Motion Picture Daily (Jan-Mar 1937)

MOTION PICTURE DAILY Wednesday, February 17, 1937 Para, to Usei 15 Millions Debentures M-G-M and the Navy Screen Film at Lat. ? ?, Long. ? ? {Continued from page 1) event that more than $15,000,000 in principal amount of the six per cent debentures are presented for exchange, the exchange will be "substantially on a pro rata basis," according to the company's statement. No underwriting is involved in the proposed exchange and no commissions are to be paid by the company in connection with it, it was said. The new debentures will be issued in accordance with an indenture between Paramount and Manufacturers Trust Co., trustee, which provides in part for annual sinking fund payments to the trustee beginning April 15, 1941, equal to 15 per cent of the consolidated net earnings of the company for each fiscal year beginning with 1940. The indenture will provide that the payments may be made in cash or in debentures, with a credit to the sinking fund of the amount of debentures converted into common stock after Dec. 31, 1939. No Scrip Planned Paramount now has in its treasury $2,376,000 of the present six per cent debentures, which will not be exchanged under the offer. Scrip, or fractions for new debentures in denominations of less than $100, will not be issued, the company stated, nor will the holders of scrip for the present debentures participate in the exchange. The six per cent debentures which are presented for exchange will not be reissued by the company, but will either be cancelled or tendered from time to time for retirement through the sinking fund under the present indenture with the City Bank Farmers Trust Co., as trustee. Savings Seen Paramount may save in interest charges, through a maximum exercise of the exchange right, approximately $410,000 per year. Earlier refunding of old six per cent obligations of English and studio subsidiaries at lower interest rates, increase the company's total savings from its refunding program to approximately $750,000 annually. Earnings prospects for the company are expected to make the exchange attractive to the present holders of six per cent debentures. The new 3}4 per cent debentures will be convertible at the rate of three shares of common for each $100 face amount. Thus an annual dividend of only $2.50 on the common would provide a better return than does the interest on the present six per cent debentures. Paramount Shifts 3 Of Sales Personnel (Continued from page 1) terday by Joseph J. Unger, eastern divisional sales manager. Hunter was the guest of honor at a testimonial dinner in Washington last night, attended by a number of executives there. Unger was among those in attendance from the home office. (Continued from page 1) ipraM. ..'aidoa^ sqj jo WEA-iag,, pa^o depicts the events leading up to the constitutional convention and the arguments which preceded the agreement on that well known document. He conferred with Rear Admiral Harris Laning and the admiral shot the works. At 12 o'clock reporters, representatives of the Hays office and distinguished citizens clambered along a narrow runway at the edge of a dock at 24th St. and the East River and boarded the U.S.S. Tattnall, a destroyer. That's where some of the trade paper boys began to feel like J. P. Morgan starting a cruise on the Corsair. Lieutenant Commander Wooldridge and three lieutenants greeted the guests and had them escorted to the officers' quarters. Promptly at 12 :30 a whistle blew and officers and crew scurried to the rail. Rear Admiral Laning came aboard with a smart salute from everybody in uniform. Mess Is Impressive Two Filipino stewards and their assistants served a buffet lunch that would make Oscar of the Waldorf jealous. A recruiting officer could have signed up the entire party about that time. Bridges and shoreline passed as they do on ordinary boats, and when the press reached the point where it couldn't even absorb salted nuts any more some of the brave souls decided to go on deck and see what the skyline looked like through swirling snow below 42nd St., but they didn't spend much time looking. Commodore Seadler of the MGM Lion turned to Able Seaman Cunningham of the M. P. Herald and shouted : "I think I'll go around to the leeward, if you'll pardon the expression." Cunningham pardoned it and hurried down a companionway in spite of his sciatica and tested another chocolate peppermint and a cup of coffee. In a short time a whistle blew — one of those boatswain's whistles, they said — and there was a roar and rattle that sounded as though the ship had collided with Staten Island. It was the anchor on its way into the bay mud. A U. S. Coast Guard tug came alongside and tied up, and the guests transferred to that. An officer explained that the Tattnall drew too much water to park — or maybe it was dock — at Bedloe's Island. Bedloe's Island is where the Statue of Liberty stands. To the Army, which has control of most of the Island, it's Fort Wood; to the Dept. of the Interior National Park Service which controls the monument and the surrounding grass it's something else. At the end of the dock, which is air conditioned at this time of the year, there was a Ford truck with a side of beef in it. Seadler looked at it and remarked: "Maybe we're going to have another little snack." He was wrong. The picture was shown in the guard room of the old