Paramount Pictures Corporation is an American film studio based in Hollywood, a subsidiary of the American media conglomerate Viacom since 1994. Paramount is the fifth oldest surviving film studio in the world, the second oldest in the United States, the sole member of the "Big Five" film studios still located in the Los Angeles neighborhood of Hollywood. In 1916, film producer Adolph Zukor put 22 actors and actresses under contract and honored each with a star on the logo. In 2014, Paramount Pictures became the first major Hollywood studio to distribute all of its films in digital form only; the company's headquarters and studios are located at 5555 Melrose Avenue, California, United States. Paramount Pictures is a member of the Motion Picture Association of America. Paramount is the fifth oldest surviving film studio in the world after the French studios Gaumont Film Company and Pathé, followed by the Nordisk Film company, Universal Studios, it is the last major film studio still headquartered in the Hollywood district of Los Angeles.
Paramount Pictures dates its existence from the 1912 founding date of the Famous Players Film Company. Hungarian-born founder Adolph Zukor, an early investor in nickelodeons, saw that movies appealed to working-class immigrants. With partners Daniel Frohman and Charles Frohman he planned to offer feature-length films that would appeal to the middle class by featuring the leading theatrical players of the time. By mid-1913, Famous Players had completed five films, Zukor was on his way to success, its first film was Les Amours de la reine Élisabeth. That same year, another aspiring producer, Jesse L. Lasky, opened his Lasky Feature Play Company with money borrowed from his brother-in-law, Samuel Goldfish known as Samuel Goldwyn; the Lasky company hired as their first employee a stage director with no film experience, Cecil B. DeMille, who would find a suitable site in Hollywood, near Los Angeles, for his first feature film, The Squaw Man. Starting in 1914, both Lasky and Famous Players released their films through a start-up company, Paramount Pictures Corporation, organized early that year by a Utah theatre owner, W. W. Hodkinson, who had bought and merged several smaller firms.
Hodkinson and actor, producer Hobart Bosworth had started production of a series of Jack London movies. Paramount was the first successful nationwide distributor. Famous Players and Lasky were owned while Paramount was a corporation. In 1916, Zukor maneuvered a three-way merger of his Famous Players, the Lasky Company, Paramount. Zukor and Lasky bought Hodkinson out of Paramount, merged the three companies into one; the new company Lasky and Zukor founded, Famous Players-Lasky Corporation, grew with Lasky and his partners Goldwyn and DeMille running the production side, Hiram Abrams in charge of distribution, Zukor making great plans. With only the exhibitor-owned First National as a rival, Famous Players-Lasky and its "Paramount Pictures" soon dominated the business; because Zukor believed in stars, he signed and developed many of the leading early stars, including Mary Pickford, Marguerite Clark, Pauline Frederick, Douglas Fairbanks, Gloria Swanson, Rudolph Valentino, Wallace Reid. With so many important players, Paramount was able to introduce "block booking", which meant that an exhibitor who wanted a particular star's films had to buy a year's worth of other Paramount productions.
It was this system that gave Paramount a leading position in the 1920s and 1930s, but which led the government to pursue it on antitrust grounds for more than twenty years. The driving force behind Paramount's rise was Zukor. Through the teens and twenties, he built the Publix Theatres Corporation, a chain of nearly 2,000 screens, ran two production studios, became an early investor in radio, taking a 50% interest in the new Columbia Broadcasting System in 1928. In 1926, Zukor hired independent producer B. P. Schulberg, an unerring eye for new talent, to run the new West Coast operations, they purchased the Robert Brunton Studios, a 26-acre facility at 5451 Marathon Street for US$1 million. In 1927, Famous Players-Lasky took the name Paramount Famous Lasky Corporation. Three years because of the importance of the Publix Theatres, it became Paramount Publix Corporation. In 1928, Paramount began releasing Inkwell Imps, animated cartoons produced by Max and Dave Fleischer's Fleischer Studios in New York City.
