Motion Picture News (Mar-Apr 1923)

1150 Motion Picture News Selznick Corp. Under Reorganization Consummation to Preserve Valuable Assets and Assure Continued Distribution A REORGANIZATION of the Selznick Corporation and its fourteen subsidiary companies, including Selznick Pictures Corporation and Select Pictures Corporation, has been in progress for several weeks and affairs are now rapidly nearing a consummation that will preserve the valuable assets of these concerns, assure the continued distribution of released product and the completion of those pictures now in the making and others already planned. At a meeting of the general creditors held at the Bar Association, New York, February 16th, a committee for the creditors was selected consisting1 of Hyman Winik, Ralph B. Ittelson, W. C. J. Doolittle of Utica, M. C. Levee of Los Angeles, and Charles Pain of Chicago. Mr. Doolittle represents the Utica, N. Y., banking interests. Mr. Pain is a prominent Chicago attorney and treasurer of the Rothacker Film Manufacturing Company. The creditors' plan of reorganization contemplates that the complications involved in having a number of corporations shall be eliminated and a new corporation will be organized to take over all of the assets. The creditors will receive two-year notes bearing interest at 6 per cent per annum, and whenever there are sufficient funds on hand a distribution of 5 per cent of the amount of the notes will be made pro rata. Creditors to the amount of more than $1,600,000 gave their approval of the plan at the creditors' meeting and the committee has met with success among the remaining creditors. It will be necessary, the committee points out, that the remaining creditors join the majority as soon as possible, so that the complete plan of reorganization may be put into effect immediately, thereby saving present overhead and distribution expense. Of the new Selznick product, " Rupert of Hentzau," " The Common Law " and " Modern Matrimony " are completed. Very flattering reports are had upon the first two of these pictures and most favorable offers have already been had from West Coast theatres and for the foreign rights. By all accounts " Rupert of Hentzau " and " Common Law " will rank among the season's outstanding pictures. It is planned to release them at once. The scheme of reorganization plans to get rid of distribution expense as speedily as possible. It may be that the Select exchanges will be continued under new ownership, but at this writing no distribution commitments have been made. The committee in charge has received a number of offers of distribution, both on the new product and that now in cir Michigan Censorship Bill Defeat Expected ALTHOUGH a drastic censor bill is now before the house committee, the Michigan M. P. T. O. expects there will be no trouble in defeating it. However, the organization will be "on the job" until said bill is finally acted upon one way or another. One reason given for the optimistic feeling is that the club women of the state, as a whole, are opposed to political censorship. culation and are considering carefully these offers. It would appear from information gathered and from the opinion freely expressed in trade circles that with the reorganization quickly under way all debts will be eventually paid in full and considerable assets left over. After the creditors have been paid the remaining assets will be turned back to the stockholders of the Selznick Corporation and its operations will probably be continued. L. J. Selznick is authority for the statement that the remaining assets will constitute a very substantial sum. Many New Corporations Enter Industry During the past week the following motion picture companies incorporated in New York State, according to papers filed with the Secretary of State at Albany: Visit Hollywood, Inc. ; $5,000 ; F. Valle, C. Wetzler, New York City; Robert Miller, Brooklyn. Fourwalls, Inc. ; $1,000 ; A. Mannheimer, Abraham Durst, M. B. Cohen, New York. Wide World Photoplays, Inc. ; $1,000 ; Samuel Heller, New York; H. O. Falk, Brooklyn; Thomas H. Swinton, Weehawken, N. J. College Amusement Corp.; $30,000; Michael Fruhling, J. Bernstein, A. J. Granick, New York. Pictured Records of the Past, Inc. ; $500,000 ; Raymond Wells, Charles Walton, New York; E. Joseph Egginton, Glen