Variety (Mar 1929)

VARIETY PICTURES WMh«ftday, March 6, 1929 »Fox Sl»rply Doip ^ppn Aimonocemetit of Metier Deal Wall St Hears No Exchange for Present-'TQuestioh Story of Bond I'ssue-by FiDix theatres—^Warners Dips Below 122 on General Inauguration Reaction Fox and Loew touched new low ground on the reaction yeaterday, Pox at 92 and lioew at 74%, while Warner Bros., at 120 had momen- tarily gone through ita usual re- Blatahce point. Mixed considerations vrere behind these movements. First there was th? recession - of tl^e rest of.' the market, natural after the piiiiiped iip inauguration "^nthtis- las|m. The Fox purchase of tioew pon- trol was made public definitely Sun-. 4ay, signal for' the .usual realizing; oh lon^ pending events. Wall iStrtet got the impression that there Would be- no early offer ot an cxchange'of BtOGk and in addition i^eard tli^ ■fioiry that Fox Theatres ' had ' in mind an issue of debentures to take care of financing the' new deal. Tracing Rumor Accept^nc^ of the last report was (Far from UDjantmouB. As often, hap- pens in.^e iklt and run ticker gps.r alp. It seemed'likely that the new financing Idea was a distorted ver- sion of a minor Fox transaction, entirely apart from -the .I<oew iner^er. Fox lias taken a long lease on the big flim theatre In Taarab Temple . in Atlanta, said to be the biggest thing of Its kind In the south. To . provide for the completion of this buildlbg a banking house will offer $1,600,000 mortgage bonds, but Fox Is not concerned In this flotation. However,, the story had its momen- tary effect; • '. Healizlng «n Iioew Monday reaich- «d large' propprtlohs, .thd turnover totaling nearly 25,000 shares. This probably' marked the end of Im- portant selling, . clearing up the speculative fblloy^ing. Warner brMppoiiitment Ijlquidatlon o1(. Warn'^rs wAs' nat- iliral, represeiltliig disappointment of longs vfrWbad banlied on t^ .War' lier-l4)«# ddftl which had furnished the inspiration tor a lot of ,;9pecu- Ifiiivb b'nIlB. At 'l2Ui Wamersf was at its tow since the earlyVebrUairy break to lie, from whlclv |t bad ralUed to better than 134, including rights. The rights wer^ down" yes- terday at 8%, hew low Binc^ de- clared. ~ ■ ' 'Blsewhere the market waa^QUtet and unchanged; with' Pofaqliount Uepldying reinarkiabie steadiness against the ^decline. Even under Monday's pressure it held above 65 and yesterday was but fractionally down in range 64%-«6%, with trac- ing quiet. Fox moved-about with tioiw, I9W YESTERDAY'S PRICES Principal Amusements Sales. HIgb. L<ow. I^. dbg. 3200 Pox ... 04H 02 82K -3!S 17800 Lmw . 1VA 7V6 -IK 2000 M.F. .Cp, MM . 83 88 , -214 19000 Par. .. osg WA 6«4 - J4 7200 R-K-O. Sm 851i 8BH - Jt 800 Shub,,. «S e«4 .OOji -IH 12800 War. B. 123% UHi 120% -2K yesterday at 03% from Honday's top at 97%, maintaining a ratio not 2ar from 3 to 4'.'' Transaotfons {uiitped irt volume in Fox Theitre^ on the Curb. This Fox' subsidiary had'been In a gradual retreat'from is to below 29, but reversed -Its trend, whether under cUqua opera* tlona or because the Loew connec- tion gave It a better appelirance didn't appear on the surface;Mon- day It had recovered to 38 and ad- vanced above that mark slightly yesterday. Next IMove Hidden Fpx-Iioew operation revived fore- casts of new trade alignments, .chief among them being Fianuinoun^ and Radlo-Kelth, and Warners and Shu- bert possibly. But these issues did not Indicate awakening of Interest marketwlse. Shubert. held to recent level 67-68 and Radio-Keith was very dull above 36, both stocks do- ing nothing either way. M. P. C. Up y. Motion Picture Capital continued to behave sensationallyi touching 48 last week and then reacting to around'36. Wbile nothing has come out hinting at the developiaeht be- hind the move, it is snppo^crd that a talking, device connection is the in' splratlon. Where any sUbh amount of stock' 08 represented by a ohc' day total ardund 20,Q0O shares -is coming froni' Is a' mystery to' out aiders. ' ' . Trading in 'Columbia Pictures will begin on the New "Tork Curb March 8, issue having been admitted to the list. . Two amusement company reports on eamingferaame out/ neither .by any. > means toay. Pathe balance sheet as ot 'Oct. 6 showed current aasets |8,161,'444 and «urtent' llablllT tle8^|3;988,4S8, compared to similar items as of rDed 31, 1927, of'110,-. 