Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-01-16
MUNSEY BUYS THE NEW YORK
HERALD

The New York Herald properties
have been purchased by Frank A.
Munsey, James Gordon Bennett dying
without an heir. II is difficult to say
which is the more romantic: the
founding and subsequent success of
the New York Herald or the rise of
Frank A. Munsey from the status OF
not very successful fiction writer to
that of one of the great publishers OF
the world. The purchase of the New
York Herald, the Evening Telegram
and the Paris edition of the New York
Herald was announced by Rodman
Wannamaker and the Guarantee Trust
company of New York, executors of
the Bennett estate, too late for pub
LEGATION in Yesterdays Journal.
The New York Herald was founded
by the elder Bennett in 1885. AS
preparation for his successful career
as a great editor, the elder Bennett
had been educated for the priesthood
During n period of his life he was a
teacher of history and political ceno-
my at a time when political science
W dS 9tdlNtlg hiONi '<hN'PN ohlptA6
scholars who read Adam Smiths
! wealth of Nations published in
177G, and David Ricardos "Princi-
pies of Political Economy and Taxa
ton" published in 1917. Also he
taught Latin His first service in the
newspaper field was that OF proof
reader.
Bennett started the Herald in a
basement. He wrote most of the news
in it, assisted in setting the type and
operating the press, and then sold the
papers on the street for cent apiece.
The penny paper was also new thing,
to become very popular before the
high price of paper forced general dis
continuance. .. ....
Bennett recognized the value of
news. and he was the first to publish
daily the stock lists and an article
dealing with financial questions. He
made a great success.
But it was under the management
of James Gordon Bennett, Jr., that the
Herald became mighty world power.
1t was he who sent Stanley to Africa
to find Dr.. Livingstone, the mission
airy explorer. That was the first really
great feat of journalism. Later he
sent the Jeanette in search of the
north pole In the days of the Her
aids greatest prestige, Bennett had
twenty-five thousand regular or oc-
casional newsgatherers on his pay
roll.
But the younger Bennett loved TO
live in Paris and found it difficult to
edit his paper by cable, a thing he did
in a way for more than thirty years.
As to Mr.. Munsey, now the owner Of
the Herald properties, his career has
been most spectacular. Beginning
with nothing, he is the publisher or
three or four magazines of large cir
culation. Having more money than he
knew what to do with, he has owned
one paper in washington City, another
in Philadelphia and now is the owner
of the New York sun, founded by
Charles A. Dana, the great rival editor
of the elder Bennett, and OF the New
York Herald and its evening edition in
New York and its edition in Paris.
Mr. Munsey has not made better
paper of the Sun than 1t was under
Danas ownership, even from news
standpoint. 1t doesn't approach the
old Sun in point of editorial ability.
He will make better paper OF the
Herald than il has been for the past
ten years, but it is doubtful If he VIII
make of it so good a newspaper as 1t
was in the best period of the younger
Benefits reign.