34°05′54″N 118°19′21″W / 34.098280°N 118.322558°W / 34.098280; -118.322558
110-583: Christie Film Company was an American pioneer motion picture company founded in Hollywood, California by Al Christie and Charles Christie , two brothers from London, Ontario , Canada. It made comedies. While Charles served almost exclusively in administration, it was Al Christie who made the films. Al had worked with David Horsley at his Centaur Film Company in Bayonne , New Jersey and moved to California on October 27, 1911, to run Nestor Studios ,
220-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
330-564: A hot-summer Mediterranean climate ( Köppen : Csa ) or dry-summer subtropical climate . Winters are typically mild and with light rain, but there are still plenty of warm, sunny days in the winter, as well. Summers are hot, sunny and dry, with virtually no rain falling between April and October; while summer days can be warm, they are considerably cooler than in the San Fernando Valley . Spring and fall are generally warm, sunny, and pleasant. Santa Ana winds typically occur during
440-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
550-593: A campaign for the area to secede from Los Angeles and become a separate municipality. In June of that year, the Los Angeles County Board of Supervisors placed secession referendums for both Hollywood and the San Fernando Valley on the ballot. To pass, they required the approval of a majority of voters in the proposed new municipality as well as a majority of voters in all of Los Angeles. In the November election, both measures failed by wide margins in
660-548: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
770-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
880-754: A major role, serving on the first Board of Trustees. By 1922, the brothers were so successful that they set up Christie Realty Corporation (CRC) with $ 1 million in capital stock. In 1923 CRC bought 230 acres of land in the Westwood section of Los Angeles with plans to build a studio estimated to cost more than $ 1.75 million dollars (including the value of the land). The Christie brothers welcomed Canadian talent and stars such as Marie Dressler and Marie Prevost appeared in their films and became personal lifelong friends. In 1928, they hired Florence Ryerson to write several short films, including Hot Lemonade . Al Christie also hired African-American Spencer Williams as
990-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
1100-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
1210-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
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#17327878251691320-647: A short time, the Christie brothers doubled their stage capacity and constructed a film laboratory equipped with the latest in technology. Unlike some of the "over the top comedies" being produced at the time, Christie Studios emphasized situational comedy that sometimes featured show girls in skimpy costumes. As comedy specialists, the Christie Film Company debuted comedy actors Harold Lloyd , Fatty Arbuckle , Anita Garvin and black actor Spencer Williams , later known for his portrayal of Andy Brown in
1430-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
1540-513: A sound technician but soon recognized Williams' many talents and involved him in script writing. In early 1929, the Christie Film Company began making the first series of talking pictures written and conceived exclusively for African-American performers. They produced a number of comedy-musical shorts that featured an all-black cast from the Lafayette Players Stock Company out of Harlem, New York . The films, based on
1650-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
1760-417: Is 112 °F (44 °C) on June 26, 1990, and the all-time record low temperature is 24 °F (−4 °C) on both December 8, 1978, and December 23, 1990. The 2000 U.S. census counted 77,818 residents in the 3.51-square-mile (9.1 km ) Hollywood neighborhood—an average of 22,193 people per square mile (8,569 people/km ), the seventh- densest neighborhood in all of Los Angeles County . In 2008
1870-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
1980-527: Is an accepted version of this page Hollywood , sometimes informally called Tinseltown , is a neighborhood and district in the central region of Los Angeles County, California , mostly within the city of Los Angeles . Its name has come to be a shorthand reference for the U.S. film industry and the people associated with it. Many notable film studios, such as Sony Pictures , Walt Disney Studios , Paramount Pictures , Warner Bros. and Universal Pictures , are located in or near Hollywood. Hollywood
2090-794: Is part of the ongoing rebirth of Hollywood. The Art Deco-style studio complex, completed in 1938, was once the Hollywood headquarters for CBS . It became home to a new generation of broadcasters when cable television networks MTV , Comedy Central , BET and Spike TV consolidated their offices there in 2014 as part of a $ 420 million office, residential and retail complex. Since 2000, Hollywood has been increasingly gentrified due to revitalization by private enterprise and public planners. Over 1,200 hotel rooms have been added in Hollywood area between 2001 and 2016. Four thousand new apartments and over thirty low to mid-rise development projects were approved in 2019. In 2002, some Hollywood voters began
2200-676: Is responsible for police services. The Hollywood police station is at 1358 N. Wilcox Avenue. Los Angeles Fire Department operates four fire stations, 27, 41, 52, and 82 in the area. The Los Angeles County Department of Health Services operates the Hollywood-Wilshire Health Center in Hollywood. The United States Postal Service operates the Hollywood Post Office , the Hollywood Pavilion Post Office, and
2310-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
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#17327878251692420-553: The Amos & Andy " CBS Television series. The innovative Christie company began issuing Film Follies , a magazine advertising the latest films and events at the studio. In 1921, Canadian Mary Pickford was a driving force behind the creation of the Motion Picture Relief Fund , an organization designed to help actors who had fallen on hard times. Christie Film Company supported this and Charles Christie played
