Variety (Mar 1928)

10 VARIETY PAR STOCK AT 121; lOEW AT 62 Monday's Turnover Totaled 50,000 in Film Leader- Fox Ignores Boom in Amusement Group—War- ner Bonds Jump 5 ih Wk.—K-A-O Bonds Trading in a; senitionai bull: sally; Para- I statement Issiied yesterday, shpwed mlunt stoik was bid up from, below, net Profit/or the ji^ht n.on hs up 116 Saturday to 120% yesterday, tlie tulk oir the dealings being on Mon- day, when the turnover was in ex- cess of 60.000 shares for the full session. Monday It was. a runaway, climaxed with a series of trahsac to . Aug. 31, 1927, of $1,924,865, rep reseriting both Kelth-Albee and Orpheum combined, hut before the merger. This compares with net of $3,813! 105 for the same interests for the full year of 1926. Total in- tlons of mbre than 2,000. shares to a come on the sa:me basis for cLi^rht lot dealt in at and above 120. Yesterday "around 1 o'clock, the drive seemed . to have . oxhausted Itself and the, issue looked "ti'*«<3.". Prom that peak it eased slightly to the close., In the present state of the market, with' the wise element awaiting lower levels, for bargains, nobody skeined anxipxis to follow Paramount into the new territory, particularly since the Times Square crowd cannot forget Its bitter expe- riences with the Issue last summer and spring. : ' At yesterday's best in Paramount, I»ew was drawn into, the bullish demonstration on sympathetic grounds, while Fox . ignored the movement utterly, as It had from the beginning. The .Fox clique Is lying back for the moment, but . players with an Inside on the pic- ture business ^at.e inclined to favor Fox around 80 as against Para- mount at its neW top. Warner Repeats Warner, which has been gathering- pome momentum for Weeks, got liitb the upswing, going to 28%, its old tcip for 1928. Jn the case of this Issue the behavior of the company's months Wa.s $23,147,315 cQmparod with $36,480,356. . Pathe drifted within, its ; new range of 13 to better than 14, with the hohds firming up distinctly and with the urgency of sfilllng appar- ently relieved. The bonds changed hands yesterday at around 65, up nearly 2 on the week, and repre- senting a recovery from 50 flat at the :Worst of the break. The stock did not keep pace with the bonds in the recovery, the re-establish- ment of a dividend beinff a. different rnatter from coriftdence In meeting interest and sinking fund require- ments; which, of course,, will be the first consideration. , Shubert operators took advan- tage of yesterday's boom in the amusement group to bid up its issue from 60 to 62, although the stock had shown obvious weakness when It went ex. Its $1.25 quarterly dividend Saturday. The flnal transaction that day was at 60, but the closing bid and asked stood ai.t bid, 57% : asked, 60, a wide market gap under the circumstances. It may have been this seeming lack "My i thee, issue tne oenavior oi me cumuau^r => -"-^ j vMH>rfl-iv's notes on the Curb put a favorable of demand that.msplred yesterdays complexion on the stock. The notes I demonstration Son, if sinners entice consent thou not" 4 of Original G-us Edwai-ds' Boys. EDDIE CANTOR, GEORGE JES SEL, GEORGIE PRICE and HAR Rv . ROSE, "The Bl-badway Jester," who is now Paramountouring Indiana, Indianapolis, This (Mar. 3) AmtMLSsador, St. Louis, Next Week HAYS IN TOUGH NEW STANLEY, $27,000, BEAT BY PENN, $29,400 All Other Pittsburgh Houses Suffered 40 Pet. Drop Last Week with New Theatre "SADIE THOMPSON" STANLEYSMASH,$32,000 Immediately Moved to Arcadia for Run—Another Hit in Philly Last Week, "Circus'' oioinz Sen. W a I s h's Ideas—- Commissioner Myers' Reply are due In ^jS>eptember somewhere and Monday they reached a new. 19^8 peak of 109, close to their best of last year at 111. They were at one time last fall down to 80. : The new Keithr^Orpheuin bonds made their appearance on the Curb, dealt In on a w. 1. basis. They . started impressively at. 101, a pre- mlum of 1 point, but subsequently ^t back to par. A certain mild In- terest Is manifested in the perform- ance of the bonds, since the new merger's ■ stock Is expected to go Into Stock ^3xchange trading in due 'time. Orpheum. by the way,'ap- peared oh the tape yesterday at .82%, its low for