The Fleischers, veterans in the animation industry, were among the few animation producers capable of challenging the prominence of Walt Disney. The Paramount newsreel series Paramount News ran from 1927 to 1957. Paramount was one of the first Hollywood studios to release what were known at that time as "talkies", in 1929, released their first musical, Innocents of Paris. Richard A. Whiting and Leo Robin composed the score for the film. By acquiring the successful Balaban & Katz chain in 1926, Zukor gained the services of Barney Balaban, his brother A. J. Balaban, their partner Sam Katz (who would run the Paramount-Publix theatre chain in New York City from the thirty-five-stor
Democratic Party (United States)
The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party. Tracing its heritage back to Thomas Jefferson and James Madison's Democratic-Republican Party, the modern-day Democratic Party was founded around 1828 by supporters of Andrew Jackson, making it the world's oldest active political party; the Democrats' dominant worldview was once social conservatism and economic liberalism, while populism was its leading characteristic in the rural South. In 1912, Theodore Roosevelt ran as a third-party candidate in the Progressive Party, beginning a switch of political platforms between the Democratic and Republican Party over the coming decades, leading to Woodrow Wilson being elected as the first fiscally progressive Democrat. Since Franklin D. Roosevelt and his New Deal coalition in the 1930s, the Democratic Party has promoted a social liberal platform, supporting social justice. Well into the 20th century, the party had conservative pro-business and Southern conservative-populist anti-business wings.
The New Deal Coalition of 1932–1964 attracted strong support from voters of recent European extraction—many of whom were Catholics based in the cities. After Franklin D. Roosevelt's New Deal of the 1930s, the pro-business wing withered outside the South. After the racial turmoil of the 1960s, most Southern whites and many Northern Catholics moved into the Republican Party at the presidential level; the once-powerful labor union element became less supportive after the 1970s. White Evangelicals and Southerners became Republican at the state and local level since the 1990s. People living in metropolitan areas, women and gender minorities, college graduates, racial and ethnic minorities in the United States, such as Jewish Americans, Hispanic Americans, Asian Americans, Arab Americans and African Americans, tend to support the Democratic Party much more than they support the rival Republican Party; the Democratic Party's philosophy of modern liberalism advocates social and economic equality, along with the welfare state.
It seeks to provide government regulation in the economy. These interventions, such as the introduction of social programs, support for labor unions, affordable college tuitions, moves toward universal health care and equal opportunity, consumer protection and environmental protection form the core of the party's economic policy. Fifteen Democrats have served as President of the United States; the first was President Andrew Jackson, the seventh president and served from 1829 to 1837. The most recent was President Barack Obama, the 44th president and held office from 2009 to 2017. Following the 2018 midterm elections, the Democrats held a majority in the House of Representatives, "trifectas" in 14 states, the mayoralty of numerous major American cities, such as Boston, Los Angeles, New York City, San Francisco, Portland and Washington, D. C. Twenty-three state governors were Democrats, the Party was the minority party in the Senate and in most state legislatures; as of March 2019, four of the nine Justices of the Supreme Court had been appointed by Democratic presidents.
Democratic Party officials trace its origins to the inspiration of the Democratic-Republican Party, founded by Thomas Jefferson, James Madison and other influential opponents of the Federalists in 1792. That party inspired the Whigs and modern Republicans. Organizationally, the modern Democratic Party arose in the 1830s with the election of Andrew Jackson. Since the nomination of William Jennings Bryan in 1896, the party has positioned itself to the left of the Republican Party on economic issues, they have been more liberal on civil rights issues since 1948. On foreign policy, both parties have changed position several times; the Democratic Party evolved from the Jeffersonian Republican or Democratic-Republican Party organized by Jefferson and Madison in opposition to the Federalist Party of Alexander Hamilton and John Adams. The party favored republicanism; the Democratic-Republican Party came to power in the election of 1800. After the War of 1812, the Federalists disappeared and the only national political party left was the Democratic-Republicans.
The era of one-party rule in the United States, known as the Era of Good Feelings, lasted from 1816 until the early 1830s, when the Whig Party became a national political group to rival the Democratic-Republicans. However, the Democratic-Republican Party still had its own internal factions, they split over the choice of a successor to President James Monroe and the party faction that supported many of the old Jeffersonian principles, led by Andrew Jackson and Martin Van Buren, became the modern Democratic Party. As Norton explains the transformation in 1828: Jacksonians believed the people's will had prevailed. Through a lavishly financed coalition of state parties, political leaders, newspaper editors, a popular movement had elected the president; the Democrats became the nation's first well-organized national party and tight party organization became the hallmark of nineteenth-century American politics. Opposing factions led by Henry Clay helped form the Whig Party; the Democratic Party had a small yet decisive advantage over the Whigs until the 1850s, when the Whigs fell apart over the issue of slavery.
