Word: loewe
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Dates: during 1930-1939
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High-spot in his two-day testimony dealt with his purchase (February-June 1929) of a controlling interest in Loew's, Inc. The deal cost him $73,000,000. Because it included Metro-Goldwyn-Mayer as well as the Loew theatres, the deal made Mr. Fox incomparably the No. 1 Cinema Man. U. S. anti-trust laws, however, frown on such acquisition of shares in a competing company, and Mr. Fox kept after the Department of Justice to see if he could get an official okay on the transaction. He actually bought the Loew shares on the strength...
...verbal agreement might no longer hold. Mr. Fox sought out the gentleman from Minnesota, who was William DeWitt Mitchell. Attorney General Mitchell referred him to Assistant John Lord O'Brian. Mr. O'Brian, consulting his files, said the record showed not acquiescence in but disapproval of the Loew purchase. Said Mr. Fox to the Senate Committee: "You can well imagine that I was alarmed about all this."* Next Mr. Fox talked to Claudius Hart Huston, then Chairman of the Republican National Committee. Mr. Huston said he would look into the matter, but while he was looking...
...knew Louis Burt Mayer. Since Louis Mayer, besides being a potent California Republican, was also the Mayer of Metro-Goldwyn-Mayer (which Mr. Fox was absorbing), Mr. Fox knew him very well. He also knew that Mr. Mayer did not approve of the terms of the Loew sale. So Mr. Fox looked up Mr. Mayer...
...over-extended himself in the Loew deal, and also in paying an additional $20,000,000 for a group of British theatres, that in 1929 his companies owed about $90,000,000, all in short-term loans. In the summer of 1929 Mr. Fox was hurt in an automobile accident, laid up for several months. Whether lor this or for other reasons, neither Mr. Fox nor his bankers took the obvious step of selling to the public new stock in Fox Film and Fox Theatres. Then the market crash of October 1929 threw the whole problem of refinancing...
...Loew's State--"Broadway Through a Keyhole." Walter Winchell's opus. Better than average...