Variety (Jan 1935)

Tuesday, January" 15, 1935 PICT E S VARIETY 27 Stock Market (Continued from pagre 6) w«elc at 6^, an advance of three- ouaxtera of a point. Preferred of this oompany also regriatered a fresh high at 21%, but was sold down later In week to 19%'. It closed at to, ofC a fourth. Madison Square Garden reflected favorable earnings report by going to 6%, near Its peak for '34-'36, but ended week at 6%, unchanged. Westlnghouae preferred climbed to a new high at 97%, and finished week at lowest price, 98%, tut ahead 2% points on week. Universal preferred went contrary to group, getting up to 40 for a net advance of 1% points, As usual, trading was light In this Issue. Trans-Lux, listed on curb ex- change, continued to reflect optim- ism over outlook for company by equaling its 1934-36 hlgh'of 3%, and then winding up at 2%, for a gain of an eighth. Technicolor was pushed down In late dealings to 12%, where It showed a loss of 1% points. G. E. Pressure General Electric, which went to 23% during the week, was under much pressure In late trading, fall- ing to 21. It closed at 21%, down a point. . \ Ished on bottom at 60%, for a loss of 2.% points. Certificates of same also wound up at bottom, 60%. Here they were down 1%. Para- mount-Publlx B%s dipped to 59% but came back to close at 60, a drop of 2 points. Certlflcatea of same dropped to 60 also, where they were off 2% points. Paramount Broadway 6%s were Arm, being oft an eighth at 43%. Keith 6s relapsed after climb Into new high territory pre- ceding week. They closed at 72%, for a loss of 2 points, Patha 7s looked to be In same category, dip- ping to 101%, down 1% points on the week. General Theatre Equipment bonds Wound up the week on bottom at 8%, for a loss of a point. Liens showed promise of going places In early trading, advancing to 9%, top mark of week. Loew 6s fell off some In Saturday trading, bottom figure being the close of 104%, a decline of flVG-elghths for week. . Whether adverse news for picture stocks had anything to do with It or not, Columbia Broadcasting Company A stock, quoted In Over- Counter Market, showed marked strength. Bid and ask prices rose approximately 2% points near close WcsWnebouae-commoiv-r-eflectlrigX&f-the-woekT-compared-j^^ Btock dividend declared Tuesday In form of distribution of Radio Corp. commdn stock held In Its portfolio, went to a new top for present move at 40%. It also felt sweeping mar- ket weakness, dropping to 37% last of week. Finish waig at 38,. where It was UP fractionally.' Westlnghouae preferred's strength was directly traceable to similar dividend dec- laration for preference Issue. Loew's, Inc, report for 12 weeks to November 22, Issued middle of week, showed net of $2,001,308, eq"Ual to $1.23 per. common share, com- pared with $1,594,608 In same period of 1933, or 95 cents per share. This was about In line with expectations and had no effect marketwlse. Traders do not expect too much of this stock until directors decide to loosen purse strings again. Recent 75-cent-cash ^ extra was rated , only as a 'teaser' by many smart traders. ChttTtwlse, common stock should firm up or do better from these lev- els since Issue has been going down ■lowly for se ver a l W ( Fox A appears to be well situated In opinion of chart readers as re- JUltJai ■qaliSd]£althy .shake-put dur-; Ing past week. StocK went even below low point reached early In November. Radio B also looks bet- ter, not only because It has shown some tendency to firm up around current levels, but because many of weaker holders have been elimi- nated. . • . Bonds Amusement bonds went the way of many other Hens; that la down- wards. Aside from slump In War- ner Brothers 6s, which, dropped to 64, and showed a loss of 4% points at close. Paramount group looked weakest. tlons at last week's close. Bid price rose to 25% Friday while asking quote was a point higher. Effect of higher rate card, continued good business and possibility that. stock might, bis listed on cuirb; held re- sponsible for stock's betterment. Specs