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98-477: In 1925, with the advent of television on the horizon, William Fox of the Fox Film Studio empire envisioned a "grand" cinema experience to keep the public coming to the movie theaters. As such, he soon put full efforts behind enhancing the silent 35 mm film showings by the addition of sound to be coupled to a wider than 35mm end product, with the hoped for result being a grand and lifelike experience for

196-634: 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,

294-418: 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

392-437: A bull train along the as-yet-unblazed Oregon Trail to a trading post in northern Oregon Territory (which at the time extended into current British Columbia), owned by another Missouri fur trader. Coleman agrees to scout for the train, so he can keep an eye on the villains and kill them as soon as they reach their destination. The caravan of settlers in their covered wagons follow Wellmore's ox-drawn train of Conestoga wagons , as

490-638: A film specifically created to be shot in 70 mm widescreen. The 1929 shorts and features included several issues of Fox Movietone News called Fox Grandeur News first shown May 26, 1929. Features shot in Grandeur include Fox Movietone Follies of 1929 , the musical Happy Days (1929), directed by Benjamin Stoloff , Song o’ My Heart (1930), a musical feature starring Irish tenor John McCormack and directed by Frank Borzage ( Seventh Heaven , A Farewell to Arms ). By April 1930, Fox Film Studios

588-604: 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

686-467: 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

784-600: 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

882-402: 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

980-567: 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

1078-480: 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

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1176-713: 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

1274-416: A thunderstorm that looks as real as the land, water and sky that confront one throughout this production". According to Hall, in one sequence, featuring a native American attack, "suddenly it seems as though one were tugged from one's seat and thrown in front of the charging horses, which appear to plunge from the screen and disappear into the velvety darkness of the theatre". After the box-office failure of

1372-618: A total of 8 or 9 Fox Film Studio Grandeur Cameras. An additional four Grandeur cameras were delivered to MGM in 1930, plus one additional camera that was delivered to Feature Productions, also in 1930. William Fox himself had purchased the Mitchell Camera Corporation in mid 1929, with expectations of cornering the market on the cameras and equipment necessary for producing wide screen cinema. A small number of shorts and features were produced in 70mm wide Fox Grandeur in 1929, while Fox Studios prepared for their big release of

1470-586: A year-long project, Karl Malkames, a specialist in film restoration technology, designed and built a special printer to preserve this version of the film. The image on the original negative was transferred to a 35mm anamorphic master. Dave Kehr wrote for the Chicago Tribune in 1988: "The added richness of resolution and the silvery sheen that the first generation 70 mm. nitrate prints would have provided can only be imagined. And yet, The Big Trail remains an eye-popping experience". The 70mm version

1568-621: Is a 1930 American epic pre-Code Western early widescreen film shot on location across the American West starring 23-year-old John Wayne in his first leading role and directed by Raoul Walsh . It is the final completed film to feature Tyrone Power Sr. before his death in 1931, as well as his only sound role. In 2006, the United States Library of Congress deemed this film "culturally, historically, or aesthetically significant", and selected it for preservation in

1666-658: 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

1764-493: 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

1862-460: Is unconfirmed) the initial script, then called "The Oregon Trail", was first offered to director John Ford who then passed it on to his friend Raoul Walsh . For the film, Walsh employed 93 actors and used as many as 725 natives from five different Indian tribes. He also obtained 185 wagons, 1,800 cows, 1,400 horses, 500 buffalos and 700 chickens, pigs and dogs for the production of the film. The shoot lasted from April 20 to August 20, 1930, and

1960-539: 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

2058-624: The National Film Registry , saying "the plot of a trek along the Oregon Trail is aided immensely by the majestic sweep provided by the experimental 70mm Grandeur wide-screen process used in filming". A large caravan of settlers attempt to cross the Western United States on the Oregon Trail . Breck Coleman is a young trapper who just got back to Missouri from his travels near Santa Fe, seeking to avenge

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2156-582: 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

2254-539: 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,

2352-447: 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

2450-488: The 35mm version debuted on March 11, 1930, in New York. The Grandeur version, however, shipped from the labs on March 17, 1930, was never released and may no longer survive, according to film historian Miles Kreuger. Filming of The Big Trail , which began in April 1930, was shot simultaneously in Grandeur and conventional 35mm movie film . Both versions survive, and differ significantly in composition, staging and editing. When

