Boxoffice-August.19.1950

Bank Awaits Report
On Independents
NEW YORK— Alex H. Ardrey, executive
vice-president of Bankers Trust Co., said
Wednesday (16* that he has not yet received
any of the questionnaires to be filled
out by independent producers showing their
record of past earnings, but that he is not
concerned about it. Upon the information
to be supplied depends the offer of the bank
to establish a $20,000,000 independent production
financing fund. Ardrey said he hoped
some of the information would be coming
in
shortly.
"I have had fine business relationships with
the industry and have made many good
friends in it." Ardrey said.
SAYS UA NOT TO BLAME
Ardrey denied reports that the reorganization
of United Artists, through which many
independents have released their films, had
had any effect on the bank's attitude toward
making the loan.
"United Artists has nothing to do with it
any more than any other distributor." he
said.
However, one independent producer felt
differently. He said the past showed that
independent producers can make better releasing
deals with UA than with the majors.
The original $20,000,000 loan plan was
worked out several months ago on the coast
at the suggestion of Ellis Arnall, president
of the Society of Independent Motion Picture
Producers, and in association with
Audrey. It called for $10,000,000 from Bankers
Trust and an equal amount from other
sources upon presentation by independent
producers of evidence that their films had
been money-makers in the past.
WHAT SIMPP TRIED TO DO
It was agreed to have a questionnaire
drawn up and filled in by individual producers,
and the form was plotted out by
George Bagnall. representing SIMPP. and
Dan Hickson. representing Bankers Trust.
The bank agreed to defray the expenses of
the questionnaire. The SIMPP plan was
first of all to approach producers who have
turned out the greatest volume of films
in the past as a means of encouraging the
rank-and-file to follow suit. At the time,
most of the bigger independents were abroad.
Arnall said Wednesday he did not know
what success Bagnall has had in getting
them to open their books. One report was
that no figures can be obtained from Samuel
Goldwyn until he returns to his coast headquarters.
He is said to have had little difficulty
in the past in financing his pictures,
in contrast to smaller independents who
have said they have been having a rough
time of it.
Columbia Repays $600,000
NEW YORK—Columbia has repaid $600,000
on a production loan of $6,000,000 advanced by
the First National Bank of Boston, Bank of
America, National Tru.st and Savings Ass'n
and the Manhattan Co.. reducing its indebtsdne.ss
to $5,400,000. A five-year agreement,
made Aug. 12, 1949, allowed the company to
borrow up to $10,000,000 but full advantage
was not taken of it. It called for annual repayments
of $1,000,000.
Eastman Report Increases
In Half-Year Earnings
NEW YORK— Net earnings for Eastman
Kodak for the first six months of 1950 were
$26,162,882, or $1.90 per common share. Tliis
compared with $21,646,085, or $1.65 per share
for the corresponding six months of 1949.
The first quarter business was below 1949,
but the second quarter increased steadily,
said Perley S. Wilcox, board chairman, and
Thomas J. Hargrave, president. Sales of
cameras, projectors, lenses and a large variety
of accessories were down compared with
the first half of 1949.
Orders have increased since the outbreak
of Korean hostilities and government orders
have gained. More .service contracts are expected.
There has been no large scale increase
in employment. At the close of the
six-month period the total of employes was
about two and one-half per cent ahead of
the start of 1949, and since the start of the
second half of this year there has been a
slight
increase.
DuMont Reports Earnings
For 24-Week Period
NEW YORK — Allen B.
DuMont Laboratories,
Inc., reported Wednesday il6) earnings
after taxes of $2,797,000 for the 24 weeks
ended June 18. equivalent to $1.16 a .share
of the outstanding common stock. It reported
two dividends, The first was an interim
dividend of 25 cents on A and B stocks payable
September 20 to stockholders of record
September 6. and the second the regular
quarterly dividend of 25 cents on the outstanding
preferred stock, payable October 1
to stockholders of record September 15. The
directors said they will consider another
dividend before the end of the year when
a more complete review of the year's operations
can be made.
George M. Hakim has joined the receiver
sales division as assistant advertising manager
in charge of cooperative advertising.
British Theatres Attract
371 Million 1st Quarter
LONDON—Attendance in Great Britain's
4.583 theatres, which have 4.221.200 seats,
reached 371 million during the first quarter
of the year. The statistics appeared in the
first report of this kind issued by the Board
of Trade.
Gross reached $78,400,000 and the government
tax was $27,859,200. Average weekly attendance
was 28.500,000.
Fifty-five per cent of the studio space was
not used during the period. Studio employment
on March 31 was 41.166. about 33 per
cent below the previous year.
UPT Heads to Meet
NEW YORK—United Paramount Theatres
circuit heads knd home office executives will
discu.ss theatre operations during the first
eight months since the January 1 divorcement
at a three-day meeting starting September
26. The place for the meeting will
be set later, but will probably be at a resort
in the Pocono mountains. Pennsylvania.
Karl Hoblitzelle, Interstate circuit head,
and R. J. O'Donnell. vice-president and general
manager, will attend the meeting to discuss
the dissolution of Interstate's partner-
•.hip with United Paramount.
UA Audit Nears End;
Finance Moves Due
NEW YORK—Paul V. McNutl's moves for
financing United Artists which have been
held up in recent weeks pending a full company
audit may be steamed up next week.
The audit is said to be nearing completion.
McNutt continues silent. It is understood
that he is seeking an operating fund for the
company, plus a revolving fund for production
purpo.ses which might run up to $10,000.-
000.
There has been practically no excitement
around the home office in the past two
weeks. Following the resignation of Paul
N. Lazarus jr.. who had been acting as executive
assistant to Gradwell Sears and as sales
manager. Frank L. McNamee, the new president,
conferred with Nat Nathanson. eastern
division manager, and Fred Jack, western
division manager. They are now handling
sales between them, and .so far as known no
move has been made for the appointment of
a new general sales manager.
Sears has been off the pay roll since shortly
after the arrival of McNutt and McNamee.
but no word has leaked out on whether his
contract will be ended by agreement and a
settlement, or whether the matter will go into
court.
Mary Pickford. who had been taking an
active part in reorganization of the home
office setup, returned to the coast Monday
(141 and is said to be attempting to remove
some of the misgivings about the new setup
expressed by independent producers.
Skiatron Changes Name;
Gets Five New Patents
NEW YORK—Skiatron Corp. stockholders
at a special meeting Wednesday (16) approved
a change in company name to Skiatron
Electronics and Television Corp. The
change was authorized at a meeting of directors
last month.
"The reason for the change," Arthur Levey,
president, said, "is that comparatively few
people outside the trade are aware of the
vital patents held by the corporation in
the fields of electronics, radar and television."
Levey told stockholders that the new headquarters
at 30 East Tenth St. provide greatly
expanded laboratory and power facilities for
wors now proceeding on pilot models. He
said five new and important U.S. patents
dealing with large-screen and color television
have been granted since May 30. He
also said he hoped for a demonstration of
Subscriber-Vision, w^hich sends scrambled
television programs to subscribers' sets without
wires, before the Federal Communications
commission by September 15.
Fox Wisconsin Still
Leads
LOS ANGELES—Still in first position was
the Fox Wisconsin circuit at the end of the
17th week of National Theatres' eighth annual
Charles P. Skouras Showmanship drive.
Launched April 9, the campaign will end September
2. Holding down second spot was
Fox Intermountain, followed in order by Fox
West Coast's .southern and northern California
divisions. Fox Midwest and Evergreen.
42
BOXOFFICE
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: August 19, 1950