Word: loews
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Downtown, Secrets of the Reef, at the Exeter, La Strada, at the Kenmore, War and Peace, at the Met, and Bandido, at Loew's State and Orpheum...
...Peace, Tea and Sympathy, and Oklahoma are all great classics ruined by Hollywood respectively at the Metropolitan, Loew's State and Orpheum, and the Saxon...
Filing into Manhattan's Loew's State Theater, some 800 stockholders booed and jeered, stamped their feet, shouted raucous questions. Cried one stockholder: "Come out punching. Let the best man win." At that stockhofders started to punch, wanted to know why Loew's was not doing more in TV, why M-G-M had turned out so few moneymaking pictures recently. Charged an ex-Loew's accounting clerk, brandishing a sheaf of papers: in the last 18 months M-G-M had produced 52 pictures, but only three made money, "and I got all the records...
President Loew, who had spent 35 years working his way up through the company founded by his father, reported that he had an option to buy 40,000 shares of Loew's stock, "which in my opinion is sufficient incentive, if one is required. I resent the insinuation." Furthermore, said Loew, "I bought 1,000 shares last week just to keep you happy...
President Loew had news calculated to put stockholders in a happier frame of mind. To cut costs, President Loew had abolished all profit-sharing contracts for executives, eliminated retirement plan payments for everyone making more than $500 a week, cut in half the payments for other employees. Earnings in the second quarter this year would be up, he predicted-more than enough to cover the 25? quarterly dividend. Loew's hopes to put out better movies, he said, and is also studying TV possibilities. M-G-M has 1,000 sound features, plus another 1,100 sound shorts adaptable...