The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-04-29

is from engineering. There Is no industry
in which man may lose more money
than the publication OF newspaper.
Almost before he knows ii he has sunk
fortune and produced no effect paying
newspaper is very valuable property,
but losing ono, unless IT Is steadily pro-
gr, ding toward paying, is greedy and
insatiate monster devouring greenbacks rs
an elephant does hay. When MIR. GREELEY
died, the Tribune was in "A delicate, but not
necessarily dangerous situation. The
right sort Of an editor, pursuing wise
aud prudent policy, might have used its
great reputation to build upon It n greater.
When Mr.. RAYMOND died, the Times was in
doubtful straits, but II is now n much more
valuable property THAI in his day, and
welds more powerful influence.
But JAY GOULD bought the controlling
interest IN the Tribune, and put the stock
in the name of his stool pigeon, taking
care, OF course, TO have II Hypothetical to
him for the money headvanccd to buy it
$4,000 His idea was to stand behind, set
out his stool pigeon, aud entice silly birds
within range of his stock gambling gun.
He was foolish enough to think nobody
fancy his stool pigeon was running the Trib-
uuc in the interests Of sweetness and vir-
tue, not stock gambling schemes. But the
expert eye detected him at once. His
trek was very thin. His stool pigeon, too,
was not equal 10 the task TO which JAY
GOULD assigned him, and yet the willy
financier showed so poor an estimate OF
intellectual ability that lie gave him pretty
full sweep. requiring only that he should
intersperse among his pretty lullaby lead
ers sly stock-gambling articles in the in
torest of his master and for the defrauding
OF the public. The stool pigeon, so gor-
geously feathered, now bethought himself
that with patron 50 rich he ought TO have
the talleSt newspaper building in the world.
He bought at high prices land adjacent to
that owned by the Tribune Association,
dug great hole in the ground and pro-
cccded 20 lay what seemed like the foun-
dat.ons Of II tort, ana built on them the
strangest structure in New Nork-a thing
all height and no breadth aud thickness,
so much wall about it that very little
room was left inside But it supported
the tall tower aud he was satisfied.
Now why did JAY GOULD stand idly by
and let him go ON in his vain adventure
Why did he let him borrow 100000 on
mortgage, TO add to the S2O0,000 on hand in
the Tribune treasury, in order TO put up so
astounding a pile? Why did he give him
$500 $40 more himself 10 buy brick and
mortar ana paint and gewgaws This
does not look like the wisdom of n
nan of business. A shrewd judge Of
real estate could have told him in ad-
vance that lac was putting his money in a
building which would never pay him three
per cent. interest and was of no advantage
10 ms newspaper; for why should a news
paper advertise itself by its publication
Office? Ii is Its own advertisement; all that
II needs is an eligible place FOR the transact
ton OF its business and suitable rooms for
its editors and compostors aud steam ma
chinery. Then he let his stool pigeon
spend money lnvishly on triple and quad
ripple sheets filled with matter that it was
not newspapers function to print and
that nobody wanted Ia read. while a feeble
array OF advertisements was all he could
show.
1t was downright waste Of money-follv
deep and broad. But JAY GOULD said
nothing, except, perhaps, in private TO his
stool pigeon. though the loss was large and
as regular as the daily issue. The result is
that JAY GOULD has now about one million
dollars in a newspaper which loses perhaps
81, 800 week though it has cut down sal
aries right and left, dismissed reporters
and editors, and reduced its force of type
compositors one-third; ana he has Il mon
strous building which Is worth only about
its mortguge-would not sell for II cent
more than that at auction to-day.
Does not this transaction illustrate the
proverb? But perhaps before long we
may see JAY GOULD returning TO his last.
Tins will bc when, through the power given
him by his $500 0e0 bonds, he shall bankrupt
the concern and take it all for his adj
vancos. That sort of thing is his legitimate
business. But even then he will have paid
dear for his whistle. Down in his heart
JAY GoULD CURSES the day when he bought
the control of the Tribune aud hired his
| stool piLcon.