The Press: Headline of the Week
In the New York Times:
PROTESTANT UNITY DIVIDES SEEKERS
The Compass Quits
Manhattan's pinko Daily Compass finally folded. Deep in debt, the three-year-old tabloid, lineal descendant of the pinko PM, reached a peak circulation of 54,000 after the start of the Korean war, then slumped to 30,000. The Compass, originally backed by International Harvester heiress Mrs. Emmons Elaine, 86 (TIME. May 16, 1950), was in the red more often than the black. This week the paper's mortgagors and creditors closed in and sold the Compass' fixtures and machinery at auction. Said Editor Ted Thackrey: "We ran out of money. We're through."
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