The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-25
COURT TO RULE
ON new YORK
WORLDS Sale
SCrippS- Howard Would
Merge Historic Paper
With Telegram.
By United Press

WIN Wv " CtiIs
BIZ United Press
NEW YORK, Feb. %. = The
Morning, Evening and Sunday
World papers were ready today to
merge into the New York Telegram
as The World Telegram, provided
Judge James a. Foley of surrogate's
court agreed the World could sell
to the Scripps-H Howard interests.
Foley had under advisement a
petition OF Herbert, Ralph and
Joseph Pulitzer, trustees, under the
newspaper trust established by the
late Joseph Pulitzer's will, for per-
mission to sell the papers to the
evening paper, The Telegram, con-
trolled by Scripps-Howard
TabIoids Hurt World
A hearing on the petition held
late Tuesday revealed that the
famous New York World, founded
by the Hungarian immigrant,
Joseph Pulitzer, had encountered in
recent time the viciSsitudes attend
ant upon economic depression and
the inroads of the tabloids.
Pulitzer, fighting exponent Of the
personal journalism" era of Gree
ley, Bennett, Dana and later,
Hearst, had built the property to a
splendid and profitable monument
of independent newspaperi1g.
President Herbert Pulitzer of the
Press Publishing Company, publish
ers of the World, announced his
readiness to sell to the Scripps-
Howard interests which he praised
as of excellent standing in their
communities and faithful to their
obligations.
He depicted decline in revenue
Of the World as readers in the So
called middle class field swung over
to the tabloids.
Sale Price S5,O0O,OOO
Roy w. Howard, who once worked
on the late Joseph Pulitzer's st.
Louis Post Disnatch-but failed to
land desired job on the World
told the court he was prepared for
his organization to deposit at once
100000 in cash, with another $780,
600 within ninety days toward the
final purchase price.
1t was understood the deal
eventually would yield the Pulitzer
estate 100000. Max Sterer, attor-
ney, representing Paul Block, pub
Usher, sought to delay the hearing,
claiming his client, which made
previous offers for the Morning and
Sunday World, was prepared to
offer 100000 above the Scripps-
Howard contract figure.
Howard pictured the Telegram as
growing paper which he had &C
quired with a $4,000 circulation
four years ago. Since then a prac-
tically new circulation had been
built, with only slightly more than
$4,000 of the original subscribers re-
tanned, so that at the - Official
publication, the circulation stood at
236,581.
Paper Has Lost Recently
Contract of sale provided fol
assumption of the name and good
will Of the world, but not for pur-
chase of its building or equipment
Howard described the proposed
price as the largest on record fol
good will and name, so far as he
knew.
A banker, Fred j. Fuller, as trust
adviser of the trustees, placed an
estimate of only 100000 on the
properties. The good will and name
he held, were of no great value
since the World was losing money.
The hearing had been necessary
because stipulations in the will OF
Pulitzer were such that a sale could
not be made without such authority
Pulitzer's wish that the publication
of the World papers be continued as
public institution had been car
ried out hitherto, but at a growing
loss recently.
The World, founded in 1860 by
Alexander Cummings and bought
later by Pulitzer from Jay Gould
railroad man. for $4,000, achieved
fame as a fearleSsly independent
campaigner against what it held tc
| be political wrongs.
Its founder came from Hungary
swan ashore from the boat at Bos-
ton during the Civil war to claim
a war bounty and lived to become
one of the foremost figures of Amer
lean Journalism.