Variety (Sep 1933)

VARIETY PICTURES Tuesday, September 19, 193S Amusements Hold Above Support Levels as list Goes Into Retreat Dollar Inflation Hints By AL QREASON All' early :burst of speed yester- day (Mon.) carried many leading stocks tb new 1333 highs, inspired by tecbtd prices for sterlingr and francs, broadcasting intimations of American inflation. Sierlinj^. wais lip io :cents at 1:4.82 and fria.ncs crQ$sed 6 cents for the- first time, since the , unit was stabi- lized. These auotatldhs put the dollair on a. gold value basis of around (IB cents, new low on the movement- Virop prices- brought out realizing {during the early afternoon,.' and there was a sharp retreat imder pressure of sales. The picture stocks .which have been. prominent lately —■. lioew's and Warners- slipped, with the rest, biit they again found good support just above low me^ks on last week's reaction. Notably Loew' found a bbttbm for the day at 34%, which practiealty duplicates laat week's bbttom, while Warners': established a-defense-at 8^, fractionally above its critical level of last week at Elsewhere there was no special feature in the group except that sighGT of weakness did appear in Consolidated Film Industries, and there were Indications of seliihg In J?ox,i to be e?:pected in the . latter case in ylew of the. recent run up from 1:2^. to 19 on a movement Which was not based on any known development Ih the basic situation Of the cQpipany, • Tlie best bonds were inclined, to shade , recent prices with the. ex-: Yesterdayfs Prices ■Net SalM. HlRta.Low.X<aat ctafce. 800 Col. net., 20% 20% 20% + % 800 Com. F... 4 8% S%-^ % 2,700 Do pf.., 10% 9% 10 — % 8,700 Eas*. K., 88-"88% 85% — % 1,400 Vox A. .1814 17% 18 % 6,200 Ix>ew'B 80%, 84% 84%-1 Leoo Par-P eft. 2% 1% 1%-^ % 1,000 Pathe 1% 1% 1% 2,100 Do A..... m 8 15,200 RCA ...... 9% 8% 8% — % 700 RKO 8% 8% 8% 14,800 W, B..^,. 9 8% 8% - % ^ BONDS (1,000 Oen. Tlir.. 6 S 5 -f % 2,000 Loe w '^ . . . 87 80 86 —1% 1.000 Par-P-t,..i 31% 81% 31% — % 10,000 Par-PtJb . 82 81% 81% — % 82,000 W. B....i 48 47% 48 + % oufta 200 Tecb. .... 7% 7% 7%. SPp Trans^L ^ 2% 2% 2% + % c;liques leave off. Broad market jnaoyements encourage successive clique operations. The recent oper- ations in tepeal stocks are an illus- tration. Although some of these is- sues have appreciated enormously the climb hkn been accompanied by many., changes in the personnel of groups and the substitution of one clique for another, sometimes pro- fessional traders, sometimes' trade groups, but always there seem to be operators willing to give a new whirl to conspicuous performers in the general list., Seasph igures The important thing i& that there shall be something doing within a.n industry to create market interest in its stocks and make them active. When that situation «xi^ts there wiU always be traders to X&^k the initiar tive in pushing the fortunes of those issues. Increased theatre attend- ance with the coming of autumn ceptioii of Warnersi which touched ] seems to be the important Influence a new top at 48, holdihg its advance I at the moment* In. a fevir weeks a to. the gong. I consplcuonsly good line oi releases Primina Fiim 8tock«7 may give theatre stocks a hew im Out of a week of confused and Petus and the coming out of fourth contradictory movements in the ser <luarter Income reports showing im curlty markets there stood out proved revenue may weU be the slg rather sharply hints that the stage »»al for a strong boom in film shares . was being set for a campaign In turn of the year, some of the amusements, partlcu- I For the present a good- deal has larly IlOew's "and'Wirher Bros. | been