Variety (Aug 1932)

vTuesdiiy* August 23,- 199f PIC Tan ES VARIETY 23 Stock Market (Continued from page 12) imerely hold ground already sained on the upturn since Aug. 1. . Highlight o£ the week in the stock market was the fact that stocks seemied to have gone ahead as far as they could for the time being, while bonds' gathered astonishing momentum; the amusement Hens especially getting into the limelight and leading the fixed Income list tor several days. - Gains In obliga- tions reached sensational propor- tions In some Instances, notably the two Paramounts. Situation as to the share market iBeeiQS to be that it is stiick on a. dead center. - Since it touched its recovery peak the isecond week in August there have been repeated at- tempts to push it through into new high territory, all of them fu'-lle. From this th^ bears argue that the discounting of . fall trade upturn has been overdone already and the mar- ket la, entitled to a corrective set- back; The theory looks convincing as a theory, but so far every, attempt by bears to,take advantage of the eltuatlon haa met. defeat. Testing sales have been thrown In from time to tlme^ but not once have they shaken out stock In quan- tity. -Qn the-contrary, on setbacks the^ pace of trading slackens/and sellers are forced, to retreat At seems reasonable to accept, the curr ■ rent situation as likely to extend over most of this week, with prices remaining in a narrow ritnge'and trading quiet. Later on will come a tedt. Either some new ilevelop" nient, probablyv from Washington, will furnish the inspiration for a re- newed campaign on the bull side or a new phase of general business will give the hint of the nest move up or down. , Meanwhile the chances look.hetter for buyers than for sell- ers, and the best advice trom down- town Ir- against outright short sell- ing. In the absence of any fresh ncv/s from the amusement business, the ticker performance of the leading Issues was altogether favorable; lioew got into new high ground on the recovery at 32 and established a new support level close to 30. Early In the week the bull campaign was carried on aggressively, stock moving In large lots on the upside and ^tailing off in volume sharply on intermediate setbacks. . Effort . of amusement shares' sponsors to draw attention to their favorites Is ap- parently bearing fruit. For one thing, the time is favor- able for a market operation. If noth- ing else. Most of the bad news of the dull summer Is now out, with the publication of June figures by Warner Bros., Loew and RKO. liast name! released its half year Income statement last week, showing the net deficit of more than $4,000,000 to June, or about as forecast. Stock sold on moderately on publication of the istatement and turned quiet. Paramount second quarter count>-up is due Id a few days and is expect- ed also to show heavy losses, but £ilnce In aU-,the Instances so far the . bad quarter Is now regarded as water that has gone under the bridge, the actuality Is received complacently. Looking Ahead, Not Back Paramount just now Is ignoring past headaches, while attention is fixed on the probabilities of fall and winter business recouping first half year losses. Company is fitressliig the ciuality of releases held back over the summer and now about to be marketed. First of the new season films on which it Is banking were the Chevalier picture, which was well received at.the Rlyoll last week and the Marx Bros, comedy at the Rialto. Impressive gains in Par. bonds,, which added nearly a dozen points to their earlier gains; gives pretty good evidence of a return to confldence In its sponsors. The Warner bonds likewise got in new high ground above 30, while! the Loew bbllgatibris closed within a point or so of their best of the year, after making a double. 