Wealth is production. There may be prospective wealth, puta-
tive wealth, potential wealth, in the soil, in the ore veins, in
various latent forms—but actual wealth is only that which
has been produced into things men require. The more there
is of production, therefore, the more there is of wealth.
—William Randolph Hearst
Phoebe Hearst spent her last Christmas and New Year's with her son and his family in New York City. At the Clarendon apartment in December, mother and son talked about the expanding Hearst empire. Phoebe felt that Hearst was in bad financial straits and would soon be in need of major bank loans. She told him she intended to release him of any obligation to settle the debt of millions he had amassed since the year of his father's death. Phoebe's gift to her son had one condition. Of the total debt, she wanted her son to pay back to her $300,000 over the next three years, which she would put toward the construction of a museum in Berkeley to house her vast collection of art and antiques. Hearst would be giving Phoebe money that was her own, but through this arrangement she had found a way to force him son to follow in her footsteps by becoming a philanthropist. She hoped she might be able to generate some genuine altruism. Once before, when Phoebe had lobbied her son to contribute money to one of her interests, he had balked. “What would I get out of it?” Hearst asked her. “You know, I believe in advertising.”