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Background of the Industry <^ <^ <^ ^> 25
ment and banking houses sought to make profits for themselves by injecting themselves definitely into the picture, frequently on their own initiative. Since the effect of their appearance for good or for ill in the industry is discussed elsewhere in this book, there is no occasion for commenting upon it further here. It is significant at this point only because these banking interests did become concerned with various refinancing operations which they believed to be profitable to themselves and also because the expense connected with the production and exhibition of sound pictures made demands upon them for capital which would not have been anticipated two years earlier.
Exhibit 3
Value of Motion Picture Equipment Manufactured
Unit: $1,000
Motion Picture Cameras Scenery and
Year and Projectors Stage Equipment Total
1929 $8,755 $5,508 $14,263
1927 8,345 5,745 14,090
1925. 4,620 3,578 8,198
1923 2,631 1,626 4,257
1921 2,869 1,214 4,083
Source: Statistical Abstract of the United States.
In addition to the entrance of bankers into the industry, the interest of electrical companies in the business was becoming an increasingly important factor. The Western Electric Company, which was a pioneer in the field of sound equipment, secured a major portion of the available market for recording and reproducing devices before competitors entered the field. To secure distribution for its patented devices, the company issued licenses which were to run for 10 years. It was primarily interested in securing adequate distribution for its own recording and reproducing equipment as such. To provide for the realization of this objective, it affiliated with Fox Film, in connection with Loew and with Gaumont, a British film producer. Other working agreements were established which were designed to promote the use of this equipment to the widest possible extent.