Cinema: Confusion of Color

Gambling on the public’s reaction to Becky Sharp at the world premiere of that all-color film at Manhattan’s Music Hall last week, hundreds of Wall Streeters took a flier in Technicolor stock on the New York Curb. If John Hay (“Jock”) Whitney’s Pioneer Pictures, which control 15% of Technicolor, Inc., made an impressive splash with their $1,000,000 production, the black-&-white cinema industry might become as passe as the silent films, and Technicolor would stand as a very profitable colossus at the entrance to a new era in cinema production.

During the build-up for last week’s opening, Technicolor stock had risen from the year’s low of $11.63 in January to a high of $27. Last week Technicolor started strong, then fell off on profit-taking to $25. Wall Street brokers were in the crowd at the morning opening. That day Technicolor bounded up nearly a point. Said the Wall Street Journal: “Reaction to the color film appeared highly favorable.” The catch was, however, what would the professional critics say? Excerpts from their opinions:

The New York Daily News, giving Becky Sharp a judicial 3½ stars: “Color photography is still in the experimental stage. . . .”

The New York American: “. . . An admirable attempt worthy of universal attention and applause.”

The New York Post: “The black-&-white film … is in the death throes.”

The New York World-Telegram: “To those who would like to know if it will completely replace black-&-white photography I can only say that I honestly don’t think so. . . .”

The New York Times: “. . . Color will become an integral motion picture element in the next few years.” After a day’s thought the Times editorialized thus: “. . . The ordinary black-&-white pictures are likely to seem to us hereafter anemic, old-fashioned and unreal.”

Confused, Technicolor abruptly sold off 35 points to $21.63.