Variety (Sep 1935)

Wednesdaf, September 4, 1935 PICTURES VARIETY 27 Stock Market (Continued from page 6) 21i points from Its low of 9%. First week's activity in this issue indi- cates that it will run the common a race as trading favorite. Paramount common volume was 76,900, while the company's second preferred was represented by 68,200 transactions. Fetramount certlflcatcs wound up career on exchange at %i per share .Tuesday (27). Paramount 1st Preferred showed hlgeest gain of any amusement, climbing from 84 to 92 for an ad- vance of 8 points on the week. Less than 6,000 shares changed hands. Twentieth Century stocks entered trading the same day as Paramount new securities. Neither were ex- tremely active transactions, being 1,100 shares In each. The common rose from 13 to 16, an advance of 3 points on the week. The pfd. issue of 20th Cent, made a top at 26 and low at 25. Did not ;.ppear in Satur- day's trading. New Pathe comnton made its bow on Thursday, having a narrow range the first day between 6% and 6. Following day, it fell back to $6 per share but came through in good style Saturday to close at 6%, up 1% on the week. Pathe A disap- peared from trading after Wednes- day's market on. the order of stock exchange 'offlcials. Closing quota- tion was 10^. The old Pathe com- mon continued to exchange hands on increased activity, but fell to the old low for the year at 50 cents per share. Exchange ofClclals ruled that trading in this issue should be sus- pended September 3. The new Pathe Film preferred 'stock was quoted at 85 bid and 88 asked in over-the-counter transac- tions. Pathe Exchange, pfd., the old Issue, closed at 107 bid and 112 {asking price. Columbia Pictures certlflcatcs re- flected the annual earnings of $9.91 a common share of Columbia Pic- tures company by going up to $72H« Issue - showed a gain of 6 points at the blow-off. Many ob- servers in the Street, who had ex- pected a more favorable report, let the stock take care of Itself for a time, but a rally was built up by those who felt that earnings were unusually good compared with the preceding year when $5.69 per share was earned. WB Hits New High Besides Columbia Pix and the liew Issues, the most sensational performer was Warner Bros, pre- ferred. This stock soared to a new 1936 peak at 41 Vi, an advance of 4^4 points. The common was up nearly a point at the best year's price, 5%. Fox A stock apparently surged with the strength in 20th Century new Issues. Went to 1C%, frac- tionally away from year's top. Is- sue was up a point at the close. lioew'a common climbed to 41%, up fractionally on the week, pre- sumably in anticipation of favor- able dividend action this week. Stock is now paying 60c quarterly, making the yield about 4.8% on current quotations. Directors of Columbia Pictures are expected to act on dividends this week. Company pays only }1 annually, plus °a small stock divi- dend, making the yield around cur- rent prices only 1.4%. Recent ac- tion of company officials in asking permission of the Stock Exchange to list additional stock makes a stock dividend of considerable pro- portion 'loom as highly probable. Report of earnings shows Columbia to be making $8 more than its pres- ent annual payments. Street also expects directors of General Elec- tric to act on the quarterly divi- dend this week. Par tiens Lead Bond* Paramount Hens were leaders in bond trading. The new Paramount 6s, which mature In 1955, went from $93 a share to |94.3TVi. These bonds were up $1.37% at the close. Para- mount-Pamous-Lasky 6s went up 2% points to 103. Certificaf.es of the same rose 3 points to 106. Para- mount-Publix 5%s climbed 2% points to 105, and the certificates went to the same level, up 2. Par- Broadway 6%s were up 1% points. General Theatre Equipment de- bentures, which made a new