The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-01-15
NEWSPAPER PROPERTY.
wealth ofSome OF the Large Papers
What IL Costs to Start City Newspa.


wealth ofsome OF the Large Papers
What IL Costs to Start City Newspa.
pers.
The Chicago Tribune, OF recent
date, says: The sum OF $500 has
been just paid for fifty-one shares Of
the New York Tribune Association.
This would make the entire value Of
the property sl.lO0,0O0, which, the
Tribune Gays, is by far the highest price
ever paid for a newspaper on this con-
tipent.' This is not exactly correct.
Shares in the Chicago Tribune were
sold, before the fire, at the same price
relatively, that is. on the basis
of 100000 for the whole.
After the fire, when 100000 OF
the taxable property Of the establish.
ment had been destroyed without in
suranse, sales were made on the basis
of 100000. The New York Herald
could Lot, probably, be bought for
100000 if it we're for sale at all.
The New York Evening Postis believed
to be worth over 81 100000, and the
Journal of Commerce even more than the
Post, and the Philadelphia Ledger more
than either. The St. Louis Democrat
sod recently on the basis OF S5OO,OOO-
a ridiculousIy low price, as the sellers,
Messrs. Mckee & Houser, have since
admitted themselves"
Mr.. Greeley, during his lifetime,
was supposed not only to edit, but 10 be,
the New York Tribune, and even many
who had no faith in individuality as an
element in journalism, believed that
Mr.. Greeley and the Tribune constituted
an exception to the general rule, and
that there was just one editor who
could not be subtracted from his news
paper without loss in money and pres
tige to the latter. This faith was shared
by the Tribune people themselves, as Is
manifest from the fact that for
number of years the company car
ried a large amount Of insurance
on Mr.. Greeley's life, to inure
10 its corporate benefits at bis death.
And yet we find that within a month
after what was feared would be its or
phanage, and perhaps its ruin, the
shares OF the TriJn, sell at higher
price than they ever brought during
the lifetime Of its founder. The reason
is that while the newspaper property is
comparatively tangible, it is also COM
paratively indestructive-whiet its value
consists almost entirely in what
ia called the good will, that good
will is almost invulnerable ex-
cept from internal influences un-
der the control OF those who own
and manage it, and therefore, toIerably
certain to be preserved. External
causes never yet injured a prosperous
newspaper; the few instances that exist
of decadence or adversits OF once -four
ishing and influential journals, are
traceable to circumstances that would
have destroyed any other business en-
terprise, but it happens that those who
are able TO make the large investments
necessary for the control OF big daily
are not apt to wautonly waste what is
not easily acquired.
The difficulty OF establishing new
paper in large city ia also one Of the
lessons 10 be read from the facts alluded
to by our Chicago cotemporsry. No
body understands this better than those
who have had hand in the daily jour
nalism of recent years in this country.
Mr.. Greeley was dead and 100000
would pay for all the visible property OF
the Tribune establishment. Those who
had done the hard work Of the Tribune
for 80 many years remained, and
why should thew pay $1,000 600
for good will, if they could
have started newspaper and
given it influence and circulation by
the mere purchase Of type and machin-
cry and the transfer OF the Tribune staff
70 it's columns. 1t was because they
knew that newspapers could not be
made to spring from the ground ready
armed with patronage and power which
gave them wealth and profit, that they
made the bargain. In other words,
they believed it would cost them more
than q million dollars to get q
newspaper into the condition in
which Mr.. Greeley LETT the
Tribune, and the experience OF past
failures and sunken fortunes in news
paper enterprises in New York more
than justified this belief Nor is the
East alone in these examples. The
Chicago Tribune has city rival which
represents loss Of more than a half
million in an effort, not yet accom-
plished. to establish it. The profits o.
the Tribune are more than a hundred
thousand dollars year. It would be q
poor business msR who would not pay
$4,000 for such an establishment,
rather than halt that SUN for q concern
which showed g large losing balance on
its ledger every month in the year.