Low admission prices prevailed as late as the 1960s, when books of 5 cents and 10 cent coupons exchangeable for $1.20 worth of tickets could be purchased for $1.00.
Less than two years after its debut, the new theater encountered insurmountable financial difficulties, and in December, 1921 former country treasurer G. Murray Holmes of Gouverneur was appointed receiver. At the bankruptcy sale in June, 1922, Mr. Walter Perrin, one of five bondholders with $32,000 interest in the property, was the successful bidder for the building, furnishing, and entrance for $25,000.
In August of the same year, according to records in the office of the St. Lawrence County Clerk, James Papayanakos of Watertown purchased the Gralyn for $33,000. He finished construction of the building and redecorated it. Extensive improvements— indirect lighting, acoustic drapes, cushioned seats, carpeted aisles— were made. Mr Papayanakos was one of the first theater owners to install videophone sound in 1929, and shortly after came sound on film. He was also one of the first owners in the United States to install stereophonic sound wide screen. Prior to the advent of "talking pictures," the large stage, orchestra pit, and dressing rooms accommodated frequent road shows,l vaudeville, and local amateur productions. Perhaps the most memorable of the last category was the 1935 production of The Red Lady, put on by the Gouverneur Luncheon Club,which raised $1500 for the new VanDuzee hospital. The Gralyn was also the site of Dean High School graduation exercises until about 1937.