peak at 15%, showed an advance of 1% points at the finish. Warner Bros. 6s shot up 2% points to 78%. RKO obligations were particularly weak, dipping 6 points to 61. Carloadlngs and electrical output Improved over last year, accord- ing to reports of the week but steel operating rate slipped a bit. Reactionary trend held sway first two days of last week about as had been expected. Short covering un doubtedly helped steady the market in late dealings. Coming week Is expected by many observers to I>e a crucial one chartwise. It Is expected to prove' whether the industrial averages wU be able to penetrate the Dow- Jones mark around ISO on the up- side, or can hold above the 126-26 area. The averages have had trouble getting through this level on both sides in the past. With September a dubious month as to trends in the past, few traders are optimistic enough to expect a widespread bullish move in the next few weeks. The heavy decline in volume during rallies in the past week and failure of many groups to stage any sustained forward push is regarded by many traders as unpromising. NEW PATHE ALL SET S.E.C. Approve* and Stock Ad- mitted to Trading in N. Y. Summary tor Week Ending Saturday, August 31; STOCK EXCHANGE Low. Sales. Tseue and rate. Icti. 4'ii, .1.C00 American Seat •12-% 0,700 Col. P. vtc. (l)t 72Vt SVi 2.900 Consol. Film 4=11, 1-114 3.000 Conaol. Film pfd. (IMH 171fc IIO'A 2,100 Eastman KuOak (!S)S 141 no Do. pfd > a% Ifl.noO Foi Cln.18 A 10% ■ 20V4 B2,10<» Gen. Elec.. (COc) 32 31Vi 18.100 Loew (2) 41% 102 lOrt Do. pfd. (014) 105 ril4 1,100 Mndlaon Sq. Garden 10 R 7fl,!)!lfl Paramount n 'lOli 81 4,000 Do. 1st pfil •n2 »>A «8,£■^■ Do. 2nd pfd •12% .">• 1,4 23,10t ParamouBt ctf.s 4% l',4 1^ 40.800 Pathe Kjcchange % 17(4 R 1.300 Paihe Class A llVfc 0^1 r. l.x.lOO Pathe Film n , ' 'n\ 4 C7.40O Radio Corp T fi214 r.l» 2.300 Radio pfd. A (314) ■'>•'■'* C'-H .1414 10,000 Radio pfd, D 6314 3 11/4 8,200 RKO 2% Hi l;t 1.100 20th Century n 'lO 20 2r. 1,1(10 Do. pfd. n *20 ■ <% 'i'i 38.100 Warner Bros '5% 41'A Hit 1,010 Do. pfd 'iVi C7',4 32?4 41,000 Westlnghouae (5 8711 no 00 140 Do, pfd. (314) 117 • New 11)35 high. t Plus BtocU exlra.4. t Paid thl.s yonr on account of .iccumulatlons. 9 Plu« cash »xlra. ? Now 1BS5 low. (.1) Puld this year, (n) New stock. CURB r.t Columbia PIct.i (l)t fl.2flO Technicolor UOO Translui (2D<)t BONDS 1"'% 014 »U7.00I> Gen. Thca. Eq, '40 lOr, 103V« K,flOO Loew US, '41 0414 42% 1,000 Par-Hroadway 31fa, '.'I 10r> 58% 17.(!fl0 P.ir-Fam-baaky C«, '47 lO.'i 0!) 31,000 Ijo, ctts ' 10(;i^ fioiA 2i;,ono rar-l'ub. 515s, lOOVj r.sn 12,000 Dp, clfs 01% D.T .l,-,fi,000 Para. O.i, '.'r3 ^'Wi 231,4 4.0f)fl IIKO dehs 0» 81 4S14 221,000 Warner Bros. Cs, '.19 OVER THE COUNTER, N. Y. M. A.iUed. 1117 Jl'i ■sr. w • Now lli.ir. hich. t l':lld IhlH vn:ir. t Plus .siocic exlr; Low. 10% 02H 4 1014 14.-.14 1S3 l.V^ 2014 ior> 10 8 8t 4 '/4 lO'A !» SS 294 IS 2.1 4 3r> M14 114% Last. 1114 Ti 4% 1014 148 153 10% 3114 41% la-. 10 1014 92 12 4 ■4 1014 0% «% K<f, in 20 5% 4114 00'/, 114% Net chr. - 'i + % •—1 .-H4 4-1 - 'i + Vi - 'A 4-2'* +8 -1-2% - % - % - 14 +-% 4- % O 4-"% 4-3 4-1 4- % 4-11': - % Approval by the Securities Ex- change Commission and admittance to trading on the II. T. stock ex- change last week paved the way for the final consummation of Pathe Film Corp. reorganization. This company, successor to Pathe Exchange, Inc., through reorganization set-up, an- nounced that certificates for shares of stock and scrip of new Pathe Film Corp. are now available for delivery to old stockholders. Certlflcates will be Issued on a basis of two shares of new Pathe Film stock for each share of old Pathe A preference and one-twen- tieth of a share of the new Pathe common for each share of the old common. Delivery of stock and scrip will be made at Bankers Trust Co., N, Y. ■With the approval by the stock exchange, the new Pathe common appeared in trading for the first time Thursday (29), opening quotation bDlng $6 a share. Bange was from 5% to 6. The old Pathe common stock also was bought and sold but eventually both the old common, and the Class A Issues will disappear from active trading. 