NEW U.S. NEWSPAPER
CHICAGO MAN’S DEAL. - NEW YORK, October 4. Mr. Ralph .Ingersoll, editor of P.M., the tabloid afternoon newspaper which made its first appearance in New York on June 18, to-day confirmed reports that arrangements are being made to sell the control to Mr. Marshall Field, a member of the famous Chicago department store family. Mr. Field, one of 18 stockholders ho invested a total of £375,000 in
the paper before its first issue, has offered to pay his colleagues £75,000 and give them non-voting common stock entitling them to 15 per cent, of the new company’s equity and assets. Re will also provide £J25,000 of new (capital, which is needed because the Cost of production is stated to have proved higher than anticipated. P.M. now has a circulation of about 200,000, which is said to be increasing slowly but steadily. It accepts no advertising, depending for its income on sales. The price is 5 cents, nominally <2|d, instead of the 3 cents charged for other afternoon papers.
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Greymouth Evening Star, 28 November 1940, Page 10
Word Count
169NEW U.S. NEWSPAPER Greymouth Evening Star, 28 November 1940, Page 10
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