Motion Picture Daily (Apr-Jun 1960)

Motion Pi Oliver Trevz Strike Effects (Continued from page 1) parry's annual meeting of stockholders at the home office yesterday. Goldenson noted, however, that pictures contemplated for release in the remainder of the year look "quite impressive." "There is a great response by the public to quality pictures and successful pictures have shown bigger grosses than major attractions of prior years," Goldenson said. The meeting reelected directors, adding Oliver Treyz, president of the ABC Television Network, to the board. Following the stockholders meeting, directors reelected officers, and named Robert L. Huffincs, Jr., to the board's executive committee. Huffines is chairman of the board of Worth Fund, Inc., and of Frank G. Binswanger, Inc., Southern Division and National Bankers Life Insurance Co., and is a director of Textron Inc. He has been an ABPT director since 1951, and fills the vacancy on the executive committee created by the death of H. Hugh McConnell last April. First Quarter Set Mark As previously announced, AB-PT had record sales of $288 millions last year, and a record first quarter net this year of 83,336,000, compared with $2,313,000 a year ago. Goldenson attributed the company's "most significant progress" to television. Time billings in the first 1960 quarter, he said, are 22 per cent ahead of the corresponding 1959 period, after having shown the largest dollar and percentage increase of the three networks for 1959. The evening schedule for the fall quarter is already over 80 per cent sold out, Goldenson told the stockholders. He described the company's theatre operations as the "second major source of income" and noted that earnings in this division in 1959 were ahead of the prior year "and improvement was also shown in the first quarter of this year." Points to Product Shortage "These results reflected a much firmer tone in the motion picture business than had been the case in the past several years," Goldenson noted. He then referred to the effects of the Hollywood strike, reporting that it has "created a short supply of pictures at this time." The stockholders were told that ABPT will continue its policy of disposing of non-profitable theatres, and has relinquished six since the first of the year, reducing its total holdings to 492. At the end of 1958, the total was 526 theatres. A stockholder suggested that management give consideration to con AB-PT Stockholde Selling 'Largest Si A spirited attack on Broadcast Mu Broadcasting-Paramount Theatres sto( both based on the contention that A] in B.M.I. Gloria Parker, a stockholder win described herself as a songwriter am professional, called upon AB-PT t< divest itself of all interest in B.M.I and halt the "dumping of huge sum of money" into its coffers, because o what she termed recent "payola disclosures and B.M.I.'s sponsor ship of rock 'n' roll music, which sh termed "pornographic and sex-en couraging music." She was critical, too, of B.M.J president Sidney Kaye's associatio with the Goldberg, Rosemark, Coli and Kaye law firm, which is counst for AB-PT's competitor, CBS, as wa another AB-PT stockholder, Barne Young, who spoke of Kaye bein identified with continuing litigatio against ABC. CBS Sale Cited The latter, noting that CBS ha disposed of its B.M.I, stock, whic previously constituted the largest ir dividual holding, for $35,000, ac monished the company not to sell fc such a "ridiculous" amount, and su gested the B.M.I, stock was wort "millions." Leonard Goldenson, AB-PT pres dent, answered the stockholders b saying that the stock interest B.M.I, had been "inherited" with th merger of United Paramount Theatre and ABC in 1953, and that he was nc aware that it constituted the large: individual holding. It amounts t about two and one-half to three pe cent of the total, he said. Goldenson added that AB-PT h; never received a cent in dividend from the B.M.I, stock and that "he some relation to a stock's value." H assured Young that if the latter we prepared to make an offer for AB-PT B.M.I, holding "in the millions," h] verting unprofitable theatres to bowj \ ing alleys instead of disposing of then, and another suggested that in cod gested business areas some theati properties might be more productivl as garages. Goldenson told them that so ml theatres sold or leased have been coi;! verted to bowling alleys, and that th Garrick on Randolph Street in Clip cago's Loop has been leased to company that plans to convert it in a ramp garage; that a similar proje is being discussed for the State San Francisco, and that prospecth lessees of one of the AB-PT New En; land theatres have in mind convertir it to a bowling alley. Stockholders who inquired abo prospects for an increased dividend, cash or stock, were told by Golde son that the directors will have tl subject under consideration in the la quarter but cautioned them that i expanding business has need of coi siderable cash. He said other divisions of the con pany were doing well, including An Paramount Picture has set a limited number of key citj playdates . . . prior to early July coast to-coast release. Debbie JACK DON RICKLES/TECHNICOLOR with JOE BUSHKIN • SAM BUTERA • GERRY MULLKjl Directed by Robert Mulligan • Screenplay by Garsoi^ Based on His Play • A Paramount Picture ' Printei