flew the Graf Zeppelin across the Atlantic from Germany to pick up Hearst's photographer and at least three Hearst correspondents. One of them, Grace Marguerite Hay Drummond-Hay, by that flight became the first woman to travel around the world by air. The Hearst news empire reached a revenue peak about 1928, but the economic collapse of the Great Depression in the United States and the vast over-extension of his empire cost him control of his holdings. It is unlikely that the newspapers ever paid their own way; mining, ranching and forestry provided whatever dividends the Hearst Corporation paid out. When the collapse came, all Hearst properties were hit hard, but none more so than the papers. Hearst's conservative politics, increasingly at odds with those of his readers, worsened matters for the once great Hearst media chain. Having been refused the right to sell another round of bonds to unsuspecting investors, the shaky empire tottered. Unable to service its existing debts, Hearst Corporation faced a court-mandated reorganization in 1937. From that point, Hearst was reduced to being an employee, subject to the directives of an outside manager. Newspapers and other properties were liquidated, the film company shut down; there was even a well-publicized sale of art and antiquities. While World War II restored circulation and advertising revenues, his great days were over. The Hearst Corporation continues to this day as a large, privately held media conglomerate based in New York City. Involvement in politics Hearst won two elections to Congress, then lost a series of elections. He narrowly failed in attempts to become mayor of New York City in both 1905 and 1909 and governor of New York in 1906, nominally remaining a Democrat while also creating the Independence Party. He was defeated for the governorship by Charles Evans Hughes. Hearst's unsuccessful campaigns for office after his tenure in the House of Representatives earned him the unflattering but short-lived nickname of "William 'Also-Randolph' Hearst", which was coined by Wallace Irwin. Hearst was on the left wing of the Progressive Movement, speaking on behalf of the working class (who bought his papers) and denouncing the rich and powerful (who disdained his editorials). With the support of Tammany Hall (the regular Democratic organization in Manhattan), Hearst was elected to Congress from New York in 1902 and 1904. He made a major effort to win the 1904 Democratic nomination for president, losing to conservative