accomplished In pulling the Following many iiaonths during I lagging amusements out of the rut which the entertainment group have I Irregular' climb - of LiOew's from be- been altogether Igndred there began I low 10 to last week's peak above to appear here and tliere on the 36 represents a very Impv^rta;nt, re- news ticker and In the financial oovery, especially In view of the coluiniis a variety of comment on l Jaet that it AH has been accom- the subject of liWIonil picture house Pllshed without any definite Im business, the' prospect of better I provement in the basic situation of quality releases for the early; sea- son and the undoubted fact that grosses on Broadway have greatly Improved since LAbor Day. Pros- pects for getting a code for the pic ture industry And the efCect -on business' received no attention In Wall Street. dollar value. The higher the franc and the pound against the dollar, the greater the weight of world opinion toward ultimate American iliflatioh. Until a few weeks ago the fluctu- ations in wheat were regarded as an index paralleling currency ex- change, but lately the stock market has largely ignored the Chicago Board of Trade, because apparently crop news and a multitude of spe- cial trade influences complicated the situation and robbed price changes in wheat of their broader signifi- cances. Inflation and Box Office , Sterling and francs ohajked up new high marks last, week against yiie dollar and revival of market in- terest was. coincident, larger gains being In those shares which have the most prospect of benefit from cheaper dollars, Virhich mean, of ' course, higher l}rlceB for goods. The Fairchlld retail price: Index, one of the reoognized yardsticks, showed a gain of 8.4% for Sept. 1 over Au- gust 1, making a gain of 18.6% from the low of May 1. Prospects of In- crease In bos ofilce scales ought to be fairly well, represented in thie course of prices over the whole re- tall field, putting the amusements into the class of issues which might , reasonably hopO: foir results but of more and cheaper money. Certainly the ability of the lead- ing amusement equitle? to make progress Indiciated the market's realization that the group belonged in . the InfiiELtion' claims. Loew's and Warners' were In the. forefront of the a:dvance, both going to new tops for the year, Loew's at 36% and Warners' at 0, Fox. also stepped out, . pushing ahead under heavy dealings to. its best - price since the listing of the new issue. It reached 19 where it approximates the sub- scription price bfitered to old hold- ers, privileges which, they rather unanimously neglected to exercise. Practically the' whole new .lissue went to the banks in return for the cancellation of Fox notes. Columbia Pletures completed a- quartet of representative stocks breaking, into new high ground, CO" lumbi9,'s new mark being 2t%, rep- resenting a climb since February from around 6.%. Volume here was only .inoderiite which negatives- the idea that aiiy major distribu-. tibn was ' going on as might well be the case In Warners, . in which the turnover, was enormous. Mbvemeht In the leading film shares was about even with gains In two other groups which are supposed to be Infiuenced. by similar economic conditions .