The Press: On the Tracks

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Boston's rachitic Post, the Toonerville trolley of U.S. journalism, went back on the tracks last week after a derailment that put it out of circulation for eight days. It was the second time in six weeks that Publisher John Fox's morning daily had been forced by sheer lack of cash to stop publishing. But this time self-made Financier Fox, 49, did not come back to the controls. He stepped aside by declaring the Post bankrupt, and three court-appointed trustees began trying to dig the paper out of its $2.2 million pile of debts.

After arranging a $500,000 loan from a Manhattan bank to get the paper started again, the trustees persuaded 850 employees to come back to work without immediately getting a month's back wages $187,000. With no change in the editorial direction, the trustees hope to keep the Post going long enough to plan its reorganization and woo a buyer. But the paper had already lost some of its features, staffers and circulation (240,000 before it closed down) to other Boston dailies. After running downhill at a fast clip under Fox's four-year control (TIME, July 9), the 125-year-old Post probably had no more than a 50-50 chance to stay on the tracks.