| This study examines the financial operations of newspapers in New York City from 1830 to 1930. It was during this 100 year period that daily papers emerged as mass circulation publications, rose to dominance as a source of information, and then began a precipitous fall that left far fewer newspapers to choose from in New York and most other cities. My research explores why New York City became the news center of the country in the early 19 th century and what drove the growth of the industry over the following 100 years. It also looks at how newspapers altered the way they raised capital, dealt with competition, handled labor issues, and integrated new technology. Finally, it examines why the apparently flourishing industry became famous for its bankruptcies in the years after 1920.;On another front, the research looks at the relationship between this one industry and the city. It shows how the press redirected trade through New York and helped it develop as a business center. It also describes the way the press fostered a sense of community within the city and created some of New York most important public spaces. Finally, it examines the role newspapers played in building the city's early skyscrapers.;Overall, it charts the reaction of dailies to increasing pressure from competition. This competition fostered innovation, pushing papers to print larger quantities, at faster speeds and at lower costs. New York publishers also pioneered new ways to sell papers, cover stories, and report news. More importantly, to pay for these innovations, they discovered new ways to raise capital, structure corporations, and manage the market. Competition finally eased in the 1920s, as publishers merged businesses and reduced the number of dailies in the city. But as competition eased, the pressure to innovate dwindled. New York's publishers relaxed to enjoy their profits and were caught unprepared by the rise of other media. Ironically, time showed that the pressure that made it so difficult to survive in New York was also important for the success of the industry. |
