Similar processes were at work in the United States, where the start-up cost of a new paper in New York City in 1851 was $69,000; the public sale of the St. Louis Democrat in 1872 yielded $456,000; and city newspapers were selling at from $6 to $18 million in the 1920s.8 The cost of machinery alone, of even very small newspapers, has for many decades run into the hundreds of thousands of dollars; in 1945 it could be said that “Even small-newspaper publishing is big business … [and] is no longer a trade one takes up lightly even if he has substantial cash—or takes up at all if he doesn’t.”
