Like a fraternity pledge on initiation day, President Arthur M. Loew of Loew's Inc. (Metro-Goldwyn-Mayer) marched warily into his first annual meeting last week after barely two months in the job. He found his stockholders in no mood to spare the paddles. What made them mad was Loew's earnings, down $1,265,578 in fiscal 1955 from 1954's $6,577,311, and down again in 1956's first fiscal quarter to a mere $248,161, or 5¢ a share.

Filing into Manhattan's Loew's State Theater, some 800 stockholders booed and jeered, stamped their feet, shouted raucous questions. Cried...

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