years. This Is the stock that Is to be exchanged for k-A-Orpheum share for share. It Is presumed, that as soon as new stock Is available old Orpheum quo- tations will be maintained naturally or artificially at a .parity with the . Hew Issue, reported to be 25, Mean- while th4 old Orpheum Is neglocted and appears to drift at low levels because of the Unpatince to he out of old holders. Dealings are ex- . tremely small. K-A-Orph Outlook Still further, confusing the K-A- Orpheum putloQk, the consolidated SutDmary trading for week otiding March 3: STOCK MARKET Stanley Looking Up Stanley in* Phlla.delphia made some further progress since it steadied at the. low of 47, getting up to oetter than. 60 and holding most of the gain yesterday, Ap- parently longs in the issue are tak- ing heart at the evidences of more aggressive management and an apparent disposition to undertake a constructive campaign at head- quarters. Report for 1927, out Monday; shbwed record Stanley gross of $37,060,024, compared with $22,909,r 812 for 1926, President Rpssheim told stockholders' further expansion would take the form of leasing the- atres Instead of Increasing company real estate holdings, revealing an effort to care a; sore spot-in com- pany policy. Stanley contracts 258. theatres. . Universal Pictures! made Its. an- nual statement as of .*Iov. B on Monday, showlag net of $li502.666, which leaves, after dividends on first and second preferred, $4.60 a share on the 250,000 shares ot common, compared with |1,968.000, pi- $6.41 a share for the previous yeaf". 40% 171% MO 68)4 2 . «a% 20% 37 S% 102 117% 4%. • 18% «>% 100 2B% WShi. 22 ■ '^^ 101/ 108Vi 101% 81% w^. M 100 -l»2ft- Low. .. .38%; 163 105!4 77% ^7 • 22»4 , e% 22%. 91>% ill% 2 00 «c% 22 1,200 1.600 (8). •Kt. 100 18% . . 1% S9% 100%. 09% i50 M% »1% ■«!% :1!vl<l"hd Issue and rate. American Seat Eaetman "iKo'daft (8V.... First National let pref. 88.800 Pox Claas A (4)........ ..... 8.800 Fox Film rts, exp. Fel>, 27..... 14.000 Lfiew'B (3). ••• 18.300 Madison Square Garden (1%).:... 700 Metro-Goldwyn: lat pref. (1.89).. 1,000 Motion Picture Capital .800 Orpheum .......... ^ .... do.,' pref. 4 87.800 Par.-Fam. PI. .110)... .? . 6;200 Pathe Exchdrge • * > .11,800 Pafho class A. .'.>......... .• • 2,ano Shubert (5) .................... .<»20 Universal Pictures l»t pref. (8).. > 18,000 ■ Warner-. Bros. CURB 2,800 Kolth-Orph. prof, w.l. (T)....... 16,700 Fox Theatro.i-.... i.., 100 D. W. Grimih. BONDS $18,000 Keith «s, '40...... 36.100 Ix)ew 6s, w.l '41. 10.000 do., ex. war. 134,000. Pathe 7s, 'ZT. 166.000 *»nr..F*an).-Tj, Os, '47... 29,000 Shubp.rl 187,000 Wai-ncr Dros. O'^b, '28. 24 2f)%. 6% 4 2H 0% 6 ' :S ISSUES IN OTHER MARKETS AH Quoted for Monday Over the Counter ew=:JVLor k.:^i^.v.^==^^= Q\iolod In Bid *nd Artied .... Koxy, Class A. <3.B0) r. Tinlt do ••• •■• ,... Unit do ... .• r • • •• ,.,. Do' Fore.it .Phono. ,.,. ■ Technicolor ,• ■ Philadelphia X7W Stanley- Go. of America .. Chjcago 60 Bol»ben ft Katz St. Louis 20 Skouraa Uro.s. ..; Los Angeles aao Hoaoli, Inc. Washington, March 6. Testimony given last week by Will Hays before the Senate com- mittee digging into the oil scandal did not do the czar of the movies any good. In. fact, it was vinani- mously agrreed that a lough day for Hays tiad come .and gone.. Developments, particularly; in the newspaper reports, since that ap pearance hias nriade it even tougher. If stands recorded In the transcript of that now famous-hearing that Hays remembered on this a.ppear- ance much he failed to recall when before that committee just a few short .years a^ro In this same in vestigation. Senator Walsh, directing the questioning, repeatedly put the statement. In practically the same languacre: "But you cannot be un- aware that you are not ahswerihe die . question which I am asking." When asked why he. had not given the testimony he w^s then preseiitliig when previously on the stand, Hays replied: "I was not asked about that." Later, in the proceedings last week, the ofllclal record, of the other hearing was in- troduced disclosing the direct ques- tion being put as to whether or not the amount ($75,000) was all that Harry- Sinclair contributed to- the Republican deficit