2530-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
2640-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
2750-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
2860-536: The vineyards , barley fields, and citrus groves. A single-track streetcar line ran down the middle of Prospect Avenue from it, but service was infrequent and the trip took two hours. The old citrus fruit-packing house was converted into a livery stable , improving transportation for the inhabitants of Hollywood. The Hollywood Hotel was opened in 1902 by Whitley, president of the Los Pacific Boulevard and Development Company. Having finally acquired
2970-428: The 1920s, Hollywood was the fifth-largest industry in the nation. By the 1930s, Hollywood studios became fully vertically integrated , as production, distribution and exhibition was controlled by these companies, enabling Hollywood to produce 600 films per year. Hollywood became known as Tinseltown and the "dream factory" because of the glittering image of the movie industry. A large sign reading HOLLYWOODLAND
3080-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
3190-458: The 53.8% of the residents who were born abroad, a figure that was considered high for the city as a whole. The median household income in 2008 was $ 33,694, considered low for Los Angeles. The average household size of 2.1 people was also lower than the city norm. Renters occupied 92.4% of the housing units, and home- or apartment owners the rest. The percentages of never-married men (55.1%), never-married women (39.8%) and widows (9.6%) were among
3300-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
3410-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
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3520-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
3630-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
3740-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic 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
3850-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
3960-505: The Hurd ranch and subdivided it, Whitley built the hotel to attract land buyers. Flanking the west side of Highland Avenue , the structure fronted on Prospect Avenue (later Hollywood Boulevard ). Although it was still a dusty, unpaved road, it was regularly graded and graveled. The hotel became internationally known and was the center of the civic and social life and home of movie stars for many years. Whitley's company developed and sold one of
4070-575: The Kodak Theatre at the Hollywood & Highland Center mall, is the site of the annual Academy Awards programs. The mall is located where the Hollywood Hotel once stood. After the neighborhood underwent years of serious decline in the 1980s, with crime, drugs and increasing poverty among some residents, many landmarks were threatened with demolition. Columbia Square , at the northwest corner of Sunset Boulevard and Gower Street ,
4180-501: The L.A. sewer system. With annexation, the name of Prospect Avenue was changed to Hollywood Boulevard and all the street numbers in the new district changed. For example, 100 Prospect Avenue, at Vermont Avenue, became 6400 Hollywood Boulevard; and 100 Cahuenga Boulevard, at Hollywood Boulevard, changed to 1700 Cahuenga Boulevard. By 1912, major motion-picture companies had come West to set up production near or in Los Angeles. In
4290-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
4400-737: The Sunset Post Office. Hollywood is included within the Hollywood United Neighborhood Council (HUNC), Hollywood Hills West Neighborhood Council, and the Hollywood Studio District Neighborhood Council. Neighborhood Councils cast advisory votes on such issues as zoning, planning, and other community issues. The council members are voted in by stakeholders, generally defined as anyone living, working, owning property, or belonging to an organization within
4510-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
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4620-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
4730-685: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
4840-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
4950-638: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
5060-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
5170-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
5280-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
5390-564: The boundaries of the council. Hollywood residents aged 25 and older holding a four-year degree amounted to 28% of the population in 2000, about the same as in the county at large. The Will and Ariel Durant Branch, John C. Fremont Branch, and the Frances Howard Goldwyn – Hollywood Regional Branch of the Los Angeles Public Library are in Hollywood. Great Depression The Great Depression
5500-612: The capital of the film industry in the United States. The mountains, plains and low land prices made Hollywood a good place to establish film studios. Director D. W. Griffith was the first to make a motion picture in Hollywood. His 17-minute short film In Old California (1910) was filmed for the Biograph Company . Although Hollywood banned movie theaters—of which it had none—before annexation that year, Los Angeles had no such restriction. The first studio in Hollywood opened in early 1913, on Formosa Avenue down
5610-415: The city estimated that the population had increased to 85,489. The median age for residents was 31, about the city's average. Hollywood was said to be "highly diverse" when compared to the city at large. The ethnic breakdown in 2000 was 42.2% Latino or Hispanic , 41% Non-Hispanic White , 7.1% Asian , 5.2% Black , and 4.5% other. Mexico (21.3%) and Guatemala (13%) were the most common places of birth for