In 1854, angry with the Kansas–Nebraska Act, anti-slavery Dem
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, became First National City Bank of New York. Citibank provides credit cards, personal loans, commercial loans, lines of credit; the bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U. S. branches are concentrated in six metropolitan areas: New York City, Los Angeles, San Francisco, Washington, D. C. and Miami. In 2016, the United States accounted for 70% of revenue and Mexico accounted for 13% of revenue. Aside from the U. S. and Mexico, most of the company's branches are in Poland, Pakistan and the United Arab Emirates. Citibank's private-label credit card division, Citi Retail Services, issues store-issued credit cards for such companies as: Costco, ConocoPhillips, ExxonMobil, The Home Depot, Staples Inc. American Airlines, Shell Oil and until January 2018, Hilton Hotels & Resorts.
As a result of the financial crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, the parent of Citibank, received a bailout in the form of an investment from the U. S. Treasury. On November 23, 2008, in addition to an initial investment of $25 billion, a further $20 billion was invested in the company along with guarantees for risky assets of $306 billion The guarantees were issued at a time markets were not confident Citi had enough liquidity to cover loses from those investments; the Citi shares the Treasury took over in return for the guarantees it issued were booked as net profit for the treasury as Citi had enough liquidity and guarantees did not have to be used. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, resulting in a net profit for the U. S. federal government. The City Bank of New York was founded on June 16, 1812; the first president of the City Bank was retired Colonel, Samuel Osgood. In August 1813, with Osgood's death, William Few became President of the Bank, staying until 1817, followed by Peter Stagg, Thomas Smith, Isaac Wright, Thomas Bloodgood.
Ownership and management of the bank was taken over by Moses Taylor in 1837, a protégé of John Jacob Astor and one of the giants of the business world in the 19th century. During Taylor's ascendancy, the bank functioned as a treasury and finance center for Taylor's own extensive business empire. Presidents of the bank included Gorham Worth, Moses Taylor himself, Taylor's son-in-law Patrick Pyne, James Stillman. In 1831 City Bank was the site of one of America's first bank heists when two thieves made off with tens of thousands of dollars' worth of bank notes, 398 gold doubloons; the bank has the distinguishable history of financing war bonds for the war of 1812, serving as a founding member of the financial clearing house in New York, underwriting the Union, during the American Civil War with $50 million in war bonds, opens the first foreign exchange department of any bank, received a $5 million deposit to be given to Spain for the US acquisition of the Philippines. In 1865, the bank joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York.
By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, following year it was the largest within the United States. In years it would help finance the Panama Canal and Stillman the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907; when the Federal Reserve Act allowed it, National City Bank became the first U. S. national bank to open an overseas banking office when it opened a branch in Buenos Aires, Argentina, in 1914. Many of Citi's present international offices are older. S., forbidden to U. S. national banks. In 1918, IBC was subsequently merged into the bank; the same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, but established a branch in Puerto Rico. By 1919, the bank had become the first U. S. bank to have $1 billion in assets. As of March 9, 1921, there were four national banks in New York City operating branch offices: Catham and Phoenix National, the Mechanics and Metals National, the Irving National, National City Bank.
Charles E. Mitchell called "Sunshine" Charlie Mitchell, was elected president in 1921. In 1929, he was made chairman, a position he held until 1933. Under Mitchell, the bank expanded and by 1930 had 100 branches in 23 countries outside the United States; the policies pursued by the bank under Mitchell's leadership are seen by many people as one of the prime causes of the stock market crash of 1929, which led to the Great Depression. In 1933, a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, tax avoidance leading to his resignation. Senator Carter Glass said of him: "Mitchell, more than any 50 men, is responsible for this stock crash."On December 24, 1927, its headquarters in Buenos Aires, were blown-up by the Italian anarchist Severino Di Giovanni, in the frame of the international campaign supporting Sacco and Vanzetti. In 1940 and 1941, branches in Germany and Japan closed. In 1945, the bank handled $5.6 billion in Treasury s
New York Stock Exchange
The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was US$169 billion in 2013; the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007; the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it lists, it was part of NYSE Euronext, formed by the NYSE's 2007 merger with Euronext. The NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation; the earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement.
Securities exchange had been intermediated by the auctioneers who conducted more mundane auctions of commodities such as wheat and tobacco. On May 17, 1792 twenty four brokers signed the Buttonwood Agreement which set a floor commission rate charged to clients and bound the signers to give preference to the other signers in securities sales; the earliest securities traded were governmental securities such as War Bonds from the Revolutionary War and First Bank of the United States stock, although Bank of New York stock was a non-governmental security traded in the early days. The Bank of North America along with the First Bank of the United States and the Bank of New York were the first shares traded on the New York Stock Exchange. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms and reorganized. After sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance.
