Motion Picture Daily (Jan-Mar 1941)

Motion Picture Daily Monday, January 6, 1941 Half Picture Stocks Showed 1940 Gains More than half of the 20 motion picture stocks listed on the New York Stock Exchange showed net gains during 1940 over the final prices of 1939 despite the loss of foreign markets and their revenue due to the war. The motion picture list as a whole, however, was at a lower level at the end of 1940 than at the end of the preceding year, the 20 issues listed on the Stock Exchange showing a collective decline of $88,504,625 from the $628,356,625 total market value of the 20 issues at the end of 1939. Market value of the 20 film issues on Dec. 28, 1940, was $539,852,000. Motion picture bonds were uniformly higher at the end of 1940 than the year before, and curb exchange issues were irregular, reflecting the general tendency of all film securities to rise at the end* of the year from the lows established earlier. In contrast to the general market, which was in the doldrums at the close of the year despite the high level of industrial activity due to the defense program, the film stocks were the features of the market in the closing 1940 sessions, virtually all of them recording sizeable gains. This development was due in large measure to the favorable earnings reports of the leading film companies, which testified to the industry's success in achieving operating economies sufficient to offset to a large degree the loss of the industry's foreign revenue. A secondary factor in the rise was the market's recognition that the increased employment and higher payrolls resulting from the national defense program would soon be reflected in theatre attendance and the future earnings of the companies. Paramount and Universal issues, stimulated by preferred stock retirement plans coming on the heels of excellent earnings reports, led the late 1940 rally of film shares. Loew's maintained its customary strength throughout the year's trading, and RKO showed an appreciable gain during the year, increasing the market value of the issue from $1,987,500 at Dec. 23, 1939, to $5,763,750 on Dec. 28, 1940. Among the issues which recovered losses through a higher trend at the end of the year were Warners, 20th Century-Fox, Columbia and Eastman Kodak. Motion Picture Stocks in 1940 High and Low in Stock and Bond Trading for 5 Year Period (Closing Prices Are as of December 28, 1940) New York Stock Exchange Stock and Dividend Columbia Pictures common (D) Columbia Pictures pfd. (2%) Consolidated Film Consolidated Film pfd. (1A) Eastman Kodak (6) Eastman Kodak pfd. (6) General Theatre Equip. (.85B) Keith -Albee-Orpheum pfd. (8MB) Loew, Inc. (2C) Loew's, Inc. pfd. (654) Paramount (.45B) Paramount 1st pfd. (6) Paramount 2nd pfd. (.60) Pathe Film Corp. (.30B) {. Radio-Keith-Orpheum 20th Century-Fox 20th Century-Fox pfd. (154) •• Universal Pictures pfd Warner Brothers Warner Brothers pfd *From close of Dec. 23, 1939; A— Accumulated; B Stock and Dividend Monogram Pictures Sentry Safety Control . . . Technicolor (75B) Trans-Lux DPS (JOB) .. Universal Pictures ( 1940 1939 1938 1937 1936 Sales High Low Last Net Change* High Low High Low High Low High Low 663,000 354 5J4 254(B) 14 7% 16 13% 39 29 45 34 231,000 26 1454 22 + 6% 30}4 1554 355* 2754 46/8 2554 5154 3954 287,000 15* 54 54 54 25* % 24* 1 554 1 75* 45* 661,000 W'A 5% 8 • % 125* 734 12% 454 1854 4% 205* 15% 1,748,000 16644 117 136 —30 186-4 1385* 187 12154 198 144 185 156 1,906 180 155 180 + 5 18354 15554 173 157 164 150 166 152 835,000 13% m 125* + % 1554 85* 1654 854 3354 954 not listed 1,380 109 95 104 + 8 100% 85 91 63 110 80 110 80 3,537,000 37% 2054 315* S7A 5154 3054 6254 33 88% 43% 6554 43 106,000 10954 97 108 + 254 10954 101% 11154 99 110 9954 i08:4 104 !