as stated it was by Mr. Hays. Hays explained that "direct question," and his then an- swer to it, by stating Uiat of the two contributions ''one' was to be his (isinclalr's) gift." .. One d e v e 1 o p ment but briefly totiched upon in the final monfient of the efoss-questioning may re- sult In the recalling of Hays to the witn<!ss stand at . a later date. Senator Walsh asked the witness If ho were a director of the Contir nental Baking Company. Hays said he was. Senator Walsh proceeded with another question: "Were you a member of the board at the tlnie of the proceedings pending between the Continental Bakinjg Com.pany and the Feder.T.1 Trade . Commis- sion?" Hays replied, "I do not think •o." Pressing for a. deflnito answer, Senator Walsh a.skcd, "Ilad the proceedings been dism.Issed?''to ^WhlCh-Hays^"B:tated •^^"h e-dl d-^no t-re* member." Pittsburgh, March (Drawing Pop., 1,000,000) Tlie long-awaited Stanley bouse opened Monday night (Feb. 27), giv- ing one show at reserved seats $1.10 charged for balcony and $1^65 for orchestra, with about half of the seats sold, tho other half being an invited audience, and a very , repre- sentative one at that. Doing about $2,500 on the night, the gross for the week, around $27,t)06, me.-ins that the house did capacity all week, . al though not a holdout business. The Penn (Loew's) withstood the onslaught successfully, due to the showmanship displayed ever since the house opened. Playing every his name available, the quality of ^jhows which Includes the class pi-c- tui-Qs has firmly instilled in .the minis of Lhft Pittsburgh .show-seek ers that a good show may always be soeri at the Penn. The Penn did $29,40o, one of the lowest weeks the house has gr-ossed, yet showing strength ponsidering the terrific drop by the othei* houses. Davis, Aldinc and Grand were about 40 per cent off on business, tlie other houses worse than that, and exhibitors run niitg neighborhood houses are squawking. Estimates for Last Week Aldine (Loew) (25-35-50; 2,000)— Marion Davies in "Quality Street"- vaude. Failed to iT;ach expectations, even though Hearst paper added half-page ads. Poor at $11,300, Cameo (U) (600; 35-40)—"Cohens and Ke^Jeys in Prris" held for fourth Davis (Keith-Stanley) (2,100; 35- 50-75 )-:."LoVe and Learn" and vaude, $10,300, lowest In weeks. Grand (Stanley) (2,700; 35-50)— Reverted to straight pictures this week, no change in prices; "East Side. West Side," feature; orchestra retained; $8.7()0. Olympic (Stanley) (1,200; 35-50)— M Jolson in "Jazz Singer" (Vita). Third week. About $3,500. Penn (Loew) (3,600; 25-35-60)— Greta Garbo in "Divine Woman' and stage show, "Joy Bells." Best all-around.show yet in theatre. Don Albert and Dick Leibert staged overture conflict talk of town. $29, 400, riot bad. Stanley (3,323; 25-35-60)—"Gentle men Prefer Blondes," Apatole Fried land revue and Phil Spitalny on stage bill. New hou.se has same prices fis Penn; did $27,000, not full capacity. tion direct to Senator Walsh as to the import of this part of the quiz zing of Hays. The Senator stated that ' as Myers had dismissed the proceedings against the bread com- pany for the Department of Jus tice, where he was then an official, he did not see wherein it was not im- probable that Myers had had some thing to do with the like dismissal at. practically the same time, by the Federal Trade Commission. As Myers has won the confidence of the independent exhibitors and is lopked upon within the Industry as f'their man," he was asked as to Senator Walsh's ideas Myers' Angle Myers stated that he would go un 'der~6alh' on"'fhe stand^'and "swear that he had never met, nor had contact with Will Hays until two days prior to tlie trade conference in New York city. This meeting was brought about in Myers' office here; he states, by Van Fleet, a for mer member of the commission, then representing Hays in the picture case He added that he dismissed the bread case for the Departnient of Justice on April 3, 1926. That the Federai Trade Commission took ac tion at about the. sajne time and he had had nothing to do with the commi.ssion's action. He. stated that the Department of Justice had se cured a broad decree in the Bal tlmore. courts