Word: loews
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...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...
Today, Mr. Fox, Mr. Wiggin and Mr. Hoover have the common bond of being ex-presidents and Mr. Dodge is an ex-vice president. Harley Clarke's General Theatres Equipment company is in a receivership and so is Fox Theatres. Loew's, Inc. (and Metro-Goldwyn-Mayer), again independent, remain solvent and prosperous, having made a profit of $4,034,000 for the year ending Aug. 31, 1933. But the disputed 660,000 shares of Loew's. Inc. (the majority holdings bought by Mr. Fox) have been segregated by the U. S. Government. They may be sold...
...legal or not, the sale made by the estate of Marcus Loew, and by others, had been made in good faith, could not be rescinded...