Word: crum
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...just a newspaperman's memory. The idealistic Manhattan tabloid, which its founders meant to be the voice and the solace of pushed-around people, had never made the grade either as a business proposition or as a newspaper. One day this week, seven weeks after Attorney Bartley Crum and Newsman Joseph Barnes took it over from disheartened Marshall Field (TIME, May 10), PM became the New York Star...
...gleam was timed to coincide with the news-heavy Republican convention-a consideration that would never have moved the old, pink-eyed PM. The paper now has only a puny 90,000 circulation in New York City. About 2,900 of its 125,000 copies go to Philadelphia, and Crum & Barnes want to get 50,000 readers away from Philadelphia's Inquirer and Bulletin...
...that if he can't publish their strips he can at least pick their brains. Others in the new braintrust: Editor Richard Lauterbach of '48, part-time adviser on layout and features; Lawrence Resner, who left a labor reporting job on the New York Times to be Crum's right-hand man; Managing Editor Jay Odell, a Nieman Fellow and former telegraph editor of the Philadelphia Inquirer. PM Editor John P. Lewis, who had kept the staff together during eight uncertain weeks, was out on the street...
Publisher Crum was still coy about his backers. Marshall Field, he explained, will keep only a 25% interest in the Star. Together, Crum & Barnes will hold 33 ⅓%. In the next fortnight they will select, from offers of $3,000,000 in working capital, the $1,500,000 they want...
...Crum & Barnes thrown over secure careers to gamble on making a newspaper out of PM? Said Joe Barnes: "A challenge I couldn't resist." Said Bart Crum: "America has been running the wrong way since the fall of Germany. There's been a decline of faith. We want to help rebuild faith in the U.S. and in peace...