The financial crisis of 1929 impacted every major industry, including Hollywood and the film industry. Between the conversion from silent movies to sound and the depression, only 8 major studios survived and they created the studio system. In an attempt to hedge their risk, studio heads created a contract system. In an attempt to control production costs, all studio employees, from camera men to movie stars, were forced to sign contracts. This allowed them to move from one project to the next, producing film after film. Although the contracts were written heavily in favor of the studio, it carried with it the guarantee of steady work for the employees. Actors were only able to work with one studio under contract, creating “stables” of actors