1932 top at 90. RKO debentures oA minor deal- ings Jumped another 10 points to 86. Illustrating how the amusement trade picture has changed since June, Columbia Pictures, youngest of Big Board theatre issues, ^ot to a new. high since its listing at better than 12%, compared with a previous low of 4%, a gain of 300%, Colum- bia has never been through a really big Stock Exchange operation and is a strianger to ticker, players out- side the film trade. With bullish ammunition to work with as the fall activity gets under way, it ought to be easy for the more .established picture stocks to attract an impor- tant following. None of, them, with the exception of Loew, is at all near price levels of last March, which were then regarded as near-panic lowS and with anything like a re- vival of seasonal theatregoing it would not be unreasonable to see most of them top the best of last springs' quotations. Minor IsGuea Move tip Another issue dnce a speculative favorite and lately in disrepute was Technicolor, which Jumped to a new recovery peak at 3% from a bottom near although nothing (jame out particularly to attract attention to it except evidences of .a general dis- position ■elsewhere in show business to expect conditions to look up with the new season. Consolidated Film Industries also was an' Incidental theatre Issue that made moderate gains. Like Technicolor, It seems to be trailing the leaders. . ^Last week was the first Irt which the active amusements moved in really large .volume!, the very bulk of dealings , giving to( Loew and Par an air of Importance. . Paramount figured several days among the most a.ctlve 15 issues of the session, and total transactions for the week were around 170,000 shares, while. Loew reached the 61x-day total of 105,000- Heavy volume and sustained gains drew remarkable little attention in market comment, probably because the film stocks were late starters and came along after the no.Velty of a rising market after the lojag slump had worn oft. Summary for week ending Saturday, Aug. 20: StOCK EXCHANGE -1032- lasue and rate. American Sedt'. Consol. Film , Columbia P. vtc Conaol. Film pfd v Eastman Kodak (3) • f*OXp ClCl89. A •*••*•«•••••••••••• Gen. Elec. (40c.) ,.4 IColth »pf(l. •••••••;>•••• Do prof. (014) Madison Sq. Qarden.i. Met-G-M prer. (1.80).7.... Orpheum, pfd Paramount .'..............a Pathe Exchange... .'..V,:^ ' Pathe,' ciitBB A Radio Corp. RKO ' Sbubert Universal pref. (8)...' "Warner Bros..'...'. Po; pfd - ^ . Wcstlnehquse ii. CURB 12% 1% 2% .3% 2% BON OS Bid. % Asked. 1% Over the Counter. N. Y. Rozy, Class A (3.50).. *• Note.—Fox Thr."?. suspended from trading. •Gen. Thr. O's cfa. .of deposit sold $12,000, closed 5%, up net 1%. Furman's WB Houses J. C. Furman has been made ad- vertising and publicity head of War- ners. New York theatres. Furman succeeds liOu Goldberg who has been elevated to nalttpnal exploitation overijeer for all War- ner houses. ITOSC'S FUND FEOUC Los Angeles, Aug. 22. . Independent Theatre 0\vners of Southern ■ California is staging mid- night show at the Fairfax, Sept. 24, to raise funds for the organization. Theatre owners plan to have pic- ture names in stage show. Tickets at |1; lOc MouseV 7c Passes Syracuse, N. T., Aug. 22. The pass tax thing;, out- growth of the new Federal ad- niissipn taxes, has been given another twist here. A nabe house has been flooding the downtown area with yellow slips bearing the . 1 n s c r 1 ptlon "Complimeritary pass, not transferable." . Payoff is that the theatre, a dime house, exdbts a 7c. tax on eaich yellow slip as a 'Service charge.' There Is no Federal tax on the .admissions under 40 cents. REORGANIZATION PLAN Refinancing Chamberlain Pen n String—Calls for ^75,000 Yieldmg Mnsicians Expected in Parleys With L A. Deloxers Los Angeles, Aug. 22. Negotiations for a new wage scale in deluxers here got under way Friday (19) at a conference of the- atre execs and representatives of musicians' Local 47. Present agree- ment terminates Sept. 1. . First meeting brought no tangible results with both sides presenting demands. J. W. (jillette, presitlcht, and Ed- ward Smith, business agent, repre- sented the musicians. For . the the- atres were Ed Smith, of Paramount, also representing Leon Levy of. Warners; CllfE Work for RKO, and Reeves Espy for F-WC Generally felt among theatre rep- resontatlves that musicians,- only craft without a 1932-33 agreement, will consent to a sliding scale based on house, claissiflcatior,' iind will make concessions covering the nuni- jer of pit men employed. CAUGHT WITH BEES 3 Boys Fined for Releasing Insects ' In Cincinnati Theatre Cincinnati, Aug. 22. . What police claim was an attempt at a labor trouble trick was nipped when three students of. a local school for motion picture operators .were fined in municipal cotirt for releasing bumble bees In the Up- town