4- U - % 4-114 •I- 'i •1-114 '-Hi ; 2% MOSS' CRITERION, N. Y., PLANS; ALSO HAS B'WAY The old Iioew's New York-Cri- terion . site in the heart of Times Square, on which the City Bank Farmers Trust Co, holders of a $4,000,000 mortgage on which Para mount defaulted, are constructing a two-story tajcpayer building, will offer the following early next spring, probably in March: 1. A picture the atre, seating between 1,600 and 1,700 which B. S. Hoes will operate as a first run, possibly with stage shows: 2. A night club accommodating 1,600 people; 3. A 'Woolworth 6-and-lOc store with two basements; 4. A res- taurant to accommodate 2,000; 6 A clothing store, already leased to Howard Clothes. City Bank Farmers Trust is In vesting over $1,000,000 on the site, about $300,000 of which will be spent in constructing the theatre for Moss according to his specifications. Lease has been held up due to cer tain things Moss wanted, including increase of the capacity from orig inal plans calling for 1,200 seats. At the same time, in preparing to return to active theatre operation. Moss has taken a six-year lease on the old Colony, now called the Broadway, at $23,400 the first year and Increasing until rental reaches $43,600 for final two years. 'While Moss Is planning flrst run pictures and possibly stage shows for the house to go lip on the old Loew's New York site, for the Broadway he has yet to work out a policy. The old N. Y. property is leased for 44 years to Moss at $80,000 a year and calls for construction of a complete stage, dressing rooms, etc. It will'have a low balcony for bet tcr screen vision, seating around 450; downstairs around 1,230. B.&K. Campaigning far an Extra Wd[ s Gearance; Essane$$ Balks Stadio's $2,000,000 TdS Hollywood, Sept. 3. A price tag of $2,000,000 has been placed on the RKO-Pathe studios in Culver City, Amount Includes the plant in present shape, together with furnishings and equipment Few . years back plant could have been acquired for $760,000. Increase In valuation based on healthy and profitable business of the studio during the past year in leasing space to various companies as pro- duction headquarters. PENN'S EQUAL RIGHTS LAW RH'ERCUSSIONS Prov.'s Jinx House, Met, To Reopen; 15c Vaudfilni Providence, Sept. 3. The ill-fated Metropolitan, seat- ing capacity 3,400, is to reopen soon. The newest, but the Jinx house In town, the stand has been mostly dark since it opened several years ago. The A, & W. Amus. Co., Con- necticut corporation, has leased the house, and plans to do business around Sept. 20. Understood new operators plan to run second-run pix and vaudeville for something like 10 and 15c a throw. Local exhibitors are bat- tling against such low prices, but whether they will get to llrat base Is another thing. J. P. Walsh, v.p. and treasurer of the A, and W. Co., will manage the house, which was built at a cost of $500,000, and cost Jacob Conn, Providence theatre man, a fortune of $2,500,000 when it flopped shortly after its opening. Conn Is now In Hollywood producing independently with a .son, who has been in the picture busine.ss for years. CAHN'S 'CONFIDENTL&L' PIC Hollywood, Sept. 3. Rdward L. Cahn .signed to direct 'Conlldcntial' for Republic. Kvclyn Vcnabic, recently In M.is- cot's 'Stroamllne Express,' play.s op- IJo.sitc Donald Cook. Stroudsburg, Pa., Sept. 3. This state's so-called equal rights law. giving all persons, regardless of race, creed or color, the same privileges In public places, went