Deals & Developments

Receivership for G. T. E. With International Projector Corp. and other cinema equipment companies as a nucleus. General Theatres Equipment, Inc. was formed in 1929 by Harley Lyman Clarke and associates. In 1930 G. T. E. startled Wall Street by obtaining control of Fox Film Corp. Mr. Clarke, who had previously regarded cinema business as a hobby, became a big figure in the industry. To finance itself. G. T. E. sold $30,000,000 worth of debentures in April 1930. Last week, with cash low and $22,000,000 in notes nearing maturity, G. T. E. could see no way to meet its April interest payment of $886,000, and therefore consented to a receivership from which it hoped to evolve a plan of reorganization. Because G. T. E. carried its assets at $129,000,000 the receivership is one of the largest of the Depression. Long anticipated, the only reaction was a drop in G. T. E. $1,000 bonds from $35 to $20.

Annette's Perfect Cleanser. Long ago Mrs. Annette Rodgers Jennings of Boston discovered a large spot on her best evening gown. With no time to send it out to be cleaned she rubbed it with a combination of various things. Soon she was spending her days rubbing all sorts of materials with all sorts of things. The result was Annette's Perfect Cleanser, a cleaning powder which leaves no rings.

Last week each & every shareholder of Zonite Products Corp. received samples of Annette's cleanser. For Zonite had bought the process for about $162,000, wished to familiarize stockholders with it.

Other Zonite products include Forhan's toothpaste, Zonite antiseptic, ointment and suppositories, Argyrol, Ovoferrin and Agmel tonics, spraying and rinsing Larvex. The company has assets of $2,000,000, last year earned $953,000 against $750,000 in 1930 despite a 4% drop in sales volume. The showing delighted Broker Edward F. Hutton, chairman of the board, who is said to regard Zonite as his "pet company." It also pleased such directors as Thomas Lincoln Chadbourne, Colby M. Chester Jr., Herbert Bayard Swope and Hunter Sylvester Marston.

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