Evening journal., 1915-04-15
New News Of Yesterday
How an Editor Was Lett
Out in the Cold
BY Holland.

..'The time has come when | think J
am justified in telling you an anecdote
which will reveal the truth which lay
behind transaction which was always
mystery in New England, and espe-
cially in Boston," said Asa A. Potter
who was for years prominent m tue
banking circles of Boston, but is now
living in charming retirement ~ a
beautiful home ON the shores OF Long
Island Sound.
"a good many years ago it was an
nounced that 4. c. Bailey, who was the
creator and proprietor OF the Boston
Herald, has sold that paper TO some oil
those who were in his employ and was
receiving in payment notes to extend
over three years The report was accu-
rate. but the wonder was why Mr.. Bal
lev. who was very successful news
paper man, should, at the height OF his
success. turn his property over to has
subordinates on those terms.
Il happened to know what the rea-
son was. My association with Mr..
Bailey was very close | was much
at his house and we had pleasant
business relations. One day he con-
fded to me a purpose which he had
long entertained. he said, of making
a prolonged visit TO Europe. lie
wanted to be gone three years, but
he had been much perplexed when
considering how best to provide for
the management OF the newspaper
property while he was away. While
he had confidence in his subordinates,
he was little apprehensive that in
his long absence they might not al
ways be as prudent in the manage
mont of the property as he would
like to have them.
'I never shall forget the look OF
exultation when he said to me that
the idea had suddenly come to him OF
the best way to solve the somewhat
difficult problem of the management
= of his newspaper while he was in
Europe. He said he wanted 70 talk
10 me because he felt like confiding in
someone, although I ought TO under
stand that he had fully made up MS
mind what to do.
q can recall almost his exact
words. He said; My plan Is this;
I'm going to say to some of my en-
ployes that | will sell them the news
paper and that I don't want any
money for it at first. | will take their
notes for the property and these
notes can be paid from time to time
the longest of them running for three
years. | shall be back by that time.
When | get back, /, OF course, viii
find that they have been unable to
pay the notes and | will take the
paper back. Meanwhile they will re-
ceive good salaries. 1t was a splen-
did plan, but I have put the price so
high that they will never be able to
pay for the paper
about three years later Mr. Bailey
returned anG almost as soon as he
landed he sent for me. ! called upon
him in a day or two. being out OF
town when his invitation first came.
He said that his plan had worked al
together better than he thought It
would. He told me that those young
men to whom he sold the paper. TAX
ing in pay their notes, had actually
paid the notes in full and had antici-
pated the payment of some of them
so as to save the interest He said
and / thought with sigh of regret
that he called at the Office the day
after his return expecting to say that
he would forgive payment OF the
notes and that the subordinates
would retain their old places while
he resumed charge of the paper.
"'But what do you think, Mr.. Pot
ter said he. They had the politeness
to tell me that they would always be
4 glad TO see me at the Office and would
even reserve for me a desk where
could carry on correspondence, but
4 that they could not let me resume
/ charge of the paper because they
. owned il and had paid for it in full
| Those youngster had actually been
so businesslike and careful i'm man
agement that they we're able 10 pay
| for the notes out of the earnings OF