/2 11,805,000 WVs 4% 10/2 + 2% 14% 65* 13% 544 2854 854 23% 75* 270,000 99 64 9654 +ny2 10754 72 10154 65 200J4 8054 170 59 1,490,000 115* 6% 10% + 2 135/8 75* 135i 65* 2654 8 21% 853 3,832,000 125* 5% 9!4 % 135* 544 14?4 354 1054 4 11% 65* 1,660,000 3% 25* 3% + 2% 2% 1% 5% 154 105* 254 mi 5 2,542,000 m 5 554 654 26% 115* 284* 165* 40% 1854 38% 2254 315,000 25% 14 175/8 VA 3454 im 38 255* 50 25 4754 315* 111,770 125 59 111 +41 78 45% 83 2754 108 29 115 50 4,939,000 4% 2 3 44 6% 354 8 354 18 454 185* 9% 6,280 5654 30 54 + 6% 58 36 45 20 69% 36 69 44 — So far th s year; C— Extra dividend ; D — Formerly isted on curb; E -Net chan ge from Dec. 23, 1939, close on Curb. New York Curb Exchange Sales 244,000 94,400 186,600 56,000 12,500 High 1 15* 16% 15* 1554 1940 1939 1938 1937 1936 Low Last Net Change* High Low High Low High Low High Low % % — % 354 1 35* 1% 2% 1 not listed ■fV + rV 9/16 % % 3/16 1% % 1% 54 854 34 9 354 22% 9% 2654 14% 34 14 3254 1754 54 — % 2% 1 35* 154 5% 1% 554 3% 4 14 + 5 . 954 6 10 3 19 35* 1654 4% Bonds on Stock Exchange Bond and Maturity Keith 6s '46 Loew's 354s '46 Paramount-Broadway 3s '55. Paramount cv. 3%s '47 Warner Brothers 6s '39 Sales $2,036,000 1,526,000 408,000 1,132,000 3.228,000 High 10354 105 5254 97 1940 Low 100 IOO54 40 76 78 Last Net Change* 10254 104% 5254 94 95 + 54 + 2% + 654 +10 +11% 1939 1938 1937 1936 High Low High Low High Low High Low 102 9354 95 80 100 8254 100 92 10354 92 102% 9454 5654 101% 9554 102 96 5754 45% 63 75% 59 73 55 9154 77 87% 57 9654 71 not listed 92 7954 9154 63% 100% 70 100% 86 *From close of Dec. 23, 1939; B— So far this year. Comparison of Valuation of Stock Issues — 1939-40 Approx. Number Shares Listed 360,000 76,000 525,000 400,000 Stock Columbia Pictures vtc Columbia Pictures pfd Consolidated Film Consolidated Film pfd Eastman Kodak 2,485,000 Eastman Kodak pfd 62,000 General Theatre Equip 600,000 Keith-Albee-Orph. pfd 64,000 Loew's, Inc 1,670,000 Loew's, Inc., pfd 137,000 Paramount 2,470,000 Paramount 1st pfd 145,000 Paramount 2nd pfd 554,000 Pathe Film Corp 585,000 Radio-Keith-Orpheum 1.590,000 20th Century-Fox 1,740,000 20th Century-Fox pfd 946,000 Universal Pictures pfd 18,000 Warner Brothers 3,800,000 Warner Brothers, pfd 103,000 Close Close 1939(A) Valuation 1940(B) Valuation , Net Change ^ 65* $2,385,000 554(C) $1,980,000 254 (D) — $405,000 1554 1,273,000 22 1,672,000 4 6% + 399,000 7 525,000 54 262,500 54 — 262,500 8% 3,450,000 8 3,200,000 % — 250,000 166 412,510,000 136 337,930,000 —30 — 74,550,000 175 10,850,000 180 11,160.000 + 5 -f 310,000 1154 7,050,000 125* 7,275,000 + 5* -f 225,000 96 6,144,000 104 6,656,000 + 8 + 512,000 37 61,790,000 315* 51.978,750 S7A — 9,811,250 105% 14,419,250 108 14,796,000 + 244 + 376,750 75/6 18,833,750 1054 25,935,000 + 2% + 7,101,250 85 12,325,000 9654 13,992,500 +1154 + 1,667,500 8% 4,916,750 10% 6,024,750 + 2 + 1,108,000 105* 5,923,125 954 5,557,500 % — 365,625 1% 1,987,500 3% 5,763,750 + 2% + 3,776,250 12% 21,315,000 554 10.005.000 — 654 — 11,310.000 2354 22,231,000 17% 16,673,250 5% — 5,557,750 70 1,260,000 111 1,998,000 +41 + 738.000 354 14,250,000 3 11,400,000 44 — 2,850.000 4754 4,918,250 54 5,562,000 + 6% + 643,750 $628,356,625 $539,852,000 -$88,504,625 A — As of Dec. 23; B— As of Dec. 28; C— Close on new common stock (D) Net change from close of common on curb.