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EVER since television broke on the American public in 1948, Hollywood has been singing the blues: audiences were gone, grosses were down, profits were off. The business, some said, was shot. But from nearby Burbank came nary a whimper. Out of the studios of Walt Disney Productions* flowed a steady stream of celluloid animals, animated and live, for audiences around the world, and back into the Disney coffers came a widening stream of profits.

For eleven years in a row revenues mounted. from $4.9 million in 1948 to $48.6 million last year. So did profits, rising from a 5c per share deficit to net of $2.51. From 13, when Disney stock came to the Big Board in 1957. by last April it had climbed to 59½1.

Too High? Then suddenly last month the honeymoon was over for the Brothers Disney: Chairman Walt who runs the "creative" side, and President Roy, who handles the business end. Net earnings in the first half were way off to $906,485 (57c a share) against $1.6 million ($1.06) last year. At the same time. the some 7,000-odd stockholders had other reasons to be angry with Roy Disney.

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