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#17327878251695720-533: The citywide vote. According to the Mapping L.A. project of The Los Angeles Times , Hollywood is flanked by Hollywood Hills to the north, Los Feliz to the northeast, East Hollywood or Virgil Village to the east, Larchmont and Hancock Park to the south, Fairfax to the southwest, West Hollywood to the west, and Hollywood Hills West to the northwest. Street limits of the Hollywood neighborhood are: north, Hollywood Boulevard from La Brea Avenue to
5830-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
5940-512: The county's highest. There were 2,640 families headed by single parents, about average for Los Angeles. In 2000, there were 2,828 military veterans, or 4.5%, a low rate for the city as a whole. These were the ten neighborhoods or cities in Los Angeles County with the highest population densities, according to the 2000 census, with the population per square mile: In 2022, there were 1,374 homeless individuals in Hollywood. KNX
6050-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
6160-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
6270-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
6380-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
6490-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
6600-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
6710-493: The early 1900s, most motion picture camera and equipment patents were held by Thomas Edison 's Motion Picture Patents Company in New Jersey , which often sued filmmakers to stop their productions. To escape this, filmmakers began moving to Los Angeles, where attempts to enforce Edison's patents were easier to evade. Also, the weather was ideal for filmmaking and there was quick access to various settings. Los Angeles became
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#17327878251696820-597: The early 1950s, the State of California constructed the Hollywood Freeway through the northeast corner of Hollywood. The Capitol Records Building on Vine Street , just north of Hollywood Boulevard, was built in 1956. The Hollywood Walk of Fame was created in 1958 as a tribute to artists and other significant contributors to the entertainment industry. The official opening was on February 8, 1960. The Hollywood Boulevard Commercial and Entertainment District
6930-549: The early residential areas, the Ocean View Tract. Whitley did much to promote the area. He paid thousands of dollars to install electricity and arrange for electric lighting, and he built both a bank and a road into the Cahuenga Pass . The lighting ran for several blocks down Prospect Avenue. Whitley's land was centered on Highland Avenue . His 1918 development, Whitley Heights , was named for him. Hollywood
7040-522: The east boundary of Wattles Garden Park and Franklin Avenue between Bonita and Western avenues; east, Western Avenue ; south, Melrose Avenue , and west, La Brea Avenue or the West Hollywood city line . In 1918, H. J. Whitley commissioned architect A. S. Barnes to design Whitley Heights as a Mediterranean-style village on the hills above Hollywood Boulevard. It became
7150-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
7260-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
7370-500: 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 ever more goods, exacerbating
7480-459: The fall and winter months, although they can occur during any month; Santa Ana winds bring heavy winds, higher temperatures and lower humidity levels, which increases the risk of wildfires , especially in dry years. Smog can sometimes occur during the summer months. May and June can be foggy and cloudy in Hollywood, a phenomenon known by southern California residents as "May Gray" or " June Gloom ". The all-time record high temperature in Hollywood
7590-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
7700-553: The first celebrity community. Other areas within Hollywood are Franklin Village , Little Armenia , Spaulding Square , Thai Town , and Yucca Corridor . In 1994, Hollywood, Alabama , and ten other towns named Hollywood successfully fought an attempt by the Hollywood Chamber of Commerce to trademark the name and force same-named communities to pay royalties to it. Like the rest of Los Angeles , Hollywood has
7810-478: The first ever motion picture studio in Hollywood . The firm closed in 1933. In June 1912, Nestor Studios became part of the newly formed Universal Film Company and Al Christie was put in charge of the comedy companies. He remained with Universal Film until January 1916 at which time he and his brother, Charles Christie , formed their own movie studio named the Christie Film Company. The two rented facilities from Universal at Sunset Boulevard and Gower Street,
7920-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
8030-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
8140-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
8250-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
8360-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
8470-661: The last broadcasters (television or radio) with Hollywood addresses, but KCET has since sold its studios to the Church of Scientology on Sunset, and plans to move to another location. KNBC moved in 1962 from the former NBC Radio City Studios at the northeast corner of Sunset Boulevard and Vine Street to NBC Studios in Burbank. KTTV moved in 1996 from its former home at Metromedia Square on Sunset Boulevard to West Los Angeles, and KCOP left its home on La Brea Avenue to join KTTV at
8580-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
8690-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
8800-678: The modern-day Fox Television Center. KCBS-TV and KCAL-TV moved from their longtime home at CBS Columbia Square on Sunset Boulevard to a new facility at CBS Studio Center in Studio City . As a neighborhood within the Los Angeles city limits, Hollywood does not have its own municipal government. A person was appointed by the Hollywood Chamber of Commerce to serve as an honorary " Mayor of Hollywood " for ceremonial purposes. Johnny Grant held this position from 1980 until his death on January 9, 2008. The Los Angeles Police Department
8910-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
