Motion Picture Daily (July–Sept 1938)

r lay, August 29, 1938 MOTION PICTURE DAILY way Houses n a Race for Name Bands (Continued from page 1) g a year. According to bookers, are about 75 bands that have be1 well known over the radio, but that have a stage appeal as well united. lowing the Strand's announceI that it has film and band shows up to November for its new which started Friday, the Parnt, through Robert M. Weitmanaging director, has made n that it has bookings through Ks giving Day. Five films are set, illows: "Spawn of the North," to ;v the current "Sing, You Sin' which will go three weeks; Arkansas Traveler," "Men With ;s," "If I Were King" and "Artnd Models in Paris." Duchin Included nds to appear with the new films be led by Eddy Duchin, Larry on, Blue Barron, Mark WarGlen Gray and Tommy Dorsey. actions to be featured on the stage include the Three Original ■wood Stooges, the Raymond Quintet, Buddy Clark, the Ans Sisters and Connie Boswell. addition to the four band shows dy announced, the Strand has more lined up. Ethel Merman make her return to Broadway at UStrand late in September with the Garber orchestra and Johnnie t" Davis will appear with Ozzie 'on and Harriet Hilliard. | C. Collins to Be lade Head of Erpi u (Continued from page 1) i with Western Electric. He was . ed executive vice-president of early in 1937 and has served as . e head of the company since last when Mr. Drake was taken ill. Collins is Erpi's representative on board of directors of Universal jures. lm Men at Rites ?or Whitford Drake uneral services were held Friday Whitford Drake, former president Irpi, at the Church of the HeavenRest in this city. Burial was ate, attended only by members of family and intimate friends, here were no honorary pallbearers the services, but among those who 1 their respects were Edgard S. 3m, president of Western Electric ; n E. Otterson, former president of i ; D. C. Collins, Erpi executive -president ; H. G. Knox, Erpi ; le W. Hammons, president of lcational ; Samuel Spring, film atley ; L. W. Conrow, president of ec Service Corp. ; Bei t Sanford, nley Hand, Ed Walters, Harry sey, George Carrington and E. J. riarity. rpi's downtown headquarters closed day to permit officers and emyes to attend the services. Court Passes New GN Setup After Hearing (Continued from page 1) Grand National Treasurer, who disclosed the financial figures. After noting the Goldstone objections Judge James approved the plan en toto as well as Alperson's five-year employment contract at $1,000 per week. The merger agreement was approved by Educational Pictures' stockholders at a meeting in the company's New York office on Friday. Details of the proposal for the merger of Grand National and Educational, presented Saturday to Federal Judge William P. James for approval in the reorganization of G. N. were summarized by Edward L. Alperson and Loyd Wright, cotrustees, as follows in circulars sent to creditors and stockholders of Grand National Films, Inc., and its subsidiary, Grand National Studios, Inc. : To Buy Grand National Assets The new corporation will purchase from the trustees all of the assets of G. N. Films and the subsidiary, except cash on the following basis : The new corporation will pay and issue to trustees for the properties so purchased $50,000 in cash, $300,000 par value of its preferred stock, 219,563 shares of its common stock and warrants representing the right to purchase within 12 months from the date of issue 109,782 shares of its common stock at $1 per share. The new corporation will assume all contracts, leases and liabilities of the trustees except the fees of the trustees and attorneys' fee unpaid at the time of transfer, and liabilities which the trustees can pay from cash on hand, and assume all contracts and leases of the debtor and of the subsidiary which currently are being performed by trustees. Educational will organize a new corporation with authorized capital of at least 45,000 shares of five per cent cumulative preferred stock of par value of $10 per share redeemable at 103 per cent of par and 5,000,000 shares of common stock of par value of $1 per share. Educational will transfer to the new corporation all Educational assets except its corporate name and franchise, its trade mark, non-theatrical rights in pictures now held, and stock in the subsidiary which owns the studio now under lease. 1,100,000 Shares to Educational The proposal contains a representation by Educational that a fair value of such assets to be so transferred over and above liabilities is now and at time of the proposed transfer will be more than $1,100,000. The new corporation will assume the liabilities of Educational and certain subsidiaries which Educational represents do not and at the time of transfer will not exceed $375,000. In consideration of the transfer of Educational assets to the new corporation, the latter will issue to Educational 1,100,000 shares of its common stock and warrants representing the right to purchase within 12 months from the date of issue 550,000 shares of common stock at $1 per share. Educational agrees to make arrange ments for the immediate purchase of $150,000 par value of the new corporation's preferred stock for cash at a price equal to the par value thereof. Educational will give the new corporation a three-year option to purchase all the stock of the subsidiary which owns the studio which Educational holds (90 per cent of all outstanding stock) for 500,000 shares of common stock of the new corporation less the number of shares equal to the number of dollars indebtedness of the subsidiary at the time of the purchase. Educational agrees that at any time after approval of the proposal and prior to Aug. 11, 1939, it will purchase from the trustees for cash upon 30 days' prior written notice all or any part of $300,000 par value of preferred stock at a price equal to 66% per cent of par. New Strand Policy Off to Good Start The Strand's new band policy got off to a flying start Friday, with a gross of almost $9,000 reported for the day. The younger element was much in evidence, attracted by Ben Bernie in his first Broadway appearance in two years, and "Boy Meets Girl" on the screen. The opening was backed by a heavy advertising campaign. "Sing You Sinners" is going strong at the Paramount and will be the first film to receive a three-week engagement at the theatre since "Bluebeard's Eighth Wife" about five months ago. The first day's take on the second week was reported as $600 more than the opening day of the first week. Report Deal For English Merger Near (Continued from page 1) the circuit of Associated British Cinemas, Ltd., headed by John Maxwell as chairman and managing director, and the country's dominant theatre circuit. The merger reported under discussion would bring together a group of more than 550 theatres. Under the arrangement understood in negotiation, the Ostrers and Mr. Deutsch would direct the combined circuit, and Mr. Bernstein would retire. There has been a booking arrangement in effect for some months now between the G.B. circuit and Odeon. United Artists holds a 50 per cent interest in the Odeon circuit. Mr. Deutsch is said to be linked with the Scophony television company. Reports about two months ago also coupled the name of Arthur Rank with the others in the merger negotiations. The G. B. and Odeon circuits are two of the largest in the country. Philip Hill & Partners sponsored the Odeon security issue of £1,840,000 marketed recently. To Open at Willacoochee Willacoochee, Ga., Aug. 26. — This town's first film theatre will open Saturday. It will be operated by J. H. and E. A. Rampey. EXPANSION The latest business expansion move made necessary by Cinecolor's consistent progress is the magnificent new $250,000 plant now being erected in Bur bank and shown above in architect's drawing — another monument to the widespread acceptance of this remarkable color process! CINE COLOR