Head, N. Y. Y. W. Realty Corp.; $10,000; I. M. Grossman, M. E. Kaplan, Ruth Lurie, New York. Caravan Studios Corp. ; $140,000 ; H. Roher, Samuel Serebrin, William Skalnick, New York. Edward Small Plan, Inc. ; $1,000 ; Edward Small, Hugh Jeffry, New York; R. Belsky, Brooklyn. Onondaga Film Corp., Syracuse; $150,000; A. M. Beach, J. L. Hood, E. C. Bates, Syracuse. Handy Andy Productions, Inc.; $300,000; S. Schwartzman, W. G. Lovett, D. Schneer, New York. Forrest Films, Inc.; $500; H. G. Kosch, A. Thompson, A. Friedman, New York. A. E. Lichtman Amusement Co., Inc.; $25,000; Samuel Abrahams, L. E. Cooper, Anna Matzner, New York. Scalping Bill Passed in Penn. Lower House The so-called " ticket scalping bill " introduced in the Pennsylvania Legislature at the capitol in Harrisburg by Assemblyman William W. Long, of Chester County, has been passed unanimously by the lower branch by a vote of 172 to 0. It is now in the hands of a committee of the Senate. This is the first measure affecting the motion picture industry that has been materially advanced in the present session, although several other measures with a bearing on the picture business have been presented in the House and are now awaiting committee action. The Long bill provides that every theatrical ticket shall have printed on the face of it theprice of admission to the place of amusement and that no one may sell the ticket for a higher price than that designated. The measure provides a penalty of $500 fine or six months in jail, or both, for violators of the proposed law. N. Y. Governor Slates Censor Board Abolition IN a message to the New York State Legislature Monday night, Governor Alfred E. Smith called lor the merger of about 100 State Bureaus and Commissions, and the abolition of eleven. The Motion Picture Censorship Commission is included among the boards slated to go. Governor Smith in his message stated that the Censorship Board could be abolished without anyone feeling its loss. Exhibitor Body Selects Officers For Year Standing committees for the current year of the Motion Picture Theatre Owners of Eastern Pennsylvania, Southern New Jersey and Delaware, have just been announced by H. J. Schad, of Reading, the newly elected president of the organization. They are as follows: Executive Committee — M. J. O'Toole, Scranton, Chairman; Peter Magaro, Harrisburg; M. E. Comerford, Scranton; A. B. Smith, Salem, N. J.; Ed Fay, Walter G. Stumpfig, George Bennethum, Michael Stifel, Herbert Effinger and Jay Emanuel. Entertainment Committee — L. Pizor, Chairman; Charles Dutkin, Sam Hyman, John Bagley, Al Fredrichs, Camden; E. J. O'Keefe, Atlantic City, honorary member. Censorship Committee — Charles Segall, Chairman; W. C. Hunt, Philadelphia; M. J. Smith, Tacony. Fire Marshal Committee — A. J. Fisher, Chairman; M. Fineman, C. G. Hexter, C. Stengel and F. Shilling. Membership Committee — Sam Blatt, Chairman; Charles Rapaport, S. F. Kantor, E. Goldman, George Kline and Sam Hyman. Operators' Committee — Jack Rosenthal, Chairman; John Hays, H. Pearlman and L. Albert. Posters and Supplies Committee — H. Green, Chairman; Gus Becker, Herbert Lewis, G. Naudascher. Publicity — David Barrist, Chairman; Ben Fertel, Ben Shindler, Samuel H. Steifel. Finance Committee — -Samuel H. Steifel, Chairman ; M. Lessy, M. Brenner, " Doc " Morris, A. E. Altman, A. B. Smith, Salem, N. J. Sergeant-at-Arms — E. Goldman. Assistants— W. J. Smith, Charles Dutkin. Daylight Savings Committee — Jake Becker, Chairman; Charles Rapaport, Charles Segall, George Aarons. Reel Committee — Columbus Stamper, Chairman; Morris Steifel, David Morris. Grievance Committee — Lew Pizor, Chairman; George Kline, Charles Rapaport. Alternates— Columbus Stamper, " Doc " Morris. Those in the above list whose places of residence are not otherwise designated are Philadelphians. Nebraska Censorship Bill Before Legislature The censorship bill now before the Nebraska Legislature provides for the appointment of a state board of three members, each to be paid $3,000 a year, and it further provides for an inspection fee of $2 for every reel of film exhibited. The bill states that every reel shall be inspected before being shown in Nebraska. The committee has taken an action on the bill. Those who are watching the situation do not believe that the measure will be recommended for passage.