Interesting urban legend about the rather legendary (if a bit on the risque) humour magazine Capt. Billy's Whiz-Bang as may have been fabricated in its own way by Willard "Capt. Billy" Fawcett, who founded the "Explosion of Pedigreed Bunk" in 1919:
Seems Capt. Billy had the idea of printing 5,000 copies of the first issue because he thought the net cost would be cheaper than printing only a few hundred; after passing along some complimentary copies to disabled war buddies of his and some friends, the remainder were wholesaled to hotel newsstands in Minneapolis, where they sold out quickly.
And within three years, "Capt. Billy" was boasting of where circulation was close to 1 million copies.
(IIBC, its peak circulation was close to 450,000 copies/month.)