Speculators In stocks and com- modities lightened holdings Friday and Saturday* because of desire to 'hedgfe' against chance .that supfeme court in-next month might decide against government's gold program. GDld-x;lause bonds were used as 'hedge' since adverse ruling would be expecte.d Jo .enhance their worth. Recent'advance of market also made it highly vulnerable to smart tech- nical reaction. Some business ex- perts contend that a decision in- validating government's abrogation of contract, to pay with gold would mean better conditions, being op- posite to Washington's official view, But fact remains that It gave trad ers excellent excuse to unload com B-gtee ko and go Into g old-olau bonds. Pertaining to widespread selling j3f pictur e companjf-fss'ies x>n- indic t- "ments ' from' sirXoui3,"**1Sl'"*8Xcfe5t most radical" hold the news aa an excuse rather than a real reason for lightening amusement holdings. Even an adverse decision for com- panies in distant future can hardly be rated as legitimate excuse tor dumping picture Issues, and mar- ket action of group may bear out this view soon. Until - Supreme Court's iJeclsSon is out, it may hang as a cloud over general market. But with this rul- ing out of way, Just now market structure appears to be so situated as to stage a snappy comeback— and in not too distant future. Paramount-Famous-Lasky 6s fln _.■ -„ SMW.m.ary_for We.ek ..EndJnB, %,SiiurdA'^, ia.nu&jy ^2y_ STOCK EXCHANGE , —1984- 0% n7\ 147 1714 25% 37 loe 7 28 6% $4^ 9it B6^ 40 414 40^ 8'/i ■5T%- .4754 87% ■3B , Low, 21% 1% 1094 70 120 8% 1<S% 20H 72 'I lOH 28^ IS 18% _23i_. 15 27% 82 Sales, 1.000 2,000 2.1,200 18,500 0,200 11400 0,300 107,800 42,400 1,000 1,800 100 26,100 8,700 47,000 8,600 20,000 14,000 08O [|380 86,700 100 High B14 80 84 10494 /asue and rate. American Seat Col. P. vtc. (1)» Ccnaol. Film Congol. Film pfd. (H)t. Eastman Kodak (4)t 1117% Do. pfd 148% Fo)t Class A Gen. Blec. (60e). Loew (1)1 Do. pfd. (OH).. Madison Sq. Garden 0% Met-G-M pfd. (1.88) 28 .Paramount ctfs Pathe Elxchange 191 .Pathe Class A. lOV Radio Corp 6V Radio pfd, A CSV Radio pfd. B ...I..... 42V RKO Universal pfd. JWatnar. JjcMouuuu-. Do. pfd. Westlnghouae .. - Do. pfd. (3M). 40% mv4 Lov. 86 19$ lis 142 21 82 108^ 09i 28 8% IH 14H 6394 8794 1% 89 3% ~r89r 8794 0394 I<aat. 694 86 094 20 116 "I 21% 3294 10S94 6% 2S 8V4 194 ^t' O 40 "189^- 38 0894 Net chg. - 94 ?l -194 +194. -194 - 94 - 94 - 94 -194 - 94 - H -194 - 94 +19i - H -=-%- + 94 +294 „*.Plu3 stock extras, t Paid this year, 1 Unit of trading, 10 shares. X Plus cash extras, | New 1034-'S5 high. 18 105% 47 0594 0594 103 67 7% 194 394 Bl 8S 30 2094 2894 20% 20 85 40% CURB 1,700 Technicolor 18 0,700 Translux (20c) • 894 BONDS JlSfi.OOO Gen. Thea. Eq. '40..'...' 994 15,000 Keith 6s, '46. ;. 7394 80,000 Loew 6s, '41 105% 12,000 Par-Broadway e</4s, 'CI 44 122,000 Far-Fam-Laaky Os, '47 03<.4 25,000 Do. ctfs 6394 100,000 Par-Pub. 094i, 'BO 03% 152,000 Do, ctfs 63% - 4,000 Pathe 7s. '87......^ ,.. 10294 127,000 AVarner Bros. Os, '89 63% PRODUCE EXCHANGE, N.V. 1,100 P^r-Pub, ., 394 OVER THE COUNTER, N. Y. BW., Asked. 101 104" Col. Bdcast A (8)t. Co(. PIct. pfd Pathe Bx. pfd..... * Paid last year, f Includes cash extras. W. E. Dividend Westinghouse Electric & Mfg. Co. took the anticipated action regard- ing a stock dividend at its meeting Tuesday (8) in Pittsburgh, direc- tors voting to give a quarter of a share of Radio Corp. of America common stock for each share of preferred and common st^ck of Westinghouse outstanding, ^t Is payable on .Feb. 18 to stockholders of record Jan. 21, When distribution of Radio com- mon stock is made on Feb. 18 full details will be given regarding han- dling of any fractional. receipts which may be received by stock-: holders and also in respect to exer- cise of the right to optional dividend by preferred stockholders. No ac- tion is to be taken prior to the Feb- ruary, date by holders, of preferred aa to an optional dividend. The action Is in line with consent decree between Westinghouse, Gen- eral