230,785 and.' $3,108,596. The other was Orpheum . income statement, showing loss for year toAugf. 31 last at $660,000>: Keltb-Orpheum for the same period showed a net defldt. o! $1,064,000 after dividends and other charges .(this was before the Radio purchase). LEW WHITE Feature Sole Organist, Roxy Theatr*, New York ; \ IjCW 'White, Tegularly featured on a coast-to-coast radio network ot the N. B. C, returns to the ROXY THEATRE as chief, organist tor indefinite, engagennent commeiiclng March 9th with the celebration of Second Anniversary Week, Iicw 'White recoWs exclusively for Brunswick' .(records) and Aeolian Duo-Art (or^aq rolls). Stu<llo: 1680 Broadway, N. T. City J. P. Kennedy East Ixis Angeles, March 5. Kotwlthstandlnig Jos. P. Kennedy Is reported considering two or more important sho'w-flnancial deals sub- niltted to him from New York, he in remaining here fixing up "Queen Kelly," the Oloria Swanson picture for United Artists' release. It Is expected that Kennedy will leave for the east late this or early next week." 'Upon arrival in the tnejroiiolls,'.,he irill decide on the .prbpoiBltions' 'nhder consideration. A story around that Kennedy and J. X Murdock, who la with, him out here, have received authority from Alex. Pantages to buy or dispose of the Pant^iges circuit can not be ton firmed. AMPA'S BALL MILD SummaiT tor weeli endlns March 2: STOCK EXCHANGE I ^J028i i High. LoWT Sales. Issue apd rate. 2.100 Amertcan Seat (3).; 6,000 Coneol. Film pM. (2).'.. ■ 2,200' Bastman KadaK (8) 18O.00O Loew, (8)...-...,. i:§^Kg?br.':..^')t».v.-.r.-.-.-.-. ( 2,800. 1 Do praf. (7)... 117,400 Radlo-KrO .^..^ 18B,«C0 -Do ris. lOtkBOO FoK- CIAss A (4) ,.. 14.800.. Madison, Sqnar^ OaMea 80.. .,28m: «vr' 10 134 8814 19 •HI 40^ J8W 97 St 100% 81M 35 "• 80H 6 ■ IS 28 IM 28 111 0! 1131 78 oe 88 ^ _JJson, ^700r M«t^}.:ik jraf. VHilOO Radio '(new)..': 81,800 Motion Picture Cap IM.TM, Fuaniount-Fam-I<eiky, (8). ■ 1 '«%0CO:, ^tbet .Class rA .'.^ i W .7,800 Bbiibe.rt' (6) ..a,...^., ■ 1,100 BUnTey 00 .Universal, pref^.'.0).....ii.'.......''i .106.000 t>Vant^ . Bros..4..; rUSH »,S0O Wtmt. (Z,10)..^J... ,,M%\ ■ ''' 'OURB' IS.OOO Aconstlo Praai.. >...^ 'll 11,800 Con. FUm, Snt U,400 De Forest Bad;..;.'.... 22% 88.400 Fox Tbeatres 33 1,800^ Grltfltli, D W tW 8,400 Loew rts 48^ 700 UniT PlcU „ 18 BONDS Keltb ei, '40: i 88 Loew 08, '41 124 Do ex war, Pathe 7s, '87 82.000 10,000 22,000 7,000 10.000 14,000 *Ex dlv. 84 4V4 •4 18 37 0 e 18% Par-Fam-lAShy to, '47 Sbnbert ea 88^ tBx rts. ISSUBS IN OTHER MARKETS All Quoted for Monday'' '' Over the Cdtintei^ •"^ New York '- QdOted'ln iSia and'Asked ' —.—Jlosy.^laBa-A.:(a'Jiffljjjjjiii;i.^..i__.i ...I Unit do.... .... Uiilt do.....: .' v'..., .... Do Forest Phono...; .... Technicolor ' .... Schlne Ch.. The. (3) ,'., <> Chicbgo 100 'Balabau KBtr.v 70\i . Los Angeles •CO noach, Inc.... n>.<, St. Louis .... Skouras .'. Montreal £35 Fsm. Play 43M 70H 1714 40; 1 4>M 48>i More Fun Than |Meney-^ $1,800 Deficit Tftrpugh Lack of Support The AMPA'S whoopee Saturday ni^t at the Hotel Astor was a mild floppo financially, alth'ough plenty of fun for the'attendants.' The nasty e T e n 1 n g;' dlmatlcally, - probably counted considerably agafnst thiiigs. The AMPAs were about $1,800'In the red «it' the gross, blameatile 'in part to the lack 'of produdeits'-'Mp-' port. At $10 a bead, tliat ^ouTd have meant'- 'VMiy l'80 ' tickets to square things heiA the Jilcture' eitec- utives purchasM'-blocks of tldk^te Just for the'inbrat 'su^ipdrt. N. T.