Motion Picture Daily (Jan-Mar 1960)

Motion Picture Daily M.P.I.'s Largest Holding Is in M-G-M, Reade Says Walter Reade, Jr., president of Motion Picture Investors, appeared on behalf of the organization at the annual meeting of stockholders of M-G-M, Inc. here yesterday, commending management for the progress made in restoring the company to profitable operations and asserting that M.P.I, "owns more stock in M-G-M than in any other company. Joseph R. Vogel, M-G-M president, in recognizing Reade when he rose to speak, admonished him, "Walter, if it's your intention to say something utfce about us, don't. We're running late." Metro Reelects ( Continued from page 1 ) declared by the company since it resumed payments last September. The stockholders meeting voted approval of an amendment to the company's certificate of incorporation, changing its name from Loew's, Inc., to Metro-Goldwyn-Mayer, Inc. The name change avoids confusion with the divorced and now independent corporation, Loew's Theatres, Inc. Stockholders also approved a grant of restricted stock options to 12 key executives at 100 per cent of market price at the time the board voted the options, which was $30.25 per share. Details of the options as described in the company's proxy statement have been previously published. The meeting defeated a proposal made by a stockholder to reinstate cumulative voting in the election of directors. Vogel told the meeting M-G-M is studying possibilities of diversification in fields related to its experience in dealing directly with the public through sales or services. Liquid assets of the company permit such a move, he said, and declared that "Growth is a factor in our future." He also disclosed that a study has shown that 45 to 50 acres of land owned by the company in Culver City could be disposed of but the value of the property has tripled over the appraisal made three years ago. As a result, he said, the problem now is should the land be sold or held for further appreciation? Vogel said consideration is being given to a proposal for sale of 17 acres of the land to a huge market in which M-G-M would have an interest. WGA Strike Fund Up; Benefit Payments Rise From THE DAILY Bureau HOLLYWOOD, Feb. 25. The Writers Guild of America strike fund is higher by more than one-third, after five weeks of the strike, than it was when the strike started, James Webb, guild treasurer, has reported to the membership. Consequently the weekly benefit payment is being raised by nearly 50 per cent, from $55 to $75. M-G-M Sets Plan to Curb Strike Effe, ( Continued from page 1 ) up of the film release schedule, careful husbanding of the 18 completed pictures on hand, production abroad of some pictures which can employ foreign locations, and selection of films from the company's post1948 library which are best suited for reissue to theatres. Vogel told the stockholders that M-G-M's prospects for the 1960 fiscal year are excellent, contingent upon effects of the strike called for March 7 by the Screen Actors Guild. The protective program prepared by the company for a strike eventuality can only minimize, not eliminate, an impairment of earnings in this and succeeding quarters, should a strike occur and persist for any length of time. Vogel pointed out that negotiations with SAG are expected to continue and as long as they do a strike may be averted. However, he told reporters who questioned him during a meeting recess that if the guild remains adamant, there could be a long drawn-out strike. At the same time, he made it clear that M-G-M has no intention of capitulating to guild demands for a share of revenue from the sale of its post-'48 films to TV, which is the basis of the strike threat. Vogel told a questioner that M-G-M "has no intention at this time of selling its post-1948 films to television." But, he added, "I can't predict what the situation may be in the next six months, or a year or two years." Asked whether it would be possible to renew guild contracts with an assurance that no sales would be made to television during a stated period of time, Vogel said that would be equivalent to the provision in the expired contracts which agreed to reopening of the contracts in the event of a post'48 sale to TV. He was interrupted before he could give an opinion as to TV Film Company Buys Strike Talks Whitney's Project X From THE DAILY Bureau HOLLYWOOD, Feb. 25. Purchase from C. V. Whitney of the process known as Project X, that photographs and projects motion pictures over a full 360 degrees viewing angle was announced by Philip Nasser, vicepresident and head of production at Allied Television Film Corp. The deal was consumated for Whitney by Arthur L. Wilde, personal representative for C. V. Whitney in all motion picture matters. Merian Cooper a Partner Originally conceived by Merian C. Cooper and Whitney, the new process has been under development for several years. While hemispheric projection systems have