Word: loews
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Dates: during 1930-1939
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Film Securities Corp, A new company was formed last week, christened Film Securities Corp. From Fox Film it took the 660,900 shares of Loew's which Cineman Fox bought in 1929. In return, it gave Fox $28,800,000 cash, also nine-tenths of its common stock. The common stock, however, was divided into voting and non-voting classes, and that which Fox received may not vote for Film Securities' directors. The other one-tenth went to the Chase-headed syndicate which underwrote the $30,000,000 worth of Film Securities notes and preferred stock. Thus...
...stock instead of being strong on the announcement of the party dropped from $33 to a new low of $24¼. Searching for reasons for these two developments, Wall Street decided that perhaps a prime cause lay in the fact that Fox's big holdings in Loew's, previously considered a rich plum, henceforth are no longer strictly...
...that opinion. Warner Bros. Pictures bonds may be bought for 50? to 60? on the dollar. Paramount Publix common stock yields almost 10% at its current price. Many mortgage bonds of Fox Theatres, sold by Halsey, Stuart & Co., can be purchased at between 50? and 70? on the dollar. Loew's common sells at less than 52 times earnings...
...week. But there may have been other reasons why O. P. M. was not forthcoming at once for the $30,000,000 Film Securities Co. issues and a $15,000.000 bond issue of a Fox subsidiary which the bankers also bought last week. Fox Film has always carried its Loew's investment at the price which Mr. Fox paid. Yet the market is now less than half that price, and if Fox were to rewrite its Loew's investment down to market, its $5,000,000 surplus would become a $35,000,000 deficit. Another factor which made...
...story is unconvincing, the sets as laudable and there are not enough amusing moments in the picture to make a long trip to Loew's State worthwhile...