- G. paced 'the costumed pa rade' aihd 'prljse' awards. ' The real fun obtained In any of the first flobr rooms wfllcCi ''had been^ eniiraged as filling'stations. Estimated', attendance -was about 600, cotihting' Tam.niany 'Toung and plenty of gate-critShers, mixture of picture pe'ople'and"outsiders. COLTHIBIA'S SOTHIB STAGE Lios Angeles, March 6. Colunibia ' studio's sound stage will .have a floor area' of 90 by 140 feet Western Electric equipment Is now at^ving. Structure will be equipped for recording by April 1. There will be two channels or units, which means by working double time four companies may be ac- commodated. There will be two sound, projec- tion rooms. • Clarence M a c k a 1 n ,-supervisor branch maintenance and operation for Columbia,: and. connected 'With the home ofilce,i. sails'from ^'Vo'h' couver Macc)i 6. to establish six CO' lumbia exchangesi'in dlustiralUu" . Headquarters will be In Sydney. He~wlll-be»awayJhree_m<M)LthB.L- IJTA OBET CAKCEIS Iilta Grey, serltfusly ill in'Day' ton, O., has been forced> .to cancel her three remaining weeks of Keith time, -pending 'recovery, 'pates are Memphis, St. liouis and. Palace, New Yorlb W. E. Takmg Credit ril Talk Device Waraers* Small Deals Several smaller theatre chain deals which the Warners were scheduled to have closed a week'ago have been postponed.. Executives state that th^ brothers are marking time and' concenti-atlng upoii the ,1ib- provement ot the Stanley chain. • / It is admitted that,tbe sud- den acquiaitton. of Iioaw's .'by Fox.has'complexed the brotb- era'.-plans.! . . ■ • ~. 5 -. ; Extra (riilsVBreak .Los Angeles.',Marches. - An.ither extra 1 girl, drew; one - of the prize: .contracts :0f tlie-'-year through sheer .chance when Ed.wIna Booth was signed for femme. -lead iii "Trader Horn" by M.-G-M. .. Two months'ago'..as a 'Pu.bllclty stunt several girls we|-e given-a .test for personality and voice. One registered'^a mild raactlon; on those who saw the results.. ,'When after hundreds of tests had failed to un- cover the girl sought, some one re- membered the earlier test. Following another . test Miss Booth was signed , for tlie part of the princess and will go to equa- torial Africa. She has' played In several M-G-M pictures. .]^est|p,. Electric is lnauguratln|r wit}i|n ;^.faihprt time a national ^d* vertisli^ campaign along instltu- tf<ih&r lines.'One of its chief pur- poses, it is learned, is to familiarize the public 'With the electrlc's talker aotlvltles. While little comment will now be made on the plans, whiph .also in- clude a special dtp sheet service to exhibitors. It - is gathered that W. £. Is out to let the world know that^it fathered both 'Vitaphone and Mdvl.Qt.9Iie. ;.The move Is seen as qn^ 'to counteract personal ballyhoo for either .dey Ice and to set the fanb rf|^ht'g;&^^e equality of both equip- meiita.V FuHhe^ 'liignlflcance Is attached to the -isanip^i^ by those who figure the inr^rjiier claims to the trade- m4rk''';Vitaphone as exclusively thilrs. 'fttiii electric maintains that it Was ^]i(en with an understanding thai'it'.dould be used by other II- <!e'n8eek"That issue is still to be settled,'it Was said St W. E. quar- ters...'' ' "While the brothers in the millions which t^ey have and are expending for newspaper space are playing up their; plf^tares and .-the trademark, little 1.8 bald' about the electric, with the result, it is claimed, the public assodatea tite invention solely with the WaWiers. Wampas' Officers Xos Angeles, March 5. Officers, elected last night by 'Wamiias .' are; Harry - Hammond Beall, president; Joseph Sherman, Pat Dowling, vlce-pree.; "Hank Ar- nold, jEiec.; Ea Perkimi,' 'treas;; George- Barr Brown, sergeant-at- arms. ' • - •'' Board of directors: S.'B. Cohn, George XAhdy*, Arch Reeve,' Pete Smith, Ivan St. John, ChaHes West, Harry Wlliton. • Christie's Record' Month Los Angeles, ]ifarch 6.. After 13 years in the .business! of making pictures, .the (gristle .S'llm' Company, releasing tiirou'^: J^aca- mount, Ims established, a .i«CQrd.l¥br number it pictures release^ by .it,in a single month. ~ ', \ , ' ' , / List of their releases ^or. March is headed by "The CaiTiatibn Kid'," a ' feature length talking plc^'ure starring Douglas MaclLiean.. Follow- ing this are five two^reel silent comedies .and three of... the. new Christie Talking plays, a total of nine subjects. ,-:■'-■; I The Tno^t 'previously , released by this company In a single month .