Revolutionary fort beneath the statue. Carved in the woodwork of one of the cell doors were these words : "Drunk again, by hell I" which was probably the quaint way a 1776 patriot had for working off a hangover. It was a good picture. All those who sat near a big round coal stove enjoyed it. George Washington and Benjamin Franklin discussed Colonial problems. Arthur De Brea of the Hays office explained how everybody had cooperated. Twenty-five minutes later the voyagers were again on the dock waiting for the seedy-looking SS Hook Mountain to get out of the way so the Coast Guard tug could come in again. It certainly is strange how they keep the robes of Miss Liberty from blowing in a wind like that. Snug Harbor Again A half hour later the Tattnall was back at 24th St. with two big tugs pushing it into place. The officers saluted and shook hands — nice fellows, all of them. If the Hudson River Day Line could do things like that, everybody in New York would go to West Point every Sunday. A good time was had by all. Among those present were : Admiral Laning, J. E. Manley, general secretary of the National Council of Youth ; S. L. Frederick, National Council of Youth; Mrs. James F. Looram, International Federation of Catholic Alumnae; Mrs. Leon A. Mclntire, national chairman of the D.A.R. ; Leslie C. Stratton, Boy Scouts of America; Franklin C. Hoyt, retired judge; Mrs. Byran N. Fast, regent of the D.A.R. ; Charles H. Strong of the American Bar Ass'n; Ruth H. Ottaway, president of the National Council of Women; J. A. Dreher, secretary of the Industrial Film Council ; Mrs. Arthur E. Bestor, G. J Zehring, and news paper men. Ampa Meets Tomorrow The Ampa will meet tomorrow at the Hotel Edison with Gordon White presiding. The proposed awards for advertising and publicity will be discussed and a committee on arrangements for the awards will be named. John Mulholland, former president of the American Society of Magicians and editor of the Sphinx, and Dorothy Wilkins, accordianist, will entertain. Dissolve Warner Firm Dover, Del., Feb. 16. — Warner Bros. First National (South), Inc., has been dissolved here. Secretary of State Charles L. Terry, Jr., has issued a certificate of voluntary dissolution. Seating Net $241,756 American Seating Co. and subsidiaries.for the quarter ended Dec. 31, last, reported net profit of $241,756 after taxes and other charges, equal to $1.19 per share on 202,875 shares of capital stock. The net compares with $119,026, or 59 cents per share in the same period of 1935, and $230, 963, equal to $1.14 per share, in the quarter ended last September. Leads Republic Drive The southern division is leading at the end of the fourth week of the Republic sales drive. The leaders in each division are : southern, Charlotte ; eastern, Cleveland; central, Chicago; western, San Francisco. Positive Film Exports 99% Sound Variety (Continued from page 1) $133,362, last year took but 9,823,975 feet valued at $123,126, while shipments to Spain dropped from 12,473,830 feet valued at $287,969 to 5,793,805 feet valued at $123,749. The best revenue producing market was the United Kingdom, taking a total of 18,071,389 feet valued at $525,031 against 15,874,353 feet valued at $476,392 in 1935, but in footage Argentine led with 18,085,518 feet valued at $323,988 against 17,065,229 feet valued at $327,965 in 1935. Other leading markets were : Brazil, 12,785,110 feet valued at $252,655 against 11,568,669 feet valued at $247,125; Panama; Mexico, 8,911,061 feet valued at $284,968 against 5,010,762 feet valued at $234,181 ; France, 8,163,358 feet valued at $178,949 against 7,712,772 feet valued at $177,871; British West Indies, 7,161,528 feet valued at $25,802 against 3,050,527 feet valued at $10,844; Australia, 5,885,000 feet valued at $132,951 against 5,333,509 feet valued at $121,208; Cuba, 5,445,359 feet valued at $107,600 against 5,108,138 feet valued at $97,847. The report pointed out that a total of 1,454 standard gauge projectors valued at $383,078 were exported last year as compared with 1,243 valued at $353,216 in 1935, and 7,388 16 mm. machines valued at $304,278 -against 1,981 valued at $124,933. Canada Clamping Lid On All Chance Games (Continued from page 1) form of restriction, although the police of Toronto, Windsor, London and other places have destroyed many wheels. Plan Third Loew Bank Night Loew's will hold a third two-day Bank Night tieup with its 55 theatres in Greater New York on Feb. 23-24. Cash awards totaling $3,500 will be given away to patrons. The second of the two-day series will wind up tonight. Affiliated Advises on Operation Denver, Feb. 16. — Affiliated Enterprises, Inc., owners of Bank Night, have added an advice department, available to their customers at no added cost. The service will include consultation on any problem connected with theatre management. Experts will be retained in exchange centers to whom problems in their lines will be referred. The department is starting with service on such questions as accounting, advertising, architecture, electric power rates, equipment, financing, insurance, physical operation, projection and sound, purchasing and valuations. Holden Swiger, formerly with Paramount, heads the department. Barney Balaban to Fla. Barney Balaban, Paramount president, is en route to Miami Beach, where he was called suddenly by the serious illness of his mother.