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From the high times of early 1929, the fortunes of William Fox took a heavy tumble with the stock market crash in October of that year. After losing all interests in his theatre circuit in 1932, Fox went bankrupt in 1936. Then followed years of litigation over charges of income tax evasion. In 1943, W.F. hit rock bottom when he was convicted of bribing a judge in bank hearings and had to serve 6 months in prison.
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Mr Rovics held onto these 100 shares through the stock market crash and the fall of the Fox Theatre Corporation. By April 9, 1937, the shares became valuable only as a souvenir, as "no provision was made for stockholders because it was believed that the stock had no equity." (Donated by Joseph Rovics) |
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Fox Film Corporation fared little better. In May of 1932, the Fox-Metropolitan Playhouses went into receivership. The following month it was announced that company bonds sold at $100 were currently worth only $8. By the end of 1935, the corporate assets remained half of a million dollars below liabilities, and Fox stock had secured its place in the Manual of Valuable and Worthless Securities (falling into the latter category).
The St. Louis Fox grossed over $50,000 opening week in 1929 but any visions of steady profits from the theatre would prove as illusory as the hollow scagliola columns in the theatre that appeared to be solid marble. From the beginning, the Fox faced stiff competition from the large Skouras Brothers Operation, which controlled the Missouri and Grand Central theatres nearby. In 1931, the Fox went into receivership. The following year the theatre was leased from the bondholders as part of Fox St. Louis Properties. When Fanchon and Marco took a 25 year lease on the building in 1934, Harry Arthur became the General Manager of not only the Fox but the entire Fanchon and Marco St. Louis operation. Over the years, the Arthurs gradually gained a controlling interest in Fox St. Louis Properties which finally became known as Arthur Enterprises in 1959.
Under the title of the St. Louis Amusement Company, the Arthurs kept the Fox in business ultimately resorting to Kung Fu movies and occasional rock concerts to stay open. Finally, in 1978, the doors were locked tight ending the Arthur era at the Fox. Not quite fifty years old, the Fox seemed doomed.
From information compiled by Matthew Schliesman.
Next... Everyone Played The Fox
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