Motion Picture News (Oct-Dec 1930)

VOLUME XLII NUMBER 16 NEW YORK CITY OCTOBER 18, 1930 Wall St. Tightens Grip on Industry When Bear Raids Batter Down Stocks 90% Pollyanna Hollywood — Joe Sehenck did a mindchanging act on his way back from New York, and he was filled with the Pollyanna spirit when he stepped off the train. Said he to the reporters: "Prosperity is here! The slump, insofar as the entertainment world is concerned, in my opinion is definitely ended. I base my opinion upon the constantly increasing receipts from our theatres, and upon many conferences with business leaders over the nation." But the 10 per cent cut in United Artists salaries Schenk made in New York still stands! Stock Exchange Turns Binoculars On Film Concerns With reports of financial difficulties of film firms and their bankers in circulation, the New York Stock Exchange is making an effort to uncover sources of reports relating to the financial position of member firms. Member firms have been asked to submit to the exchange's business conduct com(Coniinucd on page 17) Del Rio and U. A. Sing Swan Song and a Finale Hollywood — Despite statement made by Joseph M. Schenck upon his return from New York that future plans for Dolores Del Rio will await recovery from her illness, the inside slant on the situation is that Del Rio and United Artists have sung a joint swan song. It may be accents and talkers or dwindling box-office draw, for both reasons are reported in some quarters to be the explanation. Paramount Studio Heads To Map Economy Program Trimming of overhead and installation of Ernst Lubitsch as supervising director are scheduled at the Paramount Long Island studio by Walter F. Wanger, general manager of the production department; B. P. Schulberg, managing director of production, and Sam Jaffe, production manager of the Hollywood studios, who are in New York from the Coast. Murray W. Dodge Looms As Big Power in Fox — Warners Also Linked in Deal Domination of the film industry by the bankers drew nearer this week as a result of attacks on amusement stocks by bear raiders in Wall Street, with the moneyed interests seizing the opportunity to strengthen their hold on picture companies. One of the major and immediate results of the market manipulations was the projection into a position of importance in the picture business of a new figure in Murray W. Dodge, vice-president of the Chase Securities Corp., who henceforth will play a role of significance in the various Fox enterprises. Dodge was elected a director of Fox Film after Chase Securities had advanced $10,000,000 to Pynchon & Co., Wall Street brokerage house, to offset bear raids on the Harley L. Clarke stocks which embrace Fox Film, Fox Theatres, General Theatre Equipment, Loew's and his utilities holdings. Meanwhile. Pynchon and Co., specialist in the Clarke issues, was reported making heavy purchases in Warners which on Thursday was the second most active stock on the New York Stock Exchange. One hundred and sixteen thousand three hundred shares changed hands during the trading day with reports current in the financial (Continued on page 20) Celluloid and Bull-oney One of New York's better known independent distributors, who constantly boasts of his keen knowledge of pictures and their box-office values, drew a joker the other day which should be instrumental in forever sealing the lips from which emanate a sickening line of self-flattery and egotistical verbage. For weeks he had been a great annoyance in local picture circles in his attempt to get the bookers and larger distributors to look at his new talker which he touted as a "sure thing," "great money-maker," "marvelous story with a sensational box-office angle," etc., etc. He did succeed in rounding up the gang, who, with news and trade paper critics, spent a miserable hour viewing a piece of junk that is more trashy than one would imagine a picture could be. And, at last, one of New York's better known independent distributors really becomes better known. Joke Another Joe Frisco yarn. Abe Lyman, the band master, adorns a wall of the Chicago night club he's jazzplaying at. One night the scrubwoman lined up twenty or more cuspidors immediately under the portrait and proceeded to mop up the floor. Just then Lyman and Frisco walked in. The latter, turning to the former, said: "Say, Abe, w-w-what d-d-did you win the c-c-cups for?" Hollywood Hears Le Baron Is On Skids; RKO Denies Hollywood — Up and down the film bylanes are rumblings of impending changes at RKO. Joe Schnitzer's presence from New York is responsible. The most persistent rumor is that William Le Baron has been given six months to step up picture quality or seek new fields to conquer elsewhere. Schnitzer, however, denies the report emphatically, declaring Le Baron's work to be most satisfactory and pointing out further that the producer's contract has several years to run. The gen(Continued on page 17) Swanson Contract May Go To Schenck; Kennedy Ont Hollywood — Possibility of Gloria Swanson switching from United Artists to MG-M are growing slimmer. The latest inside is that Gloria will remain on the U. A. program, but that financing for her pictures will be handled by Art Cinema and Joseph M. Schenck with Joe Kennedy passing out of that picture entirely. The deal, however, is not yet set. Clarke Slated to Head Fox West Coast Chain Hollywood — Harley L. Clarke is expected to have himself elected president of Fox West Coast Theatres shortly. Oscar Oldknow, vice-president of Fox Theatres Corp., who is now in charge, will remain, for the time being at least, in charge of actual operations, but insiders have it the monicker of president will go to Clarke.