According to his obituary published in the New York Times on May 9, 1952, William Fox (1879-1952) had built, before the October 1929 stock market crash, a producing, distributing, and exhibiting motion picture empire valued at $300 million (L23). The author writes that in the spring of 1928, "All the major studios chose to adopt Fox's Movietone sound-on-film system instead of Warner Bros.' Of the "twelve inaugural Academy Awards, Fox Film Corporation won five": Directing (Borzage for 7th Heaven); Actress (Gaynor for 7th Heaven, Street Angel, and Sunrise); Writing, (Adaptation) (Benjamin Glazer for 7th Heaven); Cinematography (Charles Rosher and Karl Struss for Sunrise); and Unique and Artistic Picture (Fox Film Corporation for Sunrise) (456). After the stock market crash on October 29, 1929, Fox was unable to pay back his loans.