By Aurora Wallace
ISBN-10: 0252078829
ISBN-13: 9780252078828
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Extra resources for Media Capital: Architecture and Communications in New York City
Example text
5 They did, however, insure Greeley’s life for a sizeable sum, and this return provided Whitelaw Reid with some of the capital he needed to reconstruct the floundering paper. To buy a controlling interest, however, Reid had to borrow $500,000 from one of the least respected businessmen of nineteenth-century America, the financier Jay Gould. This alliance was both unimaginable and antithetical to the program and philosophy of the Tribune, but it was a necessary evil in Reid’s mind to gain control of the paper.
Increasingly reclusive in his Washington Heights mansion, died there in June 1872. The staff had little confidence that the younger Bennett could manage the Herald, and his reputation as an aristocratic playboy did not bode well for the newspapers’ continued supremacy. The younger Bennett took on his duties with less editorial acumen than his father, but with a seemingly unlimited budget for newsgathering. He funded many expeditions to the North Pole and sent the correspondent Henry Morton Stanley into Central Africa to find Dr.
Indd 28 8/24/12 2:49 PM News Capital / 29 creating demand for the space by publicizing their popularity. Like Bennett, Barnum was not concerned about the reputations of the people who were the source of his income. According to Matthew Hale Smith, “Mr. ”34 In a strategy reminiscent of Bennett’s earlier telegraphing schemes, “Barnum offered the Atlantic Telegraph Company five thousand dollars for the privilege of sending the first twenty words over to his Museum. ”35 (Hearst would employ a similar publicity stunt in the twentieth century, commissioning a dirigible to carry the first issue of his paper from its headquarters).
Media Capital: Architecture and Communications in New York City by Aurora Wallace
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