-r- department store and tobacco shares, both being espe cially etrong. . Bonds Hold, Too Amusement bonds held etea.dily not far from their best oh the move- meht, doing better In general than the whole body of liens A Ride and a Show for tk Price Of One in New RJl-Theatre fieup the whole picture buisiness itself. The recovery of .more than 400% represents In a very large degree only the market's appraisal of bet- terment In outlook. . The same thing Is true of the whole market. Observers have ' emphasized again and again that the: teeovery from Fact that Warners and tioew I the bottom of early this year hae were getting a special play In the {had as Its motivation not any ac market may have Inspired the sud- I tual Inflation that has taken place den iiiterest in the group, or it may but rather the realization that in- have been that cliquo operators In I flatlon must Inevitably come. It is these issues saw to It that propa-I for this reason that the stock'mar ganda-was circulated. In any event I ket has been taking its day-to-day the supposition that seemed to fit I cues from the course of the dollar the case was that a long summer of in foreign exchange markets rather extreme dullness In ^picture stocks than from concrete developments at had given opportunity for cliques | home. Exchange dealings are the tb accumulate lines of long stock, and now that the season of normal upturn in trade, activity has arrived conditions are favorable for a cam- paign in them. The immediate pros- pect is that original pools probaWy .will use.further.advances t.o..retire at a profit, but that would hot nec- essarily mean that last week's up- ward movement represents a peak. It needs only a favorable develop- ment to Inspire new pools to take up the amusements . where old YiddUh Talker Prod. Co. Phns 4 in Ei^lish Jewish American Firm- Arts, with one Yiddish, talker finished and a second ready to start. Is going into the English talker field next, with a proposed four-picture schedule. All will be. made in the east and all will have to do with Jewish matters or literature, though in the English language. JAFA's first, 'Wandering Jew,' about Hitler, is being cut now. 1st Rons on Broadway (iSubJect to Change) Week Sept. 22 ParamountT^'T'boltfuch Har- mony' (Par). Capitol—^ 'Solitaire Man' Metro)* Strand—1 Xiove a Woman* (WB) <2i). Rialto-^'Thunder Gveir Mex- ico' (Prih). Roxy 'Shanghai Madness' (Fox).. MuiBic Hall^'My Weakness' (Fox) (21). HolIywood-^'Wild Boys of the Road' (WB) (2i). RiVoli — ■ 'Emperor Jones' (UA) (19). Paramount'-^'Torch (Par). Strand—'I tove a Woman* (WB) (2d wk)i Ptiglto—'Thunder Over Mexi- Ico' (Pr^n) (2d wk). Roxy—'Brief Moment*. (Col); Music Hall—'Ann .Vickers' (Radio). Hollywood "Wild Boys' (WEf) (2d wk). Rivoli 'Emperor Jones* (U) (2d wk). $2 Pictui^es^ inner at Eight' (Metro) (Astor) (5th wk)., 'Berkeley .Square' (Fox) (Gaiety) (2d wk). '80S Icebero* (U) (Criter- ion) (22).. Foreign 'Fitms 'Joan of Arc' (French) (Lit- tle Carnegie) (3d wk). 'Milady' (French) (Fifth Ave.. Playhouse) (3d wk). Exhibs' Suit Vs. Attys. obligations were Inclined' to drift lower In response to quiet, steady ] liquidation. Holders of old line in- vestment bonds are'believed to be switching Into common stocks, getr ting out of the creditor class and I into businelis partnerships. Five dollars In bond interest Is still the same five dollars, though each dol- lar may presently be only worth 60 cents. Morris Goodman, rooklyn .'pic-^ ture house opei^ator, has brought suit In Y. Supreme Court algalhst Gilt edge ! Levy, Gutman & . Goldberg, Brook- Ii03 Angeles, Sept. 18. First known permanent hook-on .between theatres aiid a street cm coinpany starts here Sept. 24 when the Xos Angeles Railway and the> t*aramount. Tower and "Lob An^ geles theatres begin .selUnig weekly; passes for 11.26, gbo'd all week on street cars and once In each of . the theatres. .. T&T pass, the idea will bo known, '-. development of Bichi^ ard. Sachse, consulting engineer and y.