown by its balance sheet at Dec. 30, 933, was $35,185,569, including arned surplus of $1,674,354, and was epresented by 2,419,759 shares of 'lass A and 16,650 shares of Class B apital stock, indicating a book value f $14.44 per share. Operations of Wesco Corp. and its ubsidiaries, which include all Fox leatres, were not given, the company ointing out many units are still in ankruptcy. Fox's investments in Vesco have been written down to $1, lit advances to Wesco and F. W. C, ts principal subsidiary, are carried o the full amount with reserves for ny readjustment which may be neceslary in ending the bankruptcies. Dent Tax Is Urged At Senate Hearing {Continued from page 1) ne 10 per cent tax on circus admisions, Kelly declared collections from lis source last year amounted to 380,000, which, he said, represented pproximately the loss to the circuses In their business. s The witness charged that of all the ■lm theatres in the country only about DO collect any tax under the present 3-cent exemption and asserted that )mething like $23,000,000 a year ould be collected through a one cent ix on all admissions, on the basis of 600,000 admissions a day, while by pplying that tax to all admissions as mch as $38,000,000 could be collected •om all sources. As another alternate to the present tax he suggested an [Kemption of 75 cents except for such .misements as are in the night-life ] ass and sporting events. \ "You would be in a stronger posi,on if asking for exemption for the . reus rather than a one cent tax on 11 amusements," Senator Pat Harden of Mississippi, chairman of the 3mmittee, commented. "Congress is . ot going to stand for that." The senator referred to the various ghts in the past between those who j ivor taxes on all admissions and j.aose supporting the present method | f providing an exemption and indiited he would not want to go through I oat experience again. Alternative Plans UponN. Y. Boards {Continued from page 1) The second plan is to have three committees, each with equal power, to decide problems for various zones. Under the first plan, the advisory committees would hear problems of territories within their province and report back to the main board for approval of decisions. The second plan would have each of the three main committees make its own decisions, which would be final, except for appeals. If the main board and three advisory groups or the three main committees is accepted, one would cover New Jersey, another Manhattan, Bronx and upstate New York and the last, Long Island, Brooklyn and Staten Island, in accordance with the local selling plan. It was pointed out yesterday that the code specifically states only one grievance and one clearance and zoning board must prevail for each zone. There is nothing in the context of the code, on the other hand, to prevent Code Authority from naming as many committees as it likes. If it is held feasible to name territorial committees within the major boards to ease the complexity of the Greater New York situation, this can and may be done. No decision, however, has been reached on this point. Action on Tickets By NRA Due Soon Washington, March 14. — Hearings on revision of the legitimate theatre code this month will be marked by a demand by the consumers' advisory board of the NRA for drastic action on the ticket situation, it was learned today. It is understood a plan has been worked out for the creation of a central agency through which tickets would be distributed to the individual brokers. Reports are also current that the board will demand absolute prohibition of all throwaways in the legitimate theatre field. Members of the board are said to feel it does not matter what the price of a ticket is, but that the theatre should not charge two dollars if a patron comes to the box office with some sort of a coupon and four dollars if he does not have one. Warner Men Watch For Code Violation Philadelphia, March 14. — T h e local Warner Brothers managerial staff has become a vigilante committee to check on failure to observe code regulations in the territory. Each manager, when a competitor seems to be violating any code regulations, turns in a regular form report to the home office. New British Paper Out First issue of the British M. P. News, edited by William H. Mooring, a former editor of Bioscope, has reached this country. It is a four-page paper, 17 in. x 11 in., printed on coated stock, with six half tone cuts. In his foreword Mooring says the paper will be printed "every other week, and sometimes perhaps more often. We shall bring news and views." Triple Bill Scare "Herring" — Golden {Continued from page 1) these machinations at once by revealing how few theatres actually were on a triple feature diet. "This triple feature business is just drawing a red herring across the snow," Golden declared. "I will bet $1,000 there aren't 60 theatres in the country playing triple