Showmen's Trade Review (Apr-Jun 1946)

6 SHOWMEN'S TRADE REVIEW, June 22. 1946 NATIONAL NEWSREEL Barney Bolaban Vote to Split Paramount Common, Reelect Board Paramount's stockholders voted to issue 9,000,000 shares of common stock in order to split the common two-to-one basis at its annual meeting in New York Tuesday and approved the elimination of authorized but unissued shares of first and second preferred stock as well as the elimination of 1349 shares of common stock held in the treasury. The stockholders also reelected the following board of directors : Barney Balaban, Stephen Callaghan, Y. Frank Freeman, Harvey D. Gibson, Leonard H. Goldenson, A. Conger Goodyear, Stanton Griffis, Duncan G. Harris, John D. Hertz, Austin C. Keough, Earl I. McClintock, Maurice Newton, Charles M. Reagan, E. V. Richards, Edwin L. Weisl and Adolph Zukor. The company has now cleared all its mortgagees and funded indebtedness with the exception of $2,000,000 parent company notes due in 1951 which may be converted into common stock, President Barney Balaban said in his annual statement to the stockholders. Clear Debts The debt clearance was accomplished by the payment of $2,500,000 of notes due between 1949 and 1951, Balaban explained, adding that the company was in good condition and predicting a bright future for business. "So today," he stated, "the common stockholders are the sole owners of the company. There is no other security outstanding which has a claim superior to yours in either assets or earnings." The Paramount president said it was too early to discuss the effects of the "consent decree" opinion, but speaking of the clause requiring 95 per cent ownership in theatres, he added: "Paramount has interests of over 95 per cent in a large number of its principal theatres which are among the best in their respective communities, and the court ruling does not affect these interests. . ." Charles Moss Forms New Producing Unit Formation of a new motion picture producing company was announced in New York this week by Charles B. Moss, motion picture exhibitor and son of B. S. Moss, a theatre circuit owner. Moss, who is part owner of the New York Criterion and is associated with RKO and Trans-Lux, said his production plans would in no way interfere with his exhibition interests. The new company plans a two-year program of tliree picutres under a $4,000,000 budget. Night and Doy Set for July 25 Warner Bros, has set July 25 for the New York pre-world premiere of "Night and Day" at the Hollywood Theatre in connection with the 20th anniversary of sound pictures. Following this opening, the picture will have 250 premieres throughout the country on Aug. 6 which embraces Sound Anniversary Week. Atlas Cuts Holdings Atlas Corporation this week disposed of 650,000 shares of RKO common stock in a move to reduce its holdings in the company. The investment reportedly is following its general plan of buying into companies to rehabilitate them and then lowering its holdings when the rehabilitation is considered accomplished. Even with this disposal Atlas remains one of the largest single RKO stockholders as it does with Paramount. Raftery, Reelected U A Head, Sees Bright Future Edward C. Raftery was again re-elected president of United Artists last week despite his expressed wish to step down. Gradwell L. Sears was re-elected vice-president. Raftery, veteran amusement and copyright attorney who came to United Artists in 1941 from the law firm of O'Brien, Driscoll and Raftery, saw a bright future for United Artists, reporting that the company was in its best position since it Was founded 37 years ago. He cited United Artists product as backing for his views, saying that ten features had already been completed and 15 others were about to be made. Re-elected with Raftery were : George Bagnall, vice-president; Loyd Wright, secretary; Harry J. Muller, treasurer; Paul D. O'Brien, Harry J. Muller, Harry D. Buckley ad Charles E. Millikan, assistant secretaries, and Herbert E. Weimer, assistant treasurer. Edward C. Raftery Pascal Indicates He May Drop 'Super' Productions That Gabriel Pascal will drop his expensive production of spectacles and concentrate on lower-cost pictures was seen as likely this week when the producer-director declared that his plans included production in Spain as well as Italy and that he was through with building elaborate exteriors. "I've decided not to build any big set anymore— outdoors," the man who imported a sphinx from Egypt to England declared. "I made a trip and found that audiences are no longer interested in big sets. They are interested in human faces." Pascal, who was in New York to discuss plans for a new affiliation, announced ambitious plans which included the filming of several George Bernard Shaw plays, stage production of Marcel Pagnol's "The Baker's Wife" in London and New York and, sandwiched in somewhere, production of a Pagnol-written picture with a pre-historic locale entitled "Parfait Amour," which in the Pascal production will be called "Birth of Love." The producer denied charges of international delay in connection with "Caesar and Cleopatra" in England, saying the only delay was in dubbing which was due to the size of Technicolor studios there. He added that he and Claude Rains had been kept waiting for eight weeks while "Blithe Spirit" was cleared. Republic's 58 Features To Have 16 in Color Increased public demand for color has led Republic to make 16 of its 58-feature program for the forthcoming season in Trucolor, President Herbert Y. Yates declared in New York this week. Yates, in discussing coming product, said the program, built around a budget of $25,500,000, would consist of 32 features, plus 26 outdoor action films and four serials. A new group, to be known as the Major group and to consist of four features, as well as H. J. Yates two Roy Rogers in color, have also been added. Pointing out that the exploitation of this increased product had not been neglected, Yates said it would be covered by an expenditure of $3,500,000 for advertising, publicity and exploitation in national, fan and general magazines as well as continued radio and newspaper campaigns. Earmarked for Trucolor film exploitation in this budget is $1,000,000. More Color Yates said that the expanded color program, to meet the public will, was made possible by the experimentation, research and expansion of Consolidated Film Industries laboratories. The plants in New York and Hollywood, he declared, would be ready to handle 100,000,000 feet of color film a year after July 1. The ten "de luxe" productions which Yates listed for the 1946-47 program are: "Angel and Outlaw" with Gail Russel and Bruce Cabot; "Wyoming," with Vera Ralston ; "Crime Passionelle" ; "Millionaires for a Day," directed by Alfred Santell; three by Allan Dwan— "Will Tomorrow Come," with music by Rudolf Friml and starring Nelson Eddy, "Calendar Girl," and "Heaven for Jenny"; Edmund Granger's "The Fabulous Texan"; Robert North's "Hit Parade" with Joan Edwards, Constance Moore and William Marshall, and his "Rio de Janeiro" with Tito Guizar, Constance Moore and Estralita Rodriguez. Frank Borzage's schedule for Republic release includes "The Gallant Man" and "I've Always Loved You" in color. The latter, which is allotted $500,000 of the exploitation budget stars Catherine McLeod, William Carter, Maria Ouspenskaya and pianist Artur Rubinstein. Roy Rogers' schedule has been increased to six pictures, two of which are Trucolor, Yates said, and Gene Autry will be back on the screen for Republic on the 1946-47 program with four features. Allen Lane will take over in the "Red Ryder" group of eight westerns and the four serials will have 13 chapters each. Yates declared that the smaller-budgeted "B" pictures, had been dropped as well as a group of eight westerns. He called attention to the name value of the stars and directors on the company's product and promised aggressive exploitation. The physical expansion plan of the studio, covered by $2,000,000 in a separate budget, has already begun, with additional sets already completed.