

In 1922, Walt was enchanted with animation. He founded his first company, Laugh-O-gram Films, and staffed it with young people who were interested in learning the business. He was able to take on several employees, who were willing to work for no pay at first. He was all of 20 years old. Their first major project was a cartoon version of Little Red Riding Hood, featuring a dapper, cane-carrying wolf complete with pocket handkerchief. It was released in 1922, and on the basis of its modest success Walt was able to convince investors to put some $15,000 into his fledgling company. "I suppose it was probably illegal for me to be president of a corporation at age 20," he later said. "If we ever wanted to get out of anything, I suppose we could have gone to court and claimed I was a minor." With his investors' money creating a semblance of solvency, Walt was able to pay his workers small wages and rent space in a brand-new brick building in Kansas City. He and his staff often worked 15-hour days. And they were happy as clams.

Fairly soon, Walt cut a deal with a small company called Pictorial Clubs for a series of fairy-tale cartoons. He was supposed to get $11,100 and took a $100 down payment. When Pictorial Clubs was unable -- or unwilling -- to pay the rest, Laugh-O-gram began a downward spiral. With money nearly nonexistent, his employees jumped ship. His landlady threw him out for nonpayment of rent. Walt slept in the Laugh-O-gram office, and was able to eat through the beneficence of the owner of a coffee shop in the same building. Walt tried out a variety of other projects to keep his company afloat, including sing-along films, but only one, called "Martha," was completed. He even took photographs of Kansas City children. Just as he was about to go bankrupt, he got a $500 payment from a local dentist for a hygiene film called "Tommy Tucker's Tooth." Did he use the money to get a new apartment? To buy food? Shoes? No, he started a new project called "Alice's Wonderland." But before he was able to finish he was thoroughly out of money and finally declared bankruptcy. He headed for California, carrying the unfinished work with him.
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