One of the treasures which cannot be bought is the fatherly New York Times. Last week it increased its capitalization to $26,000,000 from $16,000,000. The new figure hardly reflects its earning capacity, which is probably from $5,000,000 to $10,000,000 per year. But the U. S. Government collects income tax on no such earnings, for the unpurchasable Times is not operated as a dividend milk cow. The formula of its success, the secret of its prestige, is its policy of accepting only the best, and paying for it.

The TIMES' new capital increase took...

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