Yesterday was a sad day for the seven-year-old New York Sun which published its last edition. Only the headline writers had fun:
Darkness falls on New York Sun
Sun Goes Down
Sun Goes Dark–For Good
Sun sets on New York Sun
New York Sun Sun sets
Following are excerpts of remarks by the Editor of the Sun, Seth Lipsky, to the newspaper's staff:
It is my duty to report today that Ira Stoll and I and our partners have concluded that the Sun will cease publication. Our last number will be the issue dated September 30, the first day of Rosh Hashanah. I want you
to know that Ira and I, and our partners, explored every possible way to avoid having to cease publication.We have spoken with every individual who seemed to be a prospective partner, and everywhere we were received with courtesy and respect. I tend to be an optimist and held out hope for a favorable outcome as late as mid-afternoon today. But among other problems that we faced was the fact that this month, not to mention this week, has been one of the worst in a century in which to be trying to raise capital, and in the end we were out not only of money but time.
So we are at this sad moment. It is sad for any newspaper to go out of publication, and it is particularly sad for one that is as loved as much as all of us here love The New York Sun and the readers we have won in our six-and-a-half years of publication. But I want you to know that the decision to close the paper has not been an acrimonious one. It is a logical decision following a hard-headed assessment of our chances of meeting our goal of profitable publication in the near future.
This was always a risk, and all the greater is the heroism of our financial backers. Even at the end they were offering millions of dollars if we could find the partners we needed. I don't mind saying to you, as I have to them, that I very much regret — I will always regret — that we were not able to return to them the capital that they invested in us. Yet we have not heard a single regret from any of them on this head, which underscores the fact that it was not only for the possibility of profit that they invested in this newspaper. They invested also for other ideals, as well.
They invested in the ideal of the scoop, the notion that news is the spirit of democracy, and in the principles for which we have stood in our editorial pages — limited and honest government, equality under our Constitution and the law, free markets, sound money, and a strong foreign policy in support of freedom and democracy. They liked the way the Sun reflected the dynamism of our city and spoke for its interests in the national debate.
They invested, too, in the joy with which you illuminated the cultural life of New York, in our willingness to spring to the defense of so many who are not always defended, in the thrill of our sports coverage, the verve and warmth of our society coverage, and in our efforts to bring together a community and give it voice.
Our backers asked me to tell you that they are enormously proud of what you accomplished, a sentiment that was expressed for all our partners pointedly in the most recent meeting by our founding chairman, Roger Hertog. I am sure the reference was not only to our reporters and editors, who come in for the public attention, but the advertising, circulation and business departments, whose staffers have gone out every day into the an environment in which most newspapers are losing advertising and circulation and yet managed to produce consistent gains. This month, our last, was a record month for advertising revenues, which were up more than 60% over the year earlier month and ahead of the budget goals, with year-to-date advertising revenues up nearly 25%
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