German-born Moses Louis Annenberg, circulation director for William Randolph Hearst's publications, struck out on his own in 1921. He was wise to newspaper circulation wars, well-grounded in the use of intimidation and other less genteel, oftentimes illegal, actions.

He must have been good at what he did, because he quit Hearst with enough money to form a company called Cecilia and acquire, for $2 million, the Morning Telegraph and the Daily Racing Form, rags devoted to horse racing and the theater. He also owned a wire service catering to horse racing. It was Bell Telephone's fifth-largest customer.

As the money rolled in, Moses moved from New York to a 2,000-acre ranch in the Black Hills of Wyoming with his wife, seven daughters and son, Walter.