The Press: PM's First $1,500,000

Last week the stockholders of the afternoon tabloid PM, which last June set out to crash New York City's big-time circle of newspapers, received copies of a letter. It began "Dear Sirs: I intend to form a corporation under the laws of the State of New York . . ." and it concluded "Very truly yours, Marshall Field." The letter punctuated a fact which PM's directors had already faced: that after about three months of publication PM had run completely through—and come out the other side of—the $1,500,000 cash which 18 stockholders had...