After word got out last week that Los Angeles Daily News Publisher Robert Smith had signed a contract to sell the paper for $1,525,000 (TIME, Nov. 16), Smith changed his mind. "There is nothing wrong with the Daily News," said he, "that more circulation would not cure." Then he announced that the sale of the paper was called off because the buyer, Publisher Sheldon F. Sackett of the Coos Bay (Ore.) Times, had "failed to put up financial and collateral requirements as specified."
Nonsense, replied Sackett from San Francisco. "Mr. Smith accepted down payments, collateral and notes in the amount of $580,000,...
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