Electric and Radio Corp. whereby two electrical manufactur- ing companies were to get rid of all their stock holdings la R.. C. A. Westinghouse distributed another stock dividend in the form of half a share Radio for each share of com- mon or preferred In February last year. This payment next month represents the final distribution of Radio stock held by Westinghouse, Because of preferential rights.ot -the—prefeFT-ed-^^stoGkTM-he^ireetKjrs- a,l30 declared an optional dividend of $3.50 a share on.any share of pre- ferred, the holder 'of:'which may want to accept cash in exchiango for a quarter eharei of Radio common stock being diitributed ia preferred' dividend. In this; connection, com- pany stated that-payment of quarter of a share RadlQ. Icpmmon or $3.50 In cash in lieu oil' the stock will constitute full "payment of preferred dividends, this year. _ 'Slightly Delirious'—Unfavorable •SMOHTLT DELIRIOUS' (Farce. Little. WUlo), Hopeless for stag« or screen. Kauf, 'The Petrified Forest'—Favorable •THE PETRIFIED FOREST' (Melodrama. Gilbert Miller, Leslie How- ard and Arthur Hopkins. Broadhurst). Sure hit on Broadway and should be equally effective in cellulold^form. Ihee. The Oljd Maid'—Favorable 'THE OLD MAID*. (Drama. Moses. Empire). It will be very hard to cast this one, but If the proper woman is found for the central title character, it should make a splendid film. A set-up for Helen Hayes. Kauf, 'A Lady Detained'—'Unfavorable •A LADY DETAINED' (Melodrama. S. L. Latham. Ambassador). Un- convincing story of bootleggers happening upon an opportunity to exact snatch money. Ibee. 'Living Dangerously'—Unfavorable TiIVING DANGEROUSLY* (Melodrama, Shuberts, Morosco). Pre- sented in London previously. Meller with Improbable stoty not likely for film fare. Ihee. Loew's $2,000,000 Net Profit for 12 We«ks Fox Ups loeffler Hollywood, Jan. 14. Louis LoefCler, butting depart ment head at Fox, has been upped to an producership to work directly under. Winfleld B. Sheehan. John Bddnar replaces Loeffleir In the cutting department. leorpofabW ...NEW YORK ^ " ■ ■*>-»*•-wvir.^ a > M , < « » »ii« xn ■^Mt^'Ay^"* liOoea Hdmenta, In«.t pictures,..vaude- ville, etc.; capital stock, 100 shares, no par value; Aaron Liippcr, L, Frank Baron and Herbert R. Berk, all of 661 Fifth avenue. New York. Glenn W. Payne, Ino.i general radio business; capital atook, 160,000; Glenn Vf. Payne, "Walton Clark. Jr., and Cornelius J. Powers, all' ot <1 Broadway, New '7ork. Puritan'PtctnrM Corp.; pictures, etc.; capital stock, 800 aharea, no par value; T.ouls A. Solomon, David Gross and Jean .Kraus,. .all of .728 Seventh avenue, New •Tork. Knitwear Instltatc, Ino.i moving pic- ture advertlalngr devices, etc.; capital stock, 100 shares, no par value; Shirley Goldberg:, 616 West 149th street, New York;' ' Estelle Kern, 1884 Summerfleld street, Kldgewood, Li. I„ and Ruth Bar- nett, 66d West l&8th street. New Tork. Field ot Ermine; theatrical production; capital stock, 100 shares, no par value; Crostjiy Galge, .229. W.est..l2nA.atr.«9t, N.ew Tork; Guy George Gabrlelson, EO East Park street, Bast Orange, N. J-., and John Garrett Underhlll, t Grace court, Brook- lyn. Advertlaera Becordinar Service, Inc.; phonograph records, etc.; capital stock, tlO.OO.O; Hyman Rattlen, 744 Bast Ninth street, New Tork; Norrla Turetsky, 274 East Seventh street, New Tork, and David Scolnlck, 1418 Prospect avenue, Bronx. Delhar, Inc.; pictures, vaudeville, etc.; capital stock, 100 shares, no par value; Jack DelBondio, Forrest C. Haring and Thos. D. Gulberhouse, all of 137 West 4Sth street, New York. CoBunodore Piotores Corp.t theatrical business: capital stock, 200 shareal no par valua'; Samuel J. Cohen,. Jeanette Slegel and Irving B. J. Levlne, all of 170 Broad- way, New Tork. M. H. & B. Pictures Corp.; theatrical business In all Its branches; capital stock, -200- aha raw, nn par value: s{t me aa a bove. CHANGE OF CAPITAL Dorset . Amnsement Corp.; $10,000 changed to 300 shares, no par value; filed by Phillips ft NIzer, 1501 Broadway, New