Paradise Lost?

Seldom has Hollywood been so frightened about its future. In a panicky wave of economy, Metro-Goldwyn-Mayer had cut its payroll 40%—wiping out one entire echelon of executives. Columbia Pictures had fired 25% of its employees, and RKO's Gower Street studio had been dark for ten days. This week the entire industry was shooting only 25 pictures. Even though the first of the year is always a low point, this was not quite half as many pictures as were under way at the same time last year.

The panic had various causes: the new...

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