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The Movies?
Present O'wners Are The Cat And The Canaries
B R A D L N C L E W S
Kighl, ihc Wall Sii eet home of J. P. Morgan fls Co., experts in the production of money
P. »A.
International Nawareel
Above, the street where producers find ready — very ready — cash : Wall Street, looking west from Pine
Right, HarleyL. Clarke, leader of the Wall Street forces, who is now at the helm of Fox Films
Walinger
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social. Things were going very well, indeed, until Fate took a hand.
Lost: A Million a Day
BY the summer of 1925, it was uncomfortably apparent that something was very wrong with the motion picture business. Income was dropping alarmingly; production costs were rising rapidly; audiences were falling away to such an extent that by 1927 a million dollars a day represented the losses from this source alone.
Then the big telephone interests announced practical talking pictures. True, they had some difficulty in getting a company to listen; but the Warner Brothers did listen, rather tremulously put forth an experimental film, and saw the public promptly become hysterical. So hysterical in fact that all other picture producers had to follow in the Warner footsteps, and almost overnight millions of dollars were needed for talking picture equipment. Within a few hours from resentation of "The Jazz Singer," the motion picture istry changed from an entertainment business to an neering profession.
he needed millions were not in the coffers of the picture barons, nor could they raise it from their own resources. It had to come from outside. That meant the big banking interests. One might have supposed that they would have applied to the money kings racially sympathetic to them, but establishments like August Belmont & Co., Kuhn, Loeb & Co., Ladenburg, Thalman & Co. and Goldman Sachs & Co. do not always remain spiritually orthodox after long years in the money canyon, and not always do they retain their racial identities. In such matters, favors depend a good deal on where the most important affiliations lie. A peep into the Directory of Directors will illuminate this point. Besides, the telephone and electrical interests evinced a touching willingness to accept promissory notes — backed with proper collateral.
As in many industrial conflicts, the {Continued on page 88)
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