Cinema: End of an Era

Ever since the war boom ended, Hollywood has alternately moaned about the box-office slump and cheerfully reassured itself (and its customers) that there was really nothing to worry about. But last week Hollywood was finally admitting out loud that the good old days were gone—and apparently beyond recall.

Speaking to 20th Century-Fox stockholders in New York, President Spyros P. Skouras laid it on the line. He was asking the company's 130 highest-paid personnel to take heavy salary cuts (up to 50%). Big reason for the cuts: a drop of almost $1,000,000 in first-quarter earnings, from last year's $1,841,000.

According to Skouras' plan,...