The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-02-16
METROPOLITAN NEWSPAPERS.

METROPOLITAN NEWSPAPERS.
TWO OF THE LEADING DAILY NEWSPAPERS OF
NEW YORK CITY-wHo THEIR OWNERS ARE
AND WHO CONTROLS THEM-THEIR PROS
PERTTY AND VALUE.
The New York correspondent Of the Chi
cago Times writes as follows of tho none
tary success and standing of the great met
ropolitan dailies of that city: The interest
felt in newspapers in this country is per-
ennial, probably because the Americans are
nation of newspaper readers, and are so
largely aided by the press in the
formation OF their opinions. Under the cir
cJImstances, it Is entirely natural that the
public should want TO know who own
and control the leading journals that
have so mucs-perhaps undue-weight
in shaping events, in molding the
destiny OF the republic. The born journal
isl needs 10 be unhampered, to be
responsible 10 himself alone, 10 be absO-
lutte, in word, in order to show what is in
him, in order to do his best work. He can
rarely achieve his best in a cooperative way.
He may fail again and again in company
with others, and yet succeed gloriously
when free. This opinion was held blythe
late James GOrdsn Bennett, and reduced
to practice in the. establishment
of the Herald. He hsd had divers
experiences in his PROBES siOn-none of
them Observation-Disclosures he took the
daily which created a new era in Journal
ism, which yielded him fame and fortune.
He had come to be regarded as an impracti-
cable when be undertook the Herald on a
cash capital of $500, and issued the first num-
Der MAY 6, 1881 from basement of No. 20
Wall street. Everybody predicted repeti-
ton otthe Globe. Everybody was wrong, as
everybody so often is. The Herald was a
success from the start, Notwithstanding
g6VnrCifU N do Ia
and
CONFINED OPPOSITION
on every hand; the reason being that Ben
nett, an inherent journalist, was, for the first
time, in a position to carry out his own
views, tostsnd clear on his oN place. From
the earliest issue OF the paper until short
time previous to bis death, ne looked after,
regulated, directed it; never had. never
would have, any partner or associate in
his business. Frederic Hudson, excellent
manager though he was, was simply
BennetPs lieutenant; arranging certain
details, but strictly obeying the chief. The
vivant Bennett very unlike his father in
most things, holds the editorial helm
firmly. Opinion differs widely ss TO his
ability, though there is no difference of
opinion as to the directing mind of the es-
tablishment. While abroad, as he is now,
he has constant communication with the
office by cable; sending several dispatches of
instruction daily.
The Herald is one of the newspapers that
always make money; its patronage being of
kind not to be seriously affected by finan-
cial dullness or commercial rsvulsions. Its
average annual profits are said 10 be from
100000 to $3.50 900, and it's value, fairly esti-
mated, about 100000. Perhaps no one
would give so much for it. But whether
any one would or not, il could not be
bought. 1t has no price, because it is not
for sale. All the stories current, since the
elder Benefits death, of negotiations point
ing to the sale of the paper, have been
wholly baseless. The present proprietor has
posing of his right arm, his legsor his head,
all Of which virtually the Herald is to him;
for the figure he would cut without would
be zero.
WHO OWNS THE "TRIBUNR?n
would seem to be an unguessable conun-
drum. Of course it is nobody's business,
and on that account everybody makes it
his business, at least to inquire, and to have
an opinion. There is no doubt that White
law Reid owns it substantially; holding
and controlling. as he does, 81 out of 100
shares. But who stands behind him? Who
are his hackers? How did he get the money
to buy his stock, costing $50, 0007. Those are
questions which Reid alone I sup
pose, can answer satisfactorily, and which he
would have good reason to pronounce in
formally impertiBent if they were pat to
him. "A number of persons maintain that
jay Gould is the power behind the throne,
although this appears to be mere surmise
founded on several circumstances. It
seems, when William orion, president of
the Western Union. bought fifty-one Tri-
bune shares, representing some twelve or
fifteen prominet citizens, that Gould
furnished the ready cash for the
transaction. When Orion found
that he had purchased little more
than the name of the paper, since, in the
event OF his taking control and putting the
sheet in the administration ranks, ali the
leading members of the staff had determined
to resign, ne consented to transfer City
shares TO Reid at the rate ne had paid
$4,000 per share). if he could have one
share gratis and be chosen trustee for the
trouble. The transfer was made; and
supplied Orton with the ready cash,
jumped at the conclusion that
he had also furnished it to Reid
when he bought Orton's shares. They say,
who are in position to know Il do not pre-
tend to bel. that the monetary hacker or
Wbitelaw Reid is William Walter Phelps,
now an NJ. c. from New jersey, and recently
defeated by A. w. Cutler, in his candidacy
for reelection. There is far more reason to
believe this report than the one touching
Jay Gould; but the Gould story is more sem
sationsl, and may therefore have wider &C
ceptance.
THE OTHER STOCKHOLDERS
in the Tribune are mostly small: fifteen
shares being held, have understood, by fif-
teen different persons. DR.. J. c. Aver still
has, think, fourteen shares; Baysrd Taylor.
four or five; Gabrielle and Ida Greeley, seven;
while the remainder are in the hands of Geo.
Ripley, Silas L. Cheney, John Hay, Oliver
Johnson. Thomas w. Rocker, c. A. Ruckle.
Patrick O'Rourke, John f. Cleveland, Cor
don l.. Ford, Abby S. Richardson, Parsons
Farnham, and few others. 1t matters very
little who the stockholders are, when one
man controls fifty one shares, which, for all
practicable purposes, is as good as 90. The
last regular quotation for Tribune stock was