into effect Sunday (1) with opposition prophesying a stormy advent. No end of communication's asking In- terpretation and information re- garding the act passed by the lost General Assembly virtually swamped offlcials; Many proprietors stated the new law would not alter their policies, while others were non-commlttally awaiting further information before announcing any change. The presl dent of the Pennsylvania Hotel As- sociation stated that the hew law did not alter the duties or rights of hotel men in any manner. The law expressly applies to any p'ace where food is sold and also includes theatres, amusement parks, music halls, hotels and those of similar and like classification. Only privately owned clubs are exempt. Incorporations MEW TOBK Albany. Hcott Elaner €!•., Inc.; muBic pab- llahera buslncaB; capital stock. 100 aharea. no par value. Earl Scott, it-li Coiaen Btrcet, FluBhIng; Efton Eisner, 214 River- side drive. New York, ond Edgar H. Noe, 3C Hillside avenua, Kew Tork. Celarabia Radio Frosram Service, Ine.| radio broadcaatlnr service and taclKtlea; capital atock, 100 sharea, no par value. Amedeo Panserl, 41 Convent avenua. New Tork: David J. Luatlff, 1S4 West 67th street. New Tork, and John J, Ferretto, 14 Pearaall avonuo, Lynbrook, L#. I. Moat of the Game. Inc.; ataice plays, vaudeville, etc.; capital stock. 100 sharea, no par value. Dwlght !>. Wlman, M7 West 48th street; Jas. F. Rellly, ICOl Broadway, and Mycr D. Mernoln, CI Broadway, nil of New York. Cirenvll Theutre Corp.; general the- atrical and motion picture buHlness; capital stork, 100 shares, no par value. Eniunuel Domloltz, Helen Hnupt and .Sander Fclngold, all of 331 Madlaon ave- nue. New York. EaHt End Amosement Corp.; general theatrical and motion picture bu^lnesa; capital stock, 120,000. Samuel I^ent, Irving M. nosen and Helen Urumberg, all of 47C Fifth avenue. New York. Aljoma AmuHemeut Corp.; motion pic- ture cameras, etc: capital stock. 100 shares, no par value. John Springer, Harry Brandt and l.oula Brandt, all of 2li21 Broadway, New York. Intercontinenttl Theatre le Clnnm«i. Inc.; general art studio and atelier and general photographic and motion picture bURlncsa; capital stock. 200 shares—100 sharea preferred at tlOO and 100 shares, no par value. Catherine M. Bradley. 3627 S3rd street. Woodalde, T/. I.: Thomas S. Nelson. C8-12 Burna street. Forest Hills, L. I., and Joseph O'Malley, 21(53 Webb avcni>e. New York, A Slight Cnse of Mardrr. Inc.; general theatrical and motion picture huslneHs; capital stock, g.l shares, no par valuo. Howard B. Relnhclmcr. Rose r.ader and Hilda Goldm.in, all of It East 44th street. Now York. Change of Name From Heilnllion Production*, Inc., to Academjr rictnroa Distributing Corp.; filed by Fltelson & Mayers, ICU Broad- way, New York. From rox Film Corp., to lOlh Centurr- Fo» Film Corp,; filed by H. V. Kyan, Albany. From 20th Century Pictures.' Inr., to SGZ Coni,; tiled by N9wgr.iss, Nayfack & Wnldbclm. 300 Madison avenue. New York. CALIFORNIA Sacramento. Antomatle Amuscmenia Co.; capital, 1.000 shares, no stock subscribed. Dl- rnctor.s: H.irry Williams, Mcrvin Wll- llamu, Haymond Wells. Air Adventures Co.; film producing: capital, 2,000 Hliarcs, no p,ir, purmltlcil to is.iue lO siiarcH. DlrcctorK; Arthur Beck, Harry Jloyt, Alfred Arnistronj:. Hollywood Tjilklng I'lclurcx, Inc.: capltnl, O.OOO .sliarcB preferred, par. $10; 000 common ulturen. par, $5, pcrmlKrd to Issue all. Directors: O. A. f.'nons, .Merle Armltugi^, II. K. Hansen, Helena 'rii'impson, r,. I!. (;rot(y. Howard iJing, Inc.; entcrlalnmnnt agency; capllul, 10 HliHren, i)ar. $1,000, prTmlllcd to IcHUtr 12 shareii, Dircrlor'C Howard Lan:;, J.orcna Wooilt., <,)wi:n lf"II(;r, Herman Trcpii. Violet Ciiiii;. Kdwin Carcwe rictnrrH 4':orp.; c.