The morning call., 1893-06-19
EVOLUTION OF THE NEWSPAPER.

The sale of the New York journal of
Commerce, which was prematurely an
n0unced a few months ago, has at last
been consummated on the basis of S462. 900
for the paper. It is to be united with the
Ddllg Commercial Bulletin. whose owners
are the purchasers. Mr.. David Nj. Stone,
who has been editor for many years, re-
tires with fortune.
The Journal Of Commerce was between
fifty and sixty years old. 1t was started
by the Tappans and others as the organ of
the party which was opposed to theaters.
This policy failed TO commend itself to
public approval, and after the Tappans
and their friends had spent certain sum
of money they transferred the sheet to one
who was more conversant with the practi-
cal business of journalism. The new
editor made a specially of publishing lists OF
goods received each day by the New York
merchants. For the publication a small
charge was made. By examining the
Journals long columns traders would find
what goods had come to market and who
held them for sale; thus business was
facilitated and the newspaper thrived. 1t
had a rival in the Courier and ENQUIRER.
which was run by James Watson Webb,
Both were known in the old days as the
blanket Sheets" But General Webb
never got over an insatiate greed for office :;
while he was wlre-puling to secure an
appointment as Collector or Postmaster or
Consul or Minister his paper was neglected
and finally died, and the Journal of Com
merce administered upon his estate and
became fine property.
After the war it passed into the hands
OF William c. Prime. who was a writer
for the Harpers, and David NJ. Stone, who
had been its commercial editor. They
must have made good deal of money out
of it. It never acquired large circula-
ton. but it had monopoly Of commercial
advertising every merchant in good
standing bought by the year so much space
in its columns. At one time it was said
that its net income was a hundred thou
sand dollars. After a time it became anti
Guated, as many excellent institutions do
Prime died or retired. and Stone remained
alone. The latter struggled against the
inevitable for several years, during which
his business was passing away from him
to the more newsy papers, and finally he
sold out for less money than he could have
got three or four years ago.
OHItSS tue UecllH6 ID the business oil the
Journal has been more severe than is gem
orally known, the paper was cheap at less
than half million. 1t has been appraised
at twice that sum. Bennett said the other
day that if his pensioners were cut off,
and few rigid economies introduced in to
his business, the Herald could pay per
cent on twenty millions, or nearly million
and a quarter a year. Forty years ago.
there was not much difference between the
income of the Herald and that of the Jour-
nal.
II is difficult to forecast the pecuniary
evolution of the American newspaper. In
London, daily papers do not seem to in
crease much in value. There is so much
advertising, and it remains about the same,
though the population increases; some
times one paper has the lions share, some
times another; but the aggregate does OF
f1uetuate much. In this country the re-
verse is the case. Newspaper business
grows with population and wealth. Every
well-estabished newspaper increases each
year IN value, provided the community in
which it is published poes ahead