bills." "That's tough on the herring," was the comment of a major distributor opposed to multi-feature bills, when apprised of Golden's statement. In line with his determination to expose the triple feature fright for the fraud he believes it to be, Golden yesterday posted a letter to every Monogram exchange asking the manager to report to him at once the exact number of houses using triple features in each territory. "The reports will prove that this triple feature talk is just propaganda against double features. They want to make out that every exhibitor who double features will soon find himself in a triple feature situation," Golden said. "Stars of Tomorrow" In a Para. Trailer Paramount has prepared "Stars of Tomorrow," a one-reel trailer designed to introduce new personalities now under contract and from whom the company expects much. The women are Kitty Carlisle, Dorothy Dell, Frances Drake, Barbara Frietchie, Ida Lupino, Helen Mack, Ethel Merman and Evelyn Venable. The men are Carl Brisson, Larry Crabbe. Lanny Ross and Henry Wilcoxson. While Paramount has made no decision as yet, the probability is the trailer will be released to theatres. Ohio Chilly on Plan For Dillinger Film COLU mbus, March 14. — Ohio censors will give Paramount's proposed film on John Dillinger's escapades a cool reception, according to M. W. Van Sickel, chief of the board. Schaefer in Detroit Detroit, March 14. — George Schaefer, Ralph A. Kohn, Sam Dembow, Jr., and Y. Frank Freeman arrived here today from New York for a meeting with George Trendle, Paramount theatre operating partner in Detroit. The home office group plans to confer with Trendle all day Thursday, leaving here in time to be back in New York Friday. Acquit Cincinnati Man Cincinnati, March 14. — Nelson Corcoran, local man, charged with complicity in stench bombing Keith's Feb. 17, was acquitted by Judge Samuel W. Bell in Municipal Court. Three other local men, alleged to have been implicated in the bombing, are to be tried soon. Cherrington in Hospital Columbus, March 14. — H. E. Cherrington, dramatic editor of the Columbus Dispatch, and secretary of the Columbus Variety Club, is in Grant Hospital recuperating from an abdominal operation. 7 Action on N. J. Sales Tax Bill Is Impending Trenton, March 14. — Both branches of the Legislature have adjourned for the week without takingaction on legislation to which film and theatrical interests are opposed. Thus the measures are safe for another week, although increasing pressure has been brought to bear for their passage. The general sales tax bill, imposing a two per cent tax on gross retail sales of services or commodities, is slated for consideration in two weeks. It is still in an Assembly committee, but leaders announced it would be considered next week and brought to a vote the following week. There is some question whether the measure could tax gross receipts of exhibitors and theatres, which already are subject to Federal levies. The billboard tax legislation, Senate 98 and House 316, was not reported from committee, although its sponsors were active in the State House corridors. The bill changes the present billboard taxes, and should reduce the rate for most signs, but theatrical interests fear it may increase the levy on large boards and thus result in higher advertising rates. Indications are, sponsors of the measure will endeavor to slip it through late in the session when opposition would have no chance to block it. Governor Moore is expected to act tomorrow on two bills, House 15 and 16, that concern the state industrial recovery act. Exhibitors see in the bills possibility of higher assessments for state code administration. Belief is the Governor will sign the measures, since they received Democratic support in both houses. The bills increase the powers of the state code administration and conceivably might impose upon exhibitors drastic regulations as to wages, hour of employes and assessments in addition to requirements of the NRA Federal codes. MPTO Attacks N. Y. Legislative Bills Buffalo, March 14. — A concerted drive against legislation inimical to exhibitors is being arranged by Jules H. Michael, chairman of the western New York M.P.T.O., Michael has sent the following message to exhibitors : "Drastic bills have been introduced in Albany, covering admission of minors under 16 years of age and a 10 per cent admission tax. "When the word is flashed, every exhibitor in the state should contact his legislative representatives and Governor Lehman, opposing these measures, which, if passed, will assist in closing the doors of your theatre." Louisville, March 14. — There is a bill in the Legislature to levy a tax of five cents on each 25 cents or fraction thereof on admissions. M-G-M Contracts Four Hollywood, March 14. — M-G-M has contracted Walter Donaldson and Gus Kahn, composers, and Robert Livingston and James Ellison, players.