Predictably, Wright's editorial decision caused a drastic reduction in readership and angered the magazine's advertisers, who began withdrawing financial backing. Additionally, Wright was using "The Smart Set"'s checkbook to overpay authors for their work and was attempting to secretly fund a prototype of a more radical publication with Mencken. As a result, Thayer fired Wright in 1914 and announced an end to the magazine's "avant-garde" content and a return to more traditional material. By the end of Wright's editorship, however, the magazine was in economic disrepair, and Thayer handed over ownership to Colonel Eugene Crowe in return for forgiveness of debts.