The morning call., 1893-03-14
EXCHANGES OF NEWSPAPERS.

There is probably no truth in the story
that William r. Hearst of this city has pur-
chased the New York Times. 1t appears
that the offer which he is said TO have
made was not accepted. But the doings
of the English syndicate which has for
some time been trying to secure New York
paper are less conjectural. There is no
doubt that large sum of money has been
subscribed in London to buy morning
daily in the American metropolis, il terms
can be agreed upon. Nor can there be much
reason to disbelieve the common report of
the progress thus far made by the syndicate.
1t seems, in the first place. that the over
lures which were made TO James Gordon
Bennett met with fiat refusal on that gen.
teman's part to name price for the
Herald. lie has probably never spent
tithe of his income, and the recent advance
In his telegraph stock has placed him among
the multimillionaires. He is rather seeking
new investments than to dispose of those he
has. Nor were the Englishmen more fortu-
nate with the Tribune. That property is
owned mainly by Mr.. Whitelaw Reid, to
whom its income is immaterlal in comparl-
son with its value as an organ. Mr.. Reid is
young man, has served term as Minister
TO Paris, has run for Vice-P President, and
may fairly cherish aims of future prefer
ment which the control of powerful news
paper would promote. lie is in 10 need of
money, and would not be likely to sell his
paper Mr.. Paul Dana, into whose hands
the Sun will presumably fall. is similarly
situated. He also is a young man aud am
bilious.
There remain the Torld. the Times, the
ECeniTg Post and the journal Of Commerce.
Under Mr.. Godkn the Post has become
excellent property. 1t is high-toned
paper. written by men of culture and honor.
But IL would not command in the market q
sum which would tempt its owners to retire
to private life. The World, on the other
hand, if its value be measured by its in
come. is worth more money than judicOus
investor, looking for power rs well as in
terest, would be willing TO give. Mr.. Pu-
liter has gained a very large tune with
out acquiring influence. He would ask a
great deal of money for tie property. As
to the Journal Of Commerce, lawsuit now
pending turns on the issue whether the
paper is worth more or less than million.
1t is owned by two men. one of wnOm was
twenty years ago. commercial editor, while
the other was a salared writer for the Har-
pers, and neither of whom was supposed
~ ia fC any llbhGgs 4hb1 asc bubu Dlus duNl
would probably sell if they could get their
price.
The eyes of purchasers have been directed
to the Times. because the controlling inter
est In that sheet is held by the two sons of
the late Mr. Jones, who are not known to
cherish schemes of ambition, and who, if
they realized on their property, could live
in afflnence where they pleased. The Times
has not been as profitable as the Herald, the
World or the Sun, though it is, in some i'm
poTtant respects, a better paper than any of
the three; but 1t pays regular dividends and
its value could easily be appraised. 1t is
now understood that it has passed into the
hands of syndicate formed by Mr. Charles
Miller. the present editor
If the English syndicate should succeed
in buying a New York paper, we shall
witness the curious coincidence of lead
ing London journal being controlled by
an American, while a leading American
journal is controlled by Englishmen. What
the purposes Of Mr.. William Waldorf
Astor may have been In purchasing the
Pail Mall Gazette no one knows; lie may
have bought it simply as an Investment
1t Is difficult to believe that he wants TO
initiate Hugh McCulIoch and run for Par
lament The English syndicate which is
looking for al American Iaper may fairly
be credited with q purpose TO use it for the
furtherance of business schemes; to make
it for instance an organ of trusts and syndi-
Gates. Whether it would prove of service
in that employment may be question. If
the English owners kept in the background
and engaged the best American talent to
run their paper. and did not interfere too
much. it might retain a measure of intlu-
ence. But it is always uphill work for q
paper which is suspected of wearing cor
poration collar to gain the confidence or
support of the masses.
Newspaper property appears to be more
valuable here than in England. Mr.. AstOr
is understood to have given S25O, ,O00 for the
Pail Mall Gazette; the journal Of Cou-
merce of New York, as stated above, is
valued at a million, and shares in the
Times changed hands some years ago on the
basis of million for the property. What
the valCe of the London Times may be no
one can conjecture; several years ago its
net income was said by Grant in his history
Of the newspaper press to be So, 100000. No
American paper is believed to have net
income Of million.