-tnllal, 5200,000, no nlo'k suli.icrlhcd. Dlrc'l'ir;;: I!rcn Vfd'K-r, C. U. Ilijuhnx, J!. V. TliL-lcr. » Chicago, Sept 3. Demands of Balaban & Kats for the disruption of the long-estab- lished Chicago clearance and re- lease system has been resisted by the leading film exchanges and the Important neighborhood circuits, and to such an extent that the question seems destined to be the long drawn-out battle of the new picture season. Just as the Metro boycott situation was the spearhead of arguments during the reason just concluded. B. & K. is whang- ing each exchange with demands that the 30c top admlsh houses, which are classified in 'C week of pre-reletise be given a full seven days of protection oyer houses charging 25c top in the. flrst week of general release. Under the pres- ent setup the flrst week of general release follows right on the heels of the 'C week of pre-release, eo that a picture playing on Saturday In 'C week may be opened by the flrst week of release houses on Sunday, the day each week of release starts In this territory, B. & K. claims that this Is not sufficient protection interval for the big 30c houses, on the basis of rental for pictures. B. & K. made an attempt to secure this additional clearance last year, but it was a half-hearted attempt which died In birth. This time, however. It has liecome the crux of a B. & K. cam- paign. Stumbling block in this campaign for additional clearance la the Es- saness nabe circuit, the majority of whose theatres are In the 25c ctassi- dcatlon. It would mean a heavy disadvantage to the entiro Essaness circuit operation, particularljr since Elssaness is now on the greatest ex- pansion drive in the history of the circuit. Essaness has been contact- ing all exchanges with protests against the proposed change in clearance and the clrculfc nabe power apparently Is strong enough to menace the B. & K. campaign. Essaness' best allies among the exchanges are Metro and Fox. Both have a chili on for the extra vmeek "of clearance. Where the other ex- changes win swerve in the B. & K. direction at any time, M-G and Pox are putting up a certain resistance COLUMBIA PICTS' 25c DIWY. BUT NO SniT UP Directors of Columbia Pictures declared the usual quarterly divi- dend of 25c. per share at the meet- ing held yesterday Tuesday. No action was taken on a stock divi- dend; such payment being declared only twice a year and the directors being In no position to declare a .special stock divvy until after stockholders vote on the proposal of Increasing outstanding shares from about 300,000 to 1,000,000, Meeting to act on this will be held Sept. 18, but omcialfl yesterday said that a stock dividend probably would not be declared until next January. Even after stockholders act on the proposition of hiking the shares outstanding, approval of the N. Y. stoclc exchange and Securitjes and Exchange Commission undoubtedly would be required before extra stock would he Issued. Traders evidenced disappointment that the expected large stock pay- ment was not made by directors at yesterday's session. Wall Street hope that Issuance of additional stock, as dividend, might be ap- proved both by stockholders and directors this month. Columbia Pictures Corp. reports a net profit of $1,815,206 for the fl.scal year ended June 29, this year, after all charges Including t'ederal taxes. This is equal to $9.91 per share on common stock outstanding. Com- pares with $1,008,834 for fiscal year ended June 20, 1931, Total .is-scts listed are $9,407,211 igalnst total liabilities, $1,735,003, CALLING 'DAN MATTHEWS' Hollywood, Sept. 3. .Sol Les.sor ha.s .il;;ned Karl Brown 17 prepare the .screen play of 'Call- in,r of Dan .Matthews,' Initial Harold IV-i; WrlKht i)lcturc which will star Itlchard Arlen. I'lcturo l» slated to hit the staRPs Hif c-nd of the month, and will be ic'ica.sed Colurn''"^