-p. Of . the L. A. Ry, who bias copyrighted the ticket procedure and. anticipates Introducing it Iql other cities If It goes over hiere. Paramount will get Its regular, admission price out oi the deal and,r according to Marco, who worked' out the idea with Sachse. all plc-^ tures playing the house on percent tage will, be protected fully... The " two other houses will get weekly guarantees a.hd these majr be changed at.' Intervals. No Heavy Overhead According , to -Sachse, the greatest prbblem confronting street railway cbmpa-nies, as w;ell as theatres, Is to fill empty seats, which, if done, increases revenue but not oycr«< head. Railway company will vend the tickets through 20,000 employes;' downtown, business houses will also sell T&T tickets to drag shoppers out of the neighborhood stores and the theatres Involved will also sell' them. Tickets are transferable aiid can be used on the trolleys as often as desired. Theatres will punch them at the box office and give a regular admission ticket in return. Radio, screen, outdoor and newsx paper advertising campaign will launch the Idea to educate the public. T&T Idea, has been delved Into by the California railroad com- mission, which has given Its okay<(i Ijrn attorneys, charging misuse moneys. He*B asking for $66,100 plus an accounting. Goodman operated about 16 nabe picture houses in Brooklyn. He claims he gave the stipulated amount of money to Levy, Gutman & Levy, then his attorneys, for Investment purposes. He charges they did not The rule doesn't apply to such invest the money as he directed but brass tacks of world appraisal of Summary for week ending Saturday, Sept. f6: STOCK EXCHANGE speculative liens as those In the | amusement group, most of: them be- ing in default. The prospect here Is I that default liens are likely to be| brought back to an Investment rat- ing with Infiation and recovery and the yield .at current quotations | would then more than compensate' for payment at depreciated dollars. Paramount 6's at regular return | would yield 18% -which takes ac- count of a good deal of depreciated dollars. used It for purposes of their own Marshall Snyder Is attorney for Goodman; Incorporations New York nts High. 7% 6% "14% 27% 88%. 1» 25 30% 78H 7 22 2% 2% . .0.% 12% .5% 35 22 66% 26% .. % 10% 8% 2% *......*.......... I................. ■.'............ ..................a Low. Sa:iea. Issue and rate. % 700 American Seat. 1% 1,100 ConsoL Film....... 6% 4,800 Cbnsol. Film pfd......... 6% 6,400 Columbia P. vtc 46 10,700 Kastman .Kodak (8)...^......^. 12% 24,000 Fox, CTaes A. 10% 107,600 Gen. JSlec. (40c.). 8. ...... Keith, pfd., 8% 43,100 Ixiew (1) .......... 85 800 Do pref. (6%)................ 1% 800 MadlBon Sq;< Garden 13% 100 Met-G-M pref. X1.80).. %. .18,000 Paramount % 4,100 Pathe ISxchanKe....... 1% 2,800 Pathe, Class A...........v..;.* a 109,800 Radio Corp............. .;, ■1 12^100 HKO. Va 10 ..... Unlyersat pref....;...........;> 1 149,800 Warner Bros......... 4% 700 So pfd. 10% 88,400 Westlnghoudis Igh. h 27% 2S^ 80%; 78 8% 21 2% 1% 8% • ••• •*•••«■•»••'**• (Debtor's name .Is^flret; Judgment taker And amount.follow.) Janet Rei^de; Alverslde Drive 87lh etreot Corp.j_j$87. Bayviow Fork AiitHHement Co., Inc., t?llUam A. Llttell; |1,436. .Johnnie Walker; Atlas Soundfllm Be- cbfdlng Studios, Inc.; $310. . Jamais Poro; Fox Film .Corp.; $C9. ' Jomes Voto; United Artists Corp.; $31. CURB 400 Columbia Pic 700 Gen. I'hea. Bi 1,000 Technicolor .. 1,300 Trana Luz^.. • •'• k i « • - '•'4 ■ • • 26% % 7% 2% Low. 3% 10% •22% 81 14 23% 82% 70 8% 21 1% 1% 8% 8% 8% I"^ 20 48% 28 % 7% 2% Last. 3% 86% 18% 28% 16 bid 2!^ 2, 1' Net chg. -% 0% 8% 23 bid 8% 22 46%. 