2548-813: 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

2646-530: 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

2744-469: 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

2842-489: 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

2940-442: 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

3038-642: 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

70 mm Grandeur film - Misplaced Pages Continue

3136-700: The Mitchell Studio Standard 35mm camera, enlarged to accommodate 70 mm 4-perf film. The cameras were designated as Mitchell Model FC cameras, the FC designation most likely originally standing for Fox-Case, as the technical specifications and orders for the cameras were submitted to Mitchell by the Fox-Case Corporation. The first three Fox Grandeur production cameras to be delivered were FC-1, FC-2, and FC-3, delivered to Fox-Case Corporation in New York on May 1, 1929, eventually followed by

3234-481: 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

3332-544: 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

3430-490: 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

3528-685: 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

3626-543: 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

3724-638: 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

3822-460: 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

3920-573: 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

4018-465: 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

70 mm Grandeur film - Misplaced Pages Continue

4116-462: 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

4214-475: 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

4312-625: 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

4410-587: The death of an old trapper friend who was killed the winter before along the Santa Fe Trail for his furs, by Red Flack and his minion Lopez. At a large trading post owned by a man named Wellmore, Coleman sees Flack and suspects him right away as being one of the killers. Flack likewise suspects Coleman as being somebody who knows too much about the killing. Coleman is asked by a large group of settlers to scout their caravan west, and declines, until he learns that Flack and Lopez were just hired by Wellmore to boss

4508-633: 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

4606-408: 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

4704-435: 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

4802-402: 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

4900-427: 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

4998-576: 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

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5096-416: The expensive system untenable. Ultimately, the widescreen aspect ratio did become established by the early-1960s. Fox used the Grandeur name again on a re-release of The King and I ; this re-release was a Todd AO compatible 70mm reduction of the original CinemaScope 55 negative, advertised as being in “Grandeur 70”. Unlike the later Todd-AO system (which printed onto 70mm film ), Grandeur did not use

5194-500: 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

5292-503: 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

5390-537: The film a 100% rating. A neglected film for many years, it was only seen in the conventional 35mm version for decades. In the early 1980s, the Museum of Modern Art in New York City , which held the original 70mm nitrate camera negative , wished to preserve the film but found that nitrate decomposition had left it too shrunken and fragile to be copied to safety film , and that no film lab would touch it. Over

5488-530: The film due to the Depression stopping theatres from investing in widescreen technology, Wayne was only cast in low-budget serials and features (mostly Poverty Row Westerns ); although his name was billed above the title in dozens of movies in the 1930s. He enjoyed a large following, especially in the South, but it took Wayne's role in Stagecoach (1939) for him to become a mainstream performer again. Beyond

5586-529: The film was released on October 2, 1930, the only theaters equipped with the Grandeur projectors and wide screen were Grauman's Chinese Theater in Los Angeles and the Roxy Theatre in New York City . The Fox Grandeur process was first and foremost of a small number of widescreen processes which were developed by the major Hollywood studios alongside sound in the late 1920s and early 1930s. Although

5684-526: The first major group of settlers to move west on the Oregon Trail. Along the way the wagon train is attacked by a horde of Indians on horseback, wearing headdresses. Coleman finds love with young Ruth Cameron, whom he'd kissed accidentally, mistaking her for somebody else. Unwilling to accept her attraction toward him, Ruth gets rather close to a gambler acquaintance of Flack's, who joined the trail after being caught cheating. Coleman and Flack have to lead

5782-505: 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

5880-594: The food supplies the 'immigrants' carried with them in their wagons were thoroughly researched. Locations in five states, starting from New Mexico to California , were used to film the caravan's 2,000-mile (3,200 km) trek. After shooting, the film was previewed to select audiences and generally released in October 1930. "Often the scenes" in the film, wrote Mordaunt Hall in The New York Times "cause one to marvel at their naturalness and beauty. It has

5978-408: The format difference, the 70mm and 35mm versions vary substantially from each other. They were shot by different cameras, and footage for each format was edited separately in the cutting room. Some scenes were shot simultaneously by both cameras, the only difference being the angle (with the better angle usually given to the 70mm camera). Some scenes were shot first by one camera, and then retaken with

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6076-478: The format proved to be successful, due to the Great Depression that began with the fall of Wall Street in October 1929, the Grandeur format then proved financially unviable for an industry still struggling to invest in the switch to talking pictures. Other theatres were resistant to making the large investment necessary, and the onset of the Great Depression rendered the prospect of large-scale adoption of

