Fox Jubilee

Last week came the Silver Jubilee (25 years) of the Fox Theatres, announced by lavish two-page newspaper advertisements that told of gala performances, mysteriously adding: "Far more important than even the entertainment, will be a message from William Fox of vital concern to the future welfare of every patron of Fox theatres."

In 500 of the 1,100 Fox theatres throughout the U. S. audiences heard this message delivered through Fox Movietone. The birthday gift was advice that Fox patrons buy outright as many shares as they could afford of Fox Theatres Corp.* operating and holding company for his gigantic chain. As special inducement they were told of plans for future expansion and the large earnings that were possible.

Expansions promised by Mr. Fox far outstripped the ordinary bounds of showmanship. He promised not only installation of his "grandeur" proscenium-filling screen, and cinema houses devoted to newsreels, but magnificently he offered one fourth of his fortune (which newsmen were permitted to estimate at $36,000,000) to develop visual-oral instruction in schools. "On the theory," he said, "that one picture is the equivalent of eight words" and that words uttered by college presidents are more potent than those of ordinary teachers, Mr. Fox visualized the time when 15,000,000 or 20,000,000 school children will have school hours reduced from six to three per day by listening to a talkie "educator" instead of to a teacher. Mr. Fox also planned to take talkies of famed surgeons at work and to distribute to churches pictures of religious leaders. The latter move Cineman Fox explained "on the theory that every man, woman and child will be a finer citizen if a God-fearing one."

Less convincing than his generosity was Cineman Fox's foxiness. Offered in 1925, Fox Theatres stock has paid no dividends, has never responded to continued reports of expansion. In 1928 its earnings were $1.91 a share. Previous attempts to distribute the stock, mostly held by speculators, have been unsuccessful. Early this year a group of brokers ran the stock to 37 7/8, but before much was distributed it broke to 21 1/2. Last week it was strong around 28 on belief that the Fox Birthday plan, if successful, will reduce the floating supply.

However poor Fox Theatres may appear to some people on a strictly investment basis, the greatest asset the company has, and one that should appeal to Fox patrons, is the management of William Fox.* Famed are the legends of his rise from Hungarian Jew newsboy to Long Island tycoon. Most significant of the factors in his story is that the Fox accomplishment has been singlehanded. Blustering, driving, he makes his own decisions, rapidly follows them out. Scorning most social customs, he enjoys golf despite a Kaiser-like arm, has thrice holed-in-one.

Greatest of Fox hobbies is telling the story of his rise to newspaper men who have assembled in the hope of hearing merger news. Greatest of Fox phobias is having his picture published. Fifteen years ago he sat, moustached, for a photograph. Almost immediately he shaved his lip, refused to have new pictures taken. Even last week when patrons eagerly awaited Cineman Fox's birthday message, a substitute appeared and they had no chance to see the real Fox face.

*Not to be confused with Fox Films Corp. potent Fox producing and distributing organization whose 1928 net was $5,957,217, equal to $6.47 per share.

*Fox Film Corp. carries approximately $5,000,000 insurance on the life of William Fox. Last summer insurance men breathed fast when William Fox's motor, with William Fox inside, crashed on Long Island. (TIME, Aug. 26).