Last week the news was spread: Cornelius Vanderbilt IV, aged 28, was in financial difficulties. His tabloid newspapers, the Los Angeles Illustrated Daily News (maximum circulation 214,000), San Francisco Illustrated Daily Herald (maximum circulation 135,000), the Miami Tab (only 18 months old) needed more money. He had sunk $100,000 of his own money. He had 5,000 fellow stockholders. He had borrowed $1,080,000 from his father. But he still needed $300,000 to put his papers on a paying basis—and his father would lend him no more....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!