theatre, a' nabe. Two of the students were fined $60 and costs and the other was fined $10 on disorderly conduct charges, preferred by John Krebs, manager of the house.. Uptown Is one of about 26 Inde- pendent cinemas which recently put back lATSE projectionists after almost a year 'of operation with non-niembers of %hAt organization. During that period the booth: men were trained and supplied by a trade school. Show Properties Offer Mortgage Fee Bonds Ijortgage fee sinking fund gold bonds of half a dozen theatre com-, oanles are included.in the list of 102 flotations for which S. W. Straus & Co., Inc., of; New York, has been licensed to act as dealer by the Sec- retary of State. In many cases, the .security issuer Is the IJondholdevs' Protective Comnilttee, Joshua Mor- rison, secretary, 9 East 4Cth St.. New York. One of the Issues of this committee Is certificates of deposit for Fox Theatre iand Ofllce Biilldlng first mortgage fee 6%% sinking fund gold bonds. Other theatrical properties repre- sented are; Film Center genera] mortgage fee 6 and G*A percent sinking fund gold bonds,. (separate issues) by Film Center, Inc., New York corporation; A. N. Adclson, 2 Park Avenue; Freeport Theatre building first mortgage gold bonds, issued biy Freeport Theatre Corp., Freeport, L. I.; Atlantic City Em- bassy theatre first mortgage fee sinking fund gold bonds, by Board- walk Properties Co., of New Jersey; T. J. Martin, 321 W, 44th St.; Circle theatre first mortgage fee 6 percent sinking fund gold bonds, and Em- bassy theatre first mortgage fee 6 percent sinking fund gold bonds, both issued by James J. Clifford, as- sumed by Mercantile & Theatre Properties, Inc., Bankers' Trust Bldg., Philadelphia, Psi. Bonds of-many well known hotels and ofllce ouildlngs. Including the Ambassador of New York and of Los Angeles, Sherry Netherlands, Lexington, Plerrepont (Brooklyn), Monterey, Chrysler Bldg., Lefcourt, Empire State Bldgi, Broadway and 4l3t St. Bldg. and 1410 Broadway, are in the list to be sold by Straus & Co. Shamokln, Pa., Aug. 22. Determined effort being made to reconstruct the defunct Chamber- lain Amusements Company, Inc., of this and othei: coal region cities, in co-operatlbh with the Pennsylvania Trust Co. of Reading, trustee of the mortgage preditors. Reorganization plan is being studied by stockholders. Plan re- quires $75,000 cash, and to raise this amount tho stockholders are asked to contribute 10% of the face amounts of their stock, $760,000. For this contribution the stockhold- ers will receive 6% hbncumulatlve preferred stock in the new company to be formed, in an amount equal to their, holdings in the old company. Stockholders in the old company have little prospect, of receiving anything on their original holdings, unless they conie in on the now deal and contribute the 10% required in cash. ,• Trust company Is reported to be' considering a proposal to have a new company formed, and to take a $750,000 mortgage on the five the- atres, and a sixth'theatre previous- ly sold, at Lansford, the Strand. F-WC Seeks Day and Date With L A. State for Pan Los Angeles, Aug. 22. Fox-West Coast gets complete operating control of the local Pan- tages, for a three year period. Deal scheduled to be closed today (Mon- day) between Alex and Rodney Pan- tages and Charles Skopras. After three years circuit has option to. acquire Alex Pantages' 50% Interest of the lease. Exchanges are being approached by F-WC for consent to liayc the Hollywood Pan jplay day and date with Loew's State, downtown. Should theatre win approval of plan, Fanchon & Marco units will con- tinue. House may go long' run if distribs demur. Pantages family will,continue Its offices in' the theatre bulldliig. EELLT aUITS I. 