against the Ward Baking Company and that, at the same time, the court dlsflnissed in cidental cha-rges apainst the Con- tinental Baking Corporation Myera-stated:Lthat-jt_Ji.eJa.giyfin an opportunity to defend the charge n,-i,_„ i_ Mui-. I before the Senate committee that he ,V>llowIng Te hcar?n?s. several|wlll dr.aw attention to the fact;that Philadelphia, March 6, Solid hit of last week in •the downtown picture hou.ses was Clhap- \ lin's "Circus," at the Karltoh, which recently changed its policy, from weekly change and program pic- tures id Indefinite runs w;th spe- cials. With 50-75 scale- which the ICarlton has adopted,, gross was $12,000, biggest yet under the new policy. Unusually good week all around for this time, of year. "Sadie Thompson" did a corking week at the Stanley; so big it was moved down to the Arcadia this week for. an indefinite run. Gross .was put at $3L'",000, good any time, remiark- able for Lent. Of the two Fox hoUseg, Fox itself O. K., but the Fox Locust hot so Kood. "Sunrise" staye<l a little too ■ long, at the latter theatre and should have been satisfied with six weeks instead of eight. In its getaway week the much Draised special was under $7,500. The Fox, on the other hand, offering "Truxton King," another John Gil- bert revival, plus the Kouns Sisters and others on stage, reported $25,- 000, FPt'sfactory for this t'me. Estimates for Last Week Stanley (4,000;' -35-50-75), "Sadie Thompson" (S. U. A.), Gloria Sw'vnson. So good moved to Ar- cadia for a run;. $32,000 quoted. Stanton (1*700; 35-50-75), "The Student Prince" (M.-G., 3d -vfreek) slipped sharply after two good weeks.. Around $10,500. "Ben Hur" this week on run. Aldine (1,500; $2),."Wings" (Par, 14th week) held up nicely, consid- , ering Lent'; $16,200. Karlton (lilOO; 50-75), "The Cir- cus" (U. A., 1st week), Chaplin filmj in for run and started sensationally at $12,000. Fox-Locust (1,800; $1.66), "Sun- rise" (Fox, 8th week) off in final week; . $7,500 or less, "Four Sons" this week on run. Fox (3,000; 99), "Truxton King" (Fox), John Gilbert revival. Kouna Sisters headed fairly good stage combination; $25,000 reported. Arcadia<800; 50), "Quality Street" (M.-G.,. .2d week) off., to $3,000, Moved out. Langdon-Hines Contract* Los Angeles, March 6. Richard A. Rowland, president of First National Pictures, will not decide oh any terms fbr a renewal of the Harry Langdon and Johnny Hlnes releasing contracts while on the coast. Both producing units have one more picture to make for First Na- tional on their present contracts. Montaigne'* U Contract Los Angeles, March 6. Edward Montaigne, head of Unl- versal's studio scenario department for* past three years, will sign • new contract to continue with the organization. Universal met bis terms for * new contract. reports 'twere published that In this line of questioning. Senator Walsh was understood to be attempting to tie In the appointment of Abram F, Myers as.A member of the Federal Trade Commission as a reward from Hays for his (Myers') part In get- ting the bread case dismissed. Variety's reporter put the ques- just hefore his appointment judge David Myers, of the Indiana Su preme Court, had been recommend- ed to the President for the com missionership. The confusion In names then causing doubt arribngst the new.spapermen that he had been given the appointniont over the "Hays' man." Riza Royce's Next Try Los Angeles, March Riza Royce, divorced wife o£ Josef yon Sternberg; picture direc- tor,—is en route to-Europe for four months. Upon her return, to this country, she will return to the stage'. LASKYAtWOEK Los Angeles, March Jesse Lasky is hard at work with Paramount studio executiv.es map- ping; out the production plans and schedule for the next six months. Assignment of editorial super* visora Is his present . ask. Wallace Fox Off FBO Los Angeles, M.arch 1. Wallace Fox,, director under con- tract to FBO, wis relieved of hl« contract by mutual agreement. Fox is negotiating with another producer to direct features. L. A. to N. Y. ^;=JerGme-=Beattyr--= R. A, Rowland. Guido Orlando,. U. M, Dailey. Leo Mc;Car<iy.. • Ralph I. Pouchei'. H. m:. Senigsoni Sol Wurtzel. N. Y. to L. A. Jo.s. p. Kennedy, Jack Warner.