When William Randolph Hearst sold the little Fort Worth Record in 1925, it was the exception that proved the rule that he would never, so long as Hearst was HEARST, sell or disband a newspaper. But last week all rules were off in the Hearst empire of 26 newspapers, 13 magazines and assorted enterprises. The famed, New York American was dead, dropped like a cold potato. The queen-pin of his domain,* the paper that was called his journalistic "love child," on which he lavished money and affection and talent, was killed after a five-day conference.
Killing the New York American had been a logical move for Mr. Hearst for a long time, and a succession of business advisers had urged him to do it. Last year it capped its historic record of operations in the red with an all-time high deficit of around $1,000,000. What finally precipitated the obsequies, outsiders were not told, but shutting off this one big drain on Hearst resources could have only a beneficial effect upon the market for securities which Mr. Hearst was planning to sell. Delayed in passage for weeks by successive amendments had been his registrations with the Securities & Exchange Commission of $35,500,000 of debentures— $22,500,000 for Hearst Publications, Inc., $13,000,000 for Hearst Magazines, Inc. (TIME, April 26).
In an open letter to Editor & Publisher, Publisher Hearst explained: "The newspapers that are favorites with me are the newspapers that are favorites with the public. . . . Unsuccessful newspapers are a luxury which cannot be afforded and which one has no RIGHT to afford in-definitely."
If newspaper publishing has a championship class, certainly it is the Manhattan morning field. In sophistication as well as numbers that public is a U. S. news publisher's greatest challenge. The young man from California who, 42 years ago, took up that challenge, was courageous as well as rich. He bargained the late John Roll McLean down from $360,000 to $180,000 for his wobbly Morning Journal and then proceeded to spend $7,500,000 combatting fiery Joseph Pulitzer's World on its own ground. He boldly bought away Pulitzer's ablest men, including Arthur Brisbane and Morrill Goddard, the genius who gave him the American Weekly. He made the Spanish-American War his personal affair for the Journal'?, sake. The transition of the old Journal into the American, effected in three steps between 1901 and 1903, followed an excess of boldness which nearly earned Hearst the blame for President McKinley's assassination.
But as times changed, the flamboyant Hearst-Pulitzer technique was outgrown by the Manhattan morning public. The more sedate and reliable Times, Herald and Tribune crowded the World and the American down upon the subway trade.
Then came the tabloid News to take away that trade. Hearst started the tabloid Mirror in answer, but he was really competing with himself. That the American outlived the World by six years may have been some satisfaction, however expensive, but Mr. Hearst's deepest publishing sensibilities must have been involved by the thought of his cheap Mirror outliving the pride of his glorious youth.