Fox News

Harley Lyman Clarke, utility-cinema tycoon, and Edward Richmond Tinker, banker, last week indulged in polite remarks about each other. Mr. Clarke was retiring from the presidency to the chairmanship of Fox Film Corp. His post is being filled by Mr. Tinker. Said Mr. Clarke: "I have been hoping for some time that Mr. Tinker would undertake this responsibility, and I am delighted. . . ." Said Mr. Tinker: ". . . Mr. Clarke and I have been friends for many years ... I am looking forward to the renewal of pleasant relationships with old friends and associates."

Since Mr. Clarke acquired control of Fox through General Theatres Equipment, Inc. in 1930, the company's problems have been great, its earning power has practically been wiped out. Chase National Bank has taken an increasingly active interest in the company. Wall Street has long expected that Mr. Clarke would relinquish active management. But it was surprised to hear of his successor.

Banker Tinker is 53. His career has been varied. In 1920 he became president of Chase Securities Corp. and in 1925 chairman of the executive committee of Chase National Bank and Chase Securities Corp. In 1927 he suddenly resigned and practically retired from active business. Two years later he accepted the presidency of Interstate Equities Corp.. an investment trust sponsored by Banc-america-Blair. Fortnight ago Interstate was sold to youngish Wallace Groves, an independent capitalist who got his start in the small-loan business, but Mr. Tinker remained as president.

Rumor that Mr. Tinker represented William Fox, attempting to buy control of his company again, were scouted. Of his friendship with Mr. Clarke there was no doubt and it was thought that he represented a compromise between putting a100% Chaseman in the presidency or leaving Mr. Clarke as president. Banker Tinker is familiar with Fox's set-up through his position at Interstate, for the investment trust bought many Fox and General Theatres Equipment securities. Although it is odd for a cinema company not to have a cineman as either chairman or president, observers pointed out that Fox's big problems at present are financial.

Banker Tinker ("Ned" to friends) has a big place on Long Island's Jericho Turnpike where he raises pheasants and other birds but seldom shoots them. He is a director of Transamerica, Barnsdall Corp., Curtiss Wright, Sinclair Consolidated Oil, Knox Hat Co., Long's Hat Stores, Kaskell & Kaskell, U. S. Hat Machinery Co.. White Motor Co. and several others.

P: Patent infringement suits were filed last week against RKO Radio Pictures. RCA Photophone, Electrical Research Products. Plaintiff was one Tri-Ergon Corp., whose president is William Fox. P:Control of Loew's, Inc. passed last spring from Fox Film to Film Securities Corp.,the common stock of which is believed to be held by the Chase bank. Last week three places on Loew's directorate were filled by representatives of Film Securities. They were: John E. Searle, Eugene W. Leake, J. R. Hazel. At the annual meeting it was revealed that President Nicholas M. Schenck received 2.5% of last year's net as a bonus, that Treasurer David Bernstein received 1.5%, or $274,000 and $164,000 respectively. Mr. Schenck receives $2,500 a week, Mr. Bernstein $2,000. Shareholders made a motion requesting the directors to consider reducing the bonus payments next year.

P: Last week, as it must to all men, Death came to John Walker Pope Jr., 32, independent member of the New York Stock Exchange. After studying at the Harvard Graduate School of Business Administration, he quickly gained a reputation for masterly interpretation of statistics. Since the beginning of the Bear Market he was known to have made tremendous profits selling short securities of companies he knew to be in bad condition. His activities in selling short Fox Film led to an investigation by the Stock Exchange (TIME, Dec. 22). Although he was exonerated of violating the rules or ethics of the Exchange, the long trial was a severe strain from which he was slow in recovering. Weakened by an attack of whooping cough, he died last week from a lung infection. Although he was mentioned as one of the leading bears, John Pope frowned on raiding, pools, manipulative tactics in general.

This file is automatically generated by a robot program, so reader's discretion is required.