Tork. SURRENDER OF AUTHORITY RCA Rfidlotron Company, Inc., Mary- land; filed by U.S.C. Co., ISO Broadway, New Tork. RCA 'Victor Company, Inc., Maryland; filed by as above. . , DISSOLUTIONS Martin Johnson African. Expedition Corp.; filed' by McLean, Ferris, Ely & Fain, 3E0 Madison avenue. New Tork. CALIFORNIA Sacramento. Klngsholl Advertising Agency, Inc.; Capital,'200 shares, 160 par,-permitted to \^auo all. Directors: Charlea E. Sydnor, D. Kalbus, Olive Ward, M. Allen, William Muller, F. R. Meder, A. M, Peters. raolHo Amusement Distributing Co.; .imusemont devices. Capital, 100 aharea preferred, no par; lEO shares common, $100. par; permitted to Issue all. Direcr tors: Frad C. McClellan, Jessie McClel- lan, Charlotte McCIellah. Pactfle Spaadwar Aasoclatloni Inc.; capital, 1.000 shares, none subscribed. Directors: Clifford 'W. Henderson, Phil Henderson, W. 3, White. Loew's Inc, reports a net profit of $2,001,308 for the 12 weeks ended Nov. 22, 1934, as compared with $"l76^';608 fur the uui'i'tJspuiidliiB. pe- riod in 1933. The per share earnings for the 12 weeks ended Nov. 22 la $14.64 on the preferred and $1.23 on the com- mon, as compared with last year's earnings for the corresponding pe- riod of $11.53 on the preferred and 96c on the common. WesVhouse Up 471in'34 New business by Westinghouse Electric & Mtg. Co. for 1934 amounted to approximately $106,- 000,000) figures Issued Saturday This is approximately 47% greater than the total bookings In previous year. In 1933, Westinghouse book- ings totaled more than $72,000,000 Bulk of increase said to hav^ been In refrigeration and cooling system business, although power supplies also reported picking up. K. L Amus. lorp. Kiea Radio City Amus. Corp. of New Tork has applied to Federal Se- curities & Exchange Commission for permission to Issue 25,000 shares of $10. par value common stock at full price. ASK MORE INTERIM FEES IN RKO MAnER GAI.'S FBOFOSED STOCK TAX Hollywood, Jan, 14. Sales of stocks and bonds in.all industries, are being hit at by Sen- ator Culbert Olson, of Los Angeles, In . a ' measure Introduced " today (Monday) for a 2%% state tax, which is figured to help California, to the extent of $10,000,000 during the current year. - While two or three financial in- terests are known to be nibbling at RKO reorganization possibilities, no definite delipgi' a ll oiia' a r e sla-ted-to- be under way in this respect. It was revealed at a hearing be- fore Federal .Judge William Bondy, yesterday (Monday), that the Broadway & 47th St., Corp. (May- fair theitre); a Walter Reade com- pany, in association with two other creditors of IRKO, are plaintiffs in a pending appeal of their contentions that the RKO proceedings, under the new corporate bankruptcy act, were filed before the effective date of that law. These contentions apparently had been previously denied. The hearing 'delved with prac- tically no objection into a petition by the Irving Trust, as receiver, and the bank's counsel, the law firm of Col. William Donovan, applying for additional interim fees of an aggregate $225,000, annexed to the final receivership report of the par- ties. The receivership, of RKO ended In June, 1934, after the proceedings un- der 77B were filed and in which the Irving Trust is trustee w ith . CoL W. Donovan continuing as truscee'a counsel. In connection with the re- ceivership, Irving Trust asks for "^iti^^Q^tat^^fjXl, fees and counsel asks for $126,000. *"".* —» These are the same amounts asked by the same parties some months ago but the new application is additional to whatever fees al- ready allowed, namely, $35,000 to Irving Trust and $70,000 to counsel. RKO went into receivership In Jan- uary, 1933. Also, applications were annexed for $8,600 special services fees com- prising $3,500 for Price.Waterhouse and $2,600 each for special apprai- sers. It was stated that the receiver has around $295,000 on hand which would be sufficient to meet the In- tcrlin f.ees^S.ought.^^ Comparative Grosses for December (Contlnti'ed. from page 20) SEATTLE