6174-606: 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

6272-519: 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,

6370-527: 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

6468-563: 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

6566-428: The longer pitch the height of the image, at 0.91 inch (23.1 mm), was slightly greater than that of the 0.816 inch (20.73 mm) Todd AO image. The image width was 1.84 inch (46.74 mm) giving an aspect ratio of 2:1 and providing enough space for a Fox Movietone variable-density optical soundtrack of approximately double the width of that used on a 35 mm print. The Big Trail The Big Trail

6664-521: 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 ,

6762-414: 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

6860-423: 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

6958-502: 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

7056-427: 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

7154-582: 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

7252-411: The other camera. The 70mm cameras could not focus well up close, so their shots were mainly panoramas with very few close-ups. The 35mm cameras could move in and focus at short distances. Thus, scenes in the 70mm version might show two characters talking to each other in the same take, making greater use of the widescreen frame, while the 35mm version would have close-up shots cutting back and forth between

7350-483: 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

7448-480: 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

7546-459: 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

7644-487: The public domain until 2026. A fairly common practice in the early sound era was to simultaneously produce at least one foreign-language version of a film for release in non-English-speaking countries; an approach later replaced by simply dubbing the dialogue. There were at least four foreign-language versions made of The Big Trail , all filmed in 35mm, 1.20:1 ratio and using different casts and different character names: Great Depression The Great Depression

7742-400: The same perforations as 35mm film, but instead had larger perforations on a longer pitch of 0.234 inch (5.95 mm) compared to the 0.187 inch (4.75 mm) pitch used by both 35 mm film and modern 70 mm film. Although Grandeur used a four perforation pulldown (i.e. each frame occupied the height equivalent to four perforations on the film) rather than the five of Todd-AO, because of

7840-434: 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

7938-413: The settlers west, while Flack does everything he can to have Coleman killed before he finds any proof of what he'd done. The three villains' main reason for going west is to avoid the hangman's noose for previous crimes, and all three receive frontier justice instead. The settlers trail ends in an unnamed valley, where Coleman and Ruth finally settle down together amidst giant redwoods. Reputedly (the claim

8036-420: The two characters. This may have been an artistic choice as much as a technical one. The cinematographer responsible for the 70mm version of the picture, Arthur Edeson , wrote in the September 1930 issue of American Cinematographer : "Grandeur reduces the number of close-ups considerably, as the figures are so much larger that semi-close-ups are usually all that is needed". As of 2018, Rotten Tomatoes gives

8134-662: The viewers. This wide screen vision of William Fox soon resulted in his creating a partnership with Theodore Case and his assistant, Earl Sponable, pioneers of Sound on Film, with the partnership to be named the Fox-Case Corporation. The result was, first, the advent of Movietone Sound, then soon combined with the 70 mm "Grandeur" wide screen camera, with the Grandeur film process becoming the first theatrically successful wide screen film process when Fox Film Studio's released their epic made-for-Grandeur film, The Big Trail , in October 1930. The 70mm Fox Grandeur cameras were manufactured by Mitchell Camera Corporation , and were based on

8232-405: The wagon train drive across the country was pioneering in its use of camera work and the depth and view of the epic landscape. An effort was made to lend authenticity to the movie, with the wagons drawn by oxen instead of horses – they were lowered by ropes down canyons when necessary for certain shots in narrow valleys. Tyrone Power Sr. 's character's clothing looks realistically grimy, and even

8330-476: 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

8428-673: 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

8526-778: 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

8624-658: 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

8722-505: 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

8820-478: 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

8918-474: 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

9016-507: Was filmed in seven states. The film was shot in an early widescreen process called 70 mm Grandeur film , which was first used in the film Fox Movietone Follies of 1929 . Grandeur was used by the Fox Film Corporation for a handful of films released in 1929 and 1930, of which The Big Trail was the last. Grandeur proved financially unviable for an industry still investing in the switch to talking pictures. The scene of

9114-406: Was finally seen on cable television in the late 1990s. The 35mm version had been released to VHS and DVD previously for several years. A two-disc restored DVD was released in the U.S. on May 13, 2008, featuring the 35- and 70-millimeter versions. A Blu-ray edition featuring the 70-millimeter version was released in September 2012. The film's copyright was renewed, so the film will not be in

9212-426: 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

9310-500: 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

9408-446: 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

9506-435: Was prepared to begin filming for their greatest Grandeur epic film and Western The Big Trail (1930), directed by Raoul Walsh , cinematography by Arthur Edeson ASC, in which John Wayne at age 22 played his first starring role. Song 'o My Heart was double-shot in both conventional 35 mm and Fox Grandeur, with all action and singing performed separately for the two processes. Production began in November 1929, and

9604-470: 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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