After re-forming as the New York Stock and Exchange Board the broker organization began renting out space for securities trading, taking place at the Tontine Coffee House. Several locations were used between 1865, when the present location was adopted; the invention of the electrical telegraph consolidated markets, New York's market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Open Board of Stock Brokers was established in 1864 as a competitor to the NYSE. With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership "because it used a more modern, continuous trading system superior to the NYSE’s twice-daily call sessions." The Open Board of Stock Brokers merged with the NYSE in 1869. Robert Wright of Bloomberg writes that the merger increased the NYSE's members as well as trading volume, as "several dozen regional exchanges were competing with the NYSE for customers. Buyers and dealers all wanted to complete transactions as and cheaply as technologically possible and that meant finding the markets with the most trading, or the greatest liquidity in today’s parlance.
Minimizing competition was essential to keep a large number of orders flowing, the merger helped the NYSE to maintain its reputation for providing superior liquidity." The Civil War stimulated speculative securities trading in New York. By 1869 membership had to be capped, has been sporadically increased since; the latter half of the nineteenth century saw rapid growth in securities trading. Securities trade in the latter nineteenth and early twentieth centuries was prone to panics and crashes. Government regulation of securities trading was seen as necessary, with arguably the most dramatic changes occurring in the 1930s after a major stock market crash precipitated the Great Depression; the Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building; the NYSE announced its plans to merge with Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company.
NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, became a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming NYSE Euronext, the first transatlantic stock exchange. Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. "It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, financial industry firms". The principal sectors are securities industry, commercial banking, asset management, insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE and the CEO was Duncan Niederauer. Presently, the chairman is Jeffrey Sprecher. In 2016, NYSE owner Intercontinental Exchange Inc. earned $419 million in listings-related revenues.
The exchange was closed shortly after the beginning of World War I, but it re-opened on November 28 of that year in order to help the war effort by trading bonds, reopened for stock tradin
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Warner Bros. Entertainment Inc. referred to as Warner Bros. and abbreviated as WB, is an American entertainment company headquartered in Burbank, California and a subsidiary of AT&T's WarnerMedia. Founded in 1923, it has operations in film and video games and is one of the "Big Five" major American film studios, as well as a member of the Motion Picture Association of America; the company's name originated from the four founding Warner brothers: Harry, Albert and Jack Warner. Harry and Sam emigrated as young children with their parents to Canada from Krasnosielc, Poland. Jack, the youngest brother, was born in Ontario; the three elder brothers began in the movie theater business, having acquired a movie projector with which they showed films in the mining towns of Pennsylvania and Ohio. In the beginning and Albert Warner invested $150 to present Life of an American Fireman and The Great Train Robbery, they opened their first theater, the Cascade, in New Castle, Pennsylvania, in 1903. When the original building was in danger of being demolished, the modern Warner Bros. called the current building owners, arranged to save it.
The owners noted people across the country had asked them to protect it for its historical significance. In 1904, the Warners founded the Pittsburgh-based Duquesne Amusement & Supply Company, to distribute films. In 1912, Harry Warner hired. By the time of World War I they had begun producing films. In 1918 they opened the first Warner Brothers Studio on Sunset Boulevard in Hollywood. Sam and Jack produced the pictures, while Harry and Albert, along with their auditor and now controller Chase, handled finance and distribution in New York City. During World War I their first nationally syndicated film, My Four Years in Germany, based on a popular book by former ambassador James W. Gerard, was released. On April 4, 1923, with help from money loaned to Harry by his banker Motley Flint, they formally incorporated as Warner Bros. Pictures, Incorporated; the first important deal was the acquisition of the rights to Avery Hopwood's 1919 Broadway play, The Gold Diggers, from theatrical impresario David Belasco.