9020-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
9130-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
9240-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
9350-602: The new town with General Harrison Gray Otis , publisher of the Los Angeles Times , and Ivar Weid, a prominent businessman in the area. Daeida Wilcox , who donated land to help in the development of Hollywood, learned of the name Hollywood from an acquaintance who owned an estate by that name in Illinois. Wilcox is quoted as saying, "I chose the name Hollywood simply because it sounds nice and because I'm superstitious and holly brings good luck." She recommended
9460-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
9570-408: The place where Al Christie had first started in Hollywood. For the first six months of operations, the new Christie Film Company made comedies under a contract with Universal Film. In July of that year, the company began producing other comedies to sell to the independent distributors and their immediate success was such that they were soon able to finance the acquisition of their studio property. Within
9680-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
9790-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
9900-531: The popular Saturday Evening Post 's Darktown Birmingham stories by Octavus Roy Cohen (1891-1959), were distributed by Paramount Studios . However, the Stock Market Crash of 1929 and the ensuing Great Depression devastated many businesses and in January 1933, the Christie brothers companies went into receivership and their studio assets were acquired by another large film making company. The liquidation process began on May 26, 1932, as an attorney
10010-501: The same name to her husband, Harvey H. Wilcox , who had purchased 120 acres on February 1, 1887. It was not until August 1887 that Wilcox decided to use that name and filed with the Los Angeles County Recorder's office on a deed and parcel map of the property. By 1900, the region had a post office, newspaper, hotel, and two markets. Los Angeles, with a population of 102,479, lay 10 miles (16 km) east through
10120-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
10230-686: The street from Helen Muir's home. Her father John Muir returned from his tour of Europe and East Africa a few months later and continued work on Yosemite and his book, The Yosemite . The Nestor Film Company was the first studio, established in October 1911 by the New Jersey–based Centaur Film Company in a roadhouse at 6121 Sunset Boulevard (the corner of Gower ). Four major film companies – Paramount , Warner Bros. , RKO , and Columbia – had studios in Hollywood, as did several minor companies and rental studios. In
10340-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
10450-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
10560-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
10670-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
10780-505: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
10890-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
11000-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
11110-526: Was erected in the Hollywood Hills in 1923 to advertise real estate developers Woodruff's and Shoults' housing development. In 1949, the Hollywood Chamber of Commerce entered a contract with the City of Los Angeles to repair and rebuild the sign. The agreement stipulated that LAND be removed to spell HOLLYWOOD so the sign would now refer to the district, rather than the housing development. During
11220-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
11330-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
11440-507: Was incorporated as a municipality in 1903. The northern and eastern parts of the neighborhood were consolidated with the City of Los Angeles in 1910. Soon thereafter a prominent film industry emerged, having developed first on the East Coast. Eventually it became the most recognizable in the world. H. J. Whitley , a real estate developer, arranged to buy the 480-acre (1.9 km ) E.C. Hurd ranch. Whitley shared his plans for
11550-455: Was incorporated as a municipality on November 14, 1903, by a vote of 88 for and 77 against. On January 30, 1904, the voters in Hollywood decided, 113 to 96, to banish the sale of liquor within the city, except for medicinal purposes. Neither hotels nor restaurants were allowed to serve wine or liquor before or after meals. In 1910, the city voted for a merger with Los Angeles in order to secure an adequate water supply and to gain access to
11660-470: Was instructed to begin the process of turning assets of the film company and the realty company to an assignee, which essentially put the firms into a receivership. Combined assets of the companies were estimated to be $ 2.5 million - $ 3 million, and total indebtedness was approximately $ 2.5 million. In 1950 Sam Hayes gained television rights for 426 Christie comedies as part of a larger deal with Hollywood Film Enterprises. Hollywood, California This
11770-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
11880-625: Was listed in the National Register of Historic Places in 1984. In June 1999, the Hollywood extension of the Los Angeles Metro Rail Red Line subway opened from Downtown Los Angeles to the San Fernando Valley , with stops along Hollywood Boulevard at Western Avenue ( Hollywood/Western Metro station ), Vine Street ( Hollywood/Vine Metro station ), and Highland Avenue ( Hollywood/Highland Metro station ). The Dolby Theatre , which opened in 2001 as
11990-586: Was the last radio station to broadcast from Hollywood before it left CBS Columbia Square for a studio in the Miracle Mile in 2005. On January 22, 1947, the first commercial television station west of the Mississippi River , KTLA , began operating in Hollywood. In December of that year, The Public Prosecutor became the first network television series to be filmed in Hollywood. Television stations KTLA and KCET , both on Sunset Boulevard, are
12100-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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