7%: 2% PRODUCE EXCHANGE +4% +4% + % +8% +8 + % + % n +1% +3 +2% +4%; - % Albany, Sept. IS. Entertalnmeni Prodnoen Corp., Man hattan, theatrical. 100 aharea, no par. Jj. M. S. Theatre |no., Bronx, tneatrl cal, 100 shares, no par. Wales Prodactlons, Inc., Manhattan, theatrical, $26,100; 260 shares pfd. $100; common, $1. New York Exposition Corp., Manhat' tan, theatrical, $6,000. —The-Nnt7Cltib :bf Rochc«ter,-Ino.i Boch< ester, theatrical, $10,000. Rojay Amnsement Corp., Boohester, theatrical, 200 shares, ho par. Stndlo . Theatres, Corp., Manhattan, theatrical, 200 shares, no par. Rosat Corp., Broiiz. motion picture theatres, $20,000. ^ , Slieam's Stored, Inc.; ronz, general radio buslneas, $20,000. Cotton CInb Prodactlons, Inc., Manhat tan, theatrical. lOO shares, no par. ' Borr-Conrt Prodactlons, Inc., Manhat tan, theatrical, 200 shares, no par, Memberships TheatrlQal SIsn and Display Associa- tion, Inc. Theatrical Costumiers' Association 6t America, Inc. Dissolution* Associated Motion . Picture Operator's TJnlon,.. Inc. Oklahoma Oklahoma City, Sept. 12. Pniry Theatres, Inc., Mangtim, Okla Capital stock, $10,000.-t Incorporators, Pat Dufty, M. 1*. Duffy and Mary Duffy, all of Mangum. 80 87 35 36% 80 47% =-21)%- 48 47% «% .12 BOND 3 $123,000 Gen; Thea. Ea. ' 24,000 Loew C'a, '41.... 0,000 Pathe 7's, '37. 14,000 Par-Fam-Lasky 84,000 Par-Pub 6%'8, ' .............. RKO debs 6'8 • • • • • * • • • ••••• • . T 87% 80 84 83% 4% 84% 70 82% 81 so 87% 70 33 81 -+~% r Bid. 640,000 "Warner Bros. (I's, Over the Counter, N. Y. Roxy, Class A... m Gen. Theatre ctfs. sold $24,000 © 6, 4%, 4:*^, unchanged. Par-F-L ctfs. sold $3,000 @ 32. 81% 32, unchanged. Par-Pub ctfs, Hold $28,000 @ 32%. 31%, 32. oft %. +4 —1 +1 —1 % California Sacramento, Sept. 18. ^Perm its^^to- Sel I -Stoelc=^=^=^ Short Track Speedways. . Inc. Motor cycle race track. To Issue four out of 260 shares, p^r $100. Bernard B. Laven J. A. Kegley, P. D. Laven, V. Connors. Vox Spoluine Theatre Corp; To Issue all of 1,000 shares, par $1. Directors Bot named. American Talking Wire Co. To bold personal property. To Issue all of fiOO shares, no par. B. B. Boring, C, C, Woodmansoe, Q; C. Woodmansee. Universal Talking WIro Co. To manu facture electrical devices. To Issue all Of BOO shares, no par. L. W. Bering, R, E Bering, O. C. Woo^lmansQe. DETROIT USHERS' ONION FILES $20 WAGE SCALE Detroit, Sept. 18. The Petrolt. Ushers Union, A.F.I1., has. demanded recognition by the local flrst-run theatres. De«' mands are made for a mlnlmuni of |20 a week a,nd certain arrange^, ments for the hiring and firing of workers. ' While the ushers organized last spring, this Is the first conc^edf action taken with the exception of the threatened picketing last spring; when eight ushers were fired. With the theatres under the URA, ushers were raised from |8 for part time work'to all full time men at |16 weekly. Union demands Include the two! weeks' notice to fire men with In^ competency and intemperance tlMii only grounds for summary disml8<« sal. Triangle Film Name Up In Bankruptcy Action William A. Kemble, deBcrlbing himself as ah ^zecutive employ^' by -the Triangle Film Corp;, filed a bankrupt plea with the Federal court In New York last week. He listed his liabilities as totaliner $103,412, and assets $24,285. Kemble's schedule gave as his principal creditors Mrs, J. R. Rich-! ardson, Long Beach, Cal., $56,000,: and Milton J. Gordon. $16,000. His assets, he stated, consisted of un-: liquidated claims and accounts. N. Y. to L. A. Sir Benjamin Fuller. Mervyn .LeRoy. Jack Osterman. A> M. Botsfbrd. L. A. to N. Y. Charles Laughton.- Charles Blckford. Nathaniel West. Maurice Chevalier. Mrs. Evelyn Oakie.