However, Rin Tin Tin, a dog brought from France after World War I by an American soldier, established their reputation. Rin Tin Tin debuted in the feature; the movie was so successful. Rin Tin Tin became the studio's top star. Jack nicknamed him "The Mortgage Lifter" and the success boosted Darryl F. Zanuck's career. Zanuck became a top producer and between 1928 and 1933 served as Jack's right-hand man and executive producer, with responsibilities including day-to-day film production. More success came. Lubitsch's film The Marriage Circle was the studio's most successful film of 1924, was on The New York Times best list for that year. Despite the success of Rin Tin Tin and Lubitsch, Warner's remained a lesser studio. Sam and Jack decided to offer Broadway actor John Barrymore the lead role in Beau Brummel; the film was so successful. By the end of 1924, Warner Bros. was arguably Hollywood's most successful independent studio, where it competed with "The Big Three" Studios. As a result, Harry Warner—while speaking at a convention of 1,500 independent exhibitors in Milwaukee, Wisconsin—was able to convince the filmmakers to spend $500,000 in newspaper advertising, Harry saw this as an opportunity to establish theaters in cities such as New York and Los Angeles.
As the studio prospered, it gained backing from Wall Street, in 1924 Goldman Sachs arranged a major loan. With this new money, the Warners bought the pioneer Vitagraph Company which had a nationwide distribution system. In 1925, Warners' experimented in radio, establishing a successful radio station, KFWB, in Los Angeles. Warner Bros. was a pioneer of films with synchronized sound. In 1925, at Sam's urging, Warner's agreed to add this feature to their productions. By February 1926, the studio reported a net loss of $333,413. After a long period denying Sam's request for sound, Harry agreed to change, as long as the studio's use of synchronized sound was for background music purposes only; the Warners signed a contract with the sound engineer company Western Electric and established Vitaphone. In 1926, Vitaphone began making films with music and effects tracks, most notably, in the feature Don Juan starring John Barrymore; the film was silent. To hype Don Juan's release, Harry acquired the large Piccadilly Theater in Manhattan, New York City, renamed it Warners' Theatre.
Don Juan premiered at the Warners' Theatre in New York on August 6, 1926. Throughout the early history of film distribution, theater owners hired orchestras to attend film showings, where they provided soundtracks. Through Vitaphone, Warner Bros. produced eight shorts in 1926. Many film production companies questioned the necessity. Don Juan did not recoup its production cost and Lubitsch left for MGM. By April 1927, the Big Five studios had ruined Warner's, Western Electric renewed Warner's Vit
The Great Depression was a severe worldwide economic depression that took place during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations, it was the longest and most widespread depression of the 20th century. In the 21st century, the Great Depression is used as an example of how intensely the world's economy can decline; the Great Depression started in the United States after a major fall in stock prices that began around September 4, 1929, became worldwide news with the stock market crash of October 29, 1929. Between 1929 and 1932, worldwide gross domestic product fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession; some economies started to recover by the mid-1930s. However, in many countries the negative effects of the Great Depression lasted until the beginning of World War II; the Great Depression had devastating effects in countries both poor. Personal income, tax revenue and prices dropped, while international trade plunged by more than 50%.
Unemployment in the U. S. rose to 25% and in some countries rose as high as 33%. Cities around the world were hit hard those dependent on heavy industry. Construction was halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few alternative sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Economic historians attribute the start of the Great Depression to the sudden devastating collapse of U. S. stock market prices on October 29, 1929, known as Black Tuesday. However, some dispute this conclusion and see the stock crash as a symptom, rather than a cause, of the Great Depression. After the Wall Street Crash of 1929 optimism persisted for some time. John D. Rockefeller said "These are days. In the 93 years of my life, depressions have gone. Prosperity has always returned and will again." The stock market turned upward in early 1930. This was still 30% below the peak of September 1929.
Together and business spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, many of whom had suffered severe losses in the stock market the previous year, cut back their expenditures by 10%. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S. By mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928. Prices in general began to decline, although wages held steady in 1930. A deflationary spiral started in 1931. Farmers faced a worse outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance; the decline in the U. S. economy was the factor. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.
S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade. By 1933, the economic decline had pushed world trade to one-third of its level just four years earlier. Change in economic indicators 1929–32 The two classical competing theories of the Great Depression are the Keynesian and the monetarist explanation. There are various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists; the consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought more goods, exacerbating the drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply exacerbated the economic situation, causing a recession to descend into the Great Depression.
Economists and economic historians are evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending investment, is the primary explanation for the onset of the Great Depression. Today the controversy is of lesser importance since there is mainstream support for the debt deflation theory and the expectations hypothesis that building on the monetary explanation of Milton Friedman and Anna Schwartz add non-monetary explanations. There is consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse. If they had done this, the economic downturn would have been much shorter. British economist John Maynard Keynes argued in The General Theory of Employment and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment, well below the average.
In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Keynes' basic idea was simple