The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-01-03
Value Of Newspaper Property.

Commenting on paragraph from the
Chicago Tribune which recently appeared
in our columns, the Missouri Democrat
says:
MI. Greeley, during his lifetime, was
supposed not only to edit but to be the
New York Tribune; and even many who
had no faith in individuality as IN 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 subtrac.
ted from his newspaper without loss in
money and prestige to the latter. This
faith was shared by the Tribune people
themselves, as Is manifest from the TACT
that for o number of years the company
carried q large amount Of insurance on
Mr.. Greeley's life, to inure to It's corpo-
rate benefit at his death. And yet we
find that, within a month after what was
feared would be It's orphanage, and per-
haps its ruin, the shares Of the Tribune
sell for q higher price than they ever
brought during the lifetime OF Its founder.
The reason is, that while newspaper pro
perry is comparatively intangible, 1t Is
also comparatively indestructibIe- while
It's value consists almost entirely in what
Is called It's good will, that good will is al.
most invulnerable, except from internal
influences under the control OF those who
own and manage 1t, and, therefore. toler:
ably certain 10 be preserved. External
causes never yet injured prosperous
newspaper; the few instances that exist OF
decadence or adversely to once fourishing
and influential journals, are traceable TO
circumstances that would have destroyed
any other business enterprise, but It hap
pens that those who are able to make the
large investments necessary for the con-
troll Of big daily are not apt TO wantonly
waste what Is not easily acquired.
The difficulty Of establishing new
paper in a large city, Is also one OF the
lessons to be read from the facts alluded
to by our Chicago contemporary. Nobody
understands this better than those who
have had q hand in the daily journalism
Of recent years in this city. Mr.. Greeley
was dead; and 100000 would pay for all
the visible property Of the Tribune estab.
lishment. Those who had done the hard
work Of the Tribune for some years re-.
Llalned, and why should they pay 81 ,OOO,'
900 for u good will, II they could have
started q newspaper and given 1t indu-
ence and circulation by tho mere pur.
chase OF type and machinery, and the
transfer of the Tribune staff TO its col
umns! It was because they knew that
newspapers could not be made 10 spring
from the ground ready armed with the
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 million
dollars TO get a newspaper into tho condi'
ton in which Mr.. Greeley left the Tn
6unC, and the experience Of past failures
and sunkcn fortunes in newspaper enter.
prises in New York more than justified
this belief. Nor Is the East alone in
these examples. The Chicago Tribune
has city rival which represents the loss
Of more than half million in an effort
not yet accomplished, to establish it.
The profits of the Tribune are more than
hundred thousand dollars year. He
would be o poor business man who
would not pay 100000 for such an es'
tablishment, rather than half that sum
for concern which showed large los
ing balance on its ledger every month in
the year.