Bundle from Britain

Nobody is in a better position to testify on the difficulties of competing with the New York Times (see above) than Ogden Rogers Reid, 32, who took over the ailing, family-owned New York Herald Tribune in 1955 with the triple-threat title of publisher-president-editor. "Brownie" Reid set out to counter the Times's thoroughness with livelier stories, editorial fun and promotion games. But heading out in the new direction, the Modern Republican Trib slumped badly, last September went to its good friend, Modern Republican John Hay ("Jock") Whitney, 53, currently Ambassador to the Court of St. James's, for a reported $2,000,000 loan.

With Jock's jack in hand, hard-working Brownie Reid enriched his improvement formula, reorganized and improved news coverage and the editorial page, happily watched circulation creep up to 37,400 by March. But as the Trib struggled and talked wistfully of the desirability of going to 10-c- on the city newsstands (the afternoon-paper price in New York City), the Times held coolly to its 5-c- price and made money, while the Trib, competitively held at a nickel, slipped into the red.

Last week the Trib's pressagent, Tex McCrary of TV-radio fame, admitted that at its present rate the Trib stood to lose $1,000,000 in the fiscal year ending in July 1959, conceded that Jock Whitney, his wartime friend and peacetime neighbor (Manhasset, L.I.), was considering taking over controlling interest in the Trib as a price for his help.

As part of last September's deal, Ambassador Whitney got an option to convert his original loan into stock. By exercising the option, says McCrary, and investing another $2,000,000 in the company, Whitney can get 60% control. An estimated $2,000,000 more will be needed to pay off debts and put the Trib on a sound operating basis. McCrary is certain Whitney will buy in ("Jock's a stayer"). But Reid shrugged off questions with "You'll have to ask Mr. Whitney." and in London, Whitney would say only: "My interest in the Herald Tribune is continuing. Further talks are going on."

Ambassador Whitney will likely make his final decision when he returns to the U.S. for a week of personal business before the official visit of Prime Minister Harold Macmillan in early June.

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