been developed in the past, the unique exclusive feature of the Whitney system is that the lens complex attaches to any standard camera and a single standard projector. The system requires a hemispheric screen in the shape of an inverted dome. Whitney has already been in negotiation with Henry Kaiser interests regarding a variation of Kaiser's aluminum portable dome'. Will Issue Franchises "It is our intention," said Nasser, "not only to issue franchises for the process to top film makers, but to produce pictures ourselves specifically designed for ! hemispheric projection. We feel that specialty presentation of motion pictures is the most effective way in which the theatrical film medium can compete with other forms of entertainment." ( Continued from page 1 ) minute session this afternoon to find a strike settlement solution. Representing the AMPP at today's meeting were Steve Broidy, Allied Artists; Saul Rittenberg and Ray Klune, M-G-M; B. B. Kahane, Columbia; Bonar Dyer, Walt Disney; T. J. Leonard, Paramount; Lew Schreiber, 20th Century-Fox; E. L. DePatie, Warners; Alfred P. Chamie, secretarytreasurer, and Charles Boren, executive vice-president of AMPP. Those representing SAG were John L. Dales, national executive secretary; Chester Migden, Kenneth Thomson and Pat Somerset, assistant executive secretaries; William Berger, general legal counsel, together with actors James Garner, John Litel, Harvey Parry, Leon Ames, John Benson, Wallace Rose, Chick Chandler, Thurl Ravenscroft, Robert Keith, Frank Faylen and Dana Andrews. Spokesman for SAG stated that the guild is continuing separate negotiations with Universal International which were begun 10 days ago with Milton Rackmil and other U-I top executives. Meetings between independent producers and SAG will also continue tomorrow. Pre-Trial Hearing (Continued from page 1) 7 before Judge William B. Herlands. Defendants in the suit are Loew's, Inc., C and C Super Corp., Screen Gems, Associated Artists, United Artists and National Telefilm Associates. Rothman to Columbia (Continued from page 1) president was created, Kastner said, to meet Columbia's stepped-up activities all over the world. Rothman will bring to his new post extensive experience in the international field. After serving as worldwide representative for producer Edward Small following World War II, Rothman joined United Artists in 1952 as assistant Continental manager. In 1955, he was named sales manager of United Artists for the Continent and the Near East and in 1957 he was promoted to Continental manager for Europe and the Near East. whether or not a similar agre< could be made to avert the threate: strike. Vogel expressed doubt that the S strike vote was fully representa' of the feelings of the members! He pointed out that only appr mately half the membership vc and over 2,000 of those who did v£ > opposed to a strike. "Actually," he said, "those I are not working in pictures ourt those who are. Many people §r maintained or taken out SAG m bership cards who haven't workec a picture in years. They have not! to lose and take a chance on get ' in on health and retirement benef Labor Situation of Prime Intere The strike situation obviously i cerned many stockholders, as q tions from the floor on the sub were both numerous and pointed One stockholder wanted to k why M-G-M couldn't sign with Screen Writers Guild "as Univi [ has done, and avoid a strike." V replied that Universal's situation a more like United Artists since it its studio to Music Corp. of Ame than it is to M-G-M's and other ij ducing companies." Wilma Soss of the League^ i Women Stockholders, a professi meeting attender, told M-G-M i agement to "be realistic." Sign a tract now "and avoid loss of reve If you don't, you'll get licked even ly, just like the steel companies licked." Won t 'Give Away What Isn't \ Vogel replied that it was his P 1 to conserve company assets and to give away what isn't mine." "We can make a deal with SA its terms any time," he rema "But to do so, I would have to away company assets that beloi you stockholders, not to me Vogel said earnings for the' quarter of the current fiscal amounted to 71 cents per share; declined to estimate earnings fo second quarter ending March 27 cause it is too early and becau the uncertainties of the Holly strike situation. He predicted the "greatest grc all time" for '1Ben-Hur," and M-G-M will reissue "Gone wit! Wind" in 1961 for the Civil centennial. During its last reisst 1954 it did $6,250,000 domestic gel said. 'Cimarron' Close to Completi He reported his confidence if earnings potential of other filn the company's future schedule noted that "Cimarron" wouk completed March 6 and that onl' films, "Butterfield 8," being proc here, and "Go Naked in the w| at Culver City, will be affecti the event of a strike. Asked if films could be made a! in view of purported pledges o operation from European actor* ganizations to SAG, Vogel re "That remains to be seen."