Business: Shares in Disney

For Mickey Mouse, Donald Duck, Pluto the Pup the success of Walt Disney's first full-length feature picture, Snow White and the Seven Dwarfs, was a blow. It meant that henceforth they would play second fiddle in the animated cartoon kingdom. For Cartoonist Disney, Snow White grossed $4,677,863 in 1938-39, jumped his net to a record $1,250,130 for 1939, launched him on a new kind of business with new problems: big-time feature production.

Last week, with its second full-length feature, Pinocchio, ready for a nationwide Easter Week opening, Walt Disney Productions applied to SEC for permission to sell 155,000 shares of $25 par, 6% cumulative convertible preferred stock. Purpose of the $3,875,000 offering: to pay off bank loans incurred in building the company's new studio at Burbank, Calif., and to provide working capital for four more features now in production: Bambi, Wind in the Willows, Peter Pan, Fantasia.