-has been one feature and four two-reel comedies. Dannour Lectses Sfiudlio Los Angeles, March 6, Larry Darmour, prbduclhg-rBbort subjects for Radio - Plotures,i - - has taken over the Cal-Ai^t studios-'un- der a leaser' He is., new. equipping the plant with R. C. A. Phbtophone recording equipment. . Dartnour has been leasing space from this studio for the't past year and plans to sub-leose to ot)ier com- panies. ' .1' Films' Two Finliles Leg Angeles, March 6, "The Constant Wife," by Somerset Maugham, to be supervised by Ber- nle Fineman and directed by Robert Milton,' will be given. t'wo endings by Paramount. One will be that of the play, with the alternative given a comedy twist. Ruth Chatterton, Clive Brook and paul Lukas are the principals. It will be a. talker, without.silent version. - . . .. '> - BOlilSTEIir AT iDOLUMBlA' '—tios-Angeles.-'Maroh -6;— Max Rothsteln; former -eastern exploitation Jnonager 'for -TGTnlVersal; who recently -came 'here -to-'assist in the exploitation departihenf - at Universal studios, has gone' over to Columbia Pictures. ' He will handle all Columbia .ptib liclty and esploltatlob frotn - this end. POUCE AFTER "SCHOOLS" Lot Airigplea Investigation of School* Branded A* Fakes Los Angeles, March 6. Upon recommendation of the city council's Public Welfare committee^, police'.'department has launched^^ dtywide investigation of alleged fake "movie .echeola" Action wan requested by the Association of Mor. tlon Picture Producers^ wblpb charged tlfat for years Hollywood, particularly; has been overrun-ity these schools, most of which have been. '^nuikets." Fn^ WC' Beetson, exeoutlve secre- tary Tor the producers, told the council' that in the past six years huhdredb:;:of gullible people have been' mulcted out of their savings by the ^-racketeers. No member of the association, Beetson' said, was In any. Way connected -with . any "movie-isdiool," nor are any of their students^vsed by the producers. Police 1 investigation was ordered to determine if a recommendation should be-made to council to pass an ordinance placing the "schools" under ipollce commission's jurlsdio- tiOM. ~ ^ Ry an Out of ^et Studios . ■ Los An^lest March 5. After two years as manager of the Metropolitan Sound studios and one year lAt.'jChrlstie Brothers'. studiOt Phil Ryi^ has resigned. He is be- ing replaced by Leo Cohane, for- merly his assistant, who will be studio, manager with William H. Holii^an, secretary and treasurer of the Mfetrbpolitan. handling financial matters. Kyan will probabl;(r return to sell- ing of film which he did prior to be- gintilng studio activities. Pincus' Effect on Sheehah Winnie. Sh'eehan expects to" re- turn tOL^the Fox studios on the coast when , the pressing business mat- ters holding him east may release him. ^ She^han has recovered from the slight attack of sinus and a bad cold, both .gripping him at the same time. Asked what caused the sinus, Winnie answered: 'Listening' tp Joe Pincus." IE BAB,QH FOB, CONFEBEN^E , .1 j;./ ' Los Angeles, Msurch 6.' William Le Baron, now en route-, to New York, where he will con- fer wlth RKO officials on a change in,4!rsigTam_5f..modi!icUon mapped^out for Sadlo Pictures.'Xc- cordlng to latest changea made In their .1929-'30 program all Radio pictures'Will be made all dialog in- stead of half the progra'm in silent; A delay in installing sound equiP- ment at the studio here has set the starting, date on their first picture back from March. VS to April 10.