The magazine was one of several money-making publishing ventures to support the prestigious literary magazine
The Smart Set, which Mencken edited, and which had operated at a loss since at least 1917. Under their editorial hand, the magazine was not exclusively a publisher of crime fiction, offering, according to the magazine, "the best stories available of adventure, the best mystery and detective stories, the best romances, the best love stories, and the best stories of the occult." The magazine's first editor was Florence Osborne (credited as F. M. Osborne). After eight issues, Mencken and Nathan considered their initial $600 investment to have been sufficiently profitable, and they sold the magazine to its publishers, Eltinge Warner and Eugene Crow, for $12,500. The magazine was then edited by George W. Sutton (1922–24), followed by Philip C. Cody. Cody had significant interests and expertise in the publishing world serving as Vice President of Warner Publications publishers of such mass market magazines as
Field and Stream, and pulp genre publications such as
Black Mask. Under Cody's editorship, the content of
Black Mask became more sensationalist. Cody, who had a keen sense for what appealed to the public marketplace, focused on what had the most reader allure. Under Cody, the stories chosen for publication were longer, more intricately plotted and strewn with more blood, guts, gore and sex. Cody served as both circulation editor and general editor from 1924 to 1926. In 1926,
Joseph Shaw took over the editorship. ==Contributing authors==