Like a drowning swimmer, the St. Louis Globe-Democrat went down last week for the third time, taking 350 employees with it. The 134-year-old newspaper (circ. 146,432) is not expected to surface again. The financially troubled daily almost closed in 1983 and ceased publication last year for two months. Current Owners William Franke and John Prentis sought $15 million in industrial revenue bonds to finance a new building, buy presses and meet operating costs, luring investors with the promise that if the paper defaulted, they could deduct the loss from their state taxes. But a local lawyer said the bail-
out was...
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