'A. HOBS. Los Angeles^ Aug. 22. John J. Kelley^ for the pas£ eight years secretary of Los Angeles "Fhe- atre. Managers' Association, has-re- signed to go Into the magazine phor tographlc Illustration business. Associated with him la Roy i>. McLean, at one time with MacFad- deh publications. SUNDAT PICS OK'D Des Moines, Aug; 22. The coming national election has- n't held half the interest for Kno.c- vllle, la., that a special election held last week has had. By a vote, of 1,056 to C83 the town approved Sunday films. Seattle Musicers and RKO Bill Douglas, president of the Seattle musicians, is expected In New York for a confab with He'r- schel Stuart on a deal to put the men back in the-RKO Orpheum there. Orph is straight. sound for the first time since It opened. Stagehands and pit boys are out for the first time. Incorporations California Sacramento, Aug. 2t', Hollywood Cricket Clab. County of Iioe Angeles.' No ca.pltat stock. C.'AubreV .Smlthi Charles Griffiths. Porls KarloU; Claude Kins, Murray Klnneir. Recr«atlonal Propertlcov Inc. County ot Los Ahgreles. Capital stock, lOO'shares; none subscribed. Laurence Maconiber, John R. Talbert, Marie B. Salyors. Kaldle Cantor Snterprises^ Inc. County of Loa Angeles. Capital stock lOiOOO shares, none subscribed. Eddl« Cantor, Ida Cantor, Benjamin V. HolzMan. Stncy-Judd Mayan PIctare Corporation. County of Los Angeles. Capital stock 4.000 shares, none. subscribed. Leo J. Mul^, Robert B. Stacy Judd, Ivan Q. Mc- Danlel. . Certlflcate changing name. of. 3. O. Mayer, Ltd., to Mayer-Lancaster Agency, Inc. CertlHed copy of Boverly nilla Broad- roHtlni; Corporation, Las Vegas, Novada, Permits to issue stock Issued to: Stercovlsion, Ltd. Motion picture de- vices. Capital 100 shares, no par. Per- mitted to Issue all. . Aubrey Kennedy Pictores Corporation. Motion picture production. Capital COO shares, no par. . Permitted to Issue all. JUDGMENTS Krlanger Productlom, Inr.; Eldrcdge Co.. Inc.; t232. Mn.srot AmuMcment Co.; E. S. Appleby •n/l others; $24,S40.' Balto Musicians In Negotiations for IWeekOffOutofT Baltimore, Aug. 22. Taking a cue from unions in other burgs, the local musicians' group is asking for a part-time layoff clause In ■ the new contracts which air© slated to go into effect on Labor Day. In the negotiations started late last week between tlie unions and the theatres, the ipusic boys made a demand for a one-week rest out of every seven. If the bne-sevehth layoff system should go Into effect here it WDtild likely mean that two members of the regular orchestra would lay oft each week, cheir spots to be filled In by two of the unemployed group of the union. , . • It is, however, unlikely that such a clause will be scribbled into the new contract, since the theatres are dead set against it, claiming that putting new men and new leaders into the orchestra pit for one-weejc specials in entirely impracticable, particularly where the bands must be adept In playing for acts. , Scheme Itself is an elongation of plans for. part-time layoffs used in other cities, such as In Chicago, where a slx-iay rule Is in order for the regularly employed musicians. Scale for the local muaic masters under the new contract is figured at $82.50, which in -sonie of he houses will rate as an 'increase of $7.60. And in the two big houses, the Cen- tury and Hippodrome, the union demand is for a 14-man mlnlmuni. This latter clause will be met by both houses, tiie latter Jumping from its. present eight-men band. Musicians locally recently won a victory over the theatres when the Sunday shows went Into effect, the union going out for and getting time and a half for the Sunday work. Ed Rie^ Drowns Mobile, Auff/22. Edward Reed, assistant manager of the Saenger, Mobile, was drowned in Lake Ponchdrtrafn ;n!ear New Orleans,; 'while on his vacation. . He was accompanied'.by his wife and daughter, iDorla, and wajs vis- itlng. relatives in New Orlea^ns. U. S. Cpnnnissioner In Arthur-lTnion Dispute New Ilaven,' A'ug. 22. Charles G. Wood, commissioner of U. S. Dept. of Labor, enters into the Harry Arthur-union picture iii an effort to settle the disagreement. Arthur has. signified a willingness to place Issues 1^ dispute In the hands of three arbitrators for de« liberation and setftlement. (Commissioner !Wopd' - has sub- mitted a copy ot Arthur's plan to W. A. 'Dilllon, .of .stagehands' inter- national, and It is expected a neii- tral trio will be appointed to sit la for decision. . FAKCHON& MARCO FANCHQN A lyiARCO l^resents ZELDA SANTLEY "VEtlS" IDEA EDDIE BRUCE ■ HEADLINING *'Gus Edward's Radio Stars" FANCHON & MAttCO Present SYLVIA CLARK In "HER BIRTHDAY PARTY" BOBBIE KUHN M "UNCLE BOBBir* WILTON GRAWLEY 'The Thunder Storm of Jazz' With HOT LIPS—HOT HIPS 'NIGHT CLUB' Idea Now Rel«Bilng HARRV niCHMAN in "I LOVE A PARADE," , . I.reel feiluretts. CTAIMI C"V OISTRIBUTINS ai/\nLiE.I CORPORATION 72a Sgv6nth Avenug. .New York Toltphona Bryant 0-2817