Page:Federal Reporter, 1st Series, Volume 9.djvu/376

 HANCOCK V. HOLBROOK. 361 �St. Armand, though on the cross-examination he seems to have de- lived mueh of his information from Holbrook, expresses the opinion tliat the paper became a source of loss in its publication, and that it became such in consequence of a want of cordial assistance from the complainant and Walker. �Ex-Gov. Warmoth, who was the friend of the complainant, of A. M. Holbrook, and of Judge Walker, who had the fullest opportunity of knowing of their relations and conduct in connection with the newspaper, as well as of the facts concerning the newspaper itself, says that about the time the 12-months' bond was falling due Hol- brook informed him he could not pay it. He further testifies : �"He [Holbrook] and Hancock and Walker, who were, by agreement, to be managers and editors of the Pioayune newspaper, under the control of Hol- brook, had disagreed. Each one wanted to have the whole control of the editorial department. In consequence of this Hancock did not give the aid which was expected, nor the countenaiice and assistance which was so neces- sary to the success of the paper. He was an able and influential newspaper man, and his defection was a serions drawback to success, and the enterprise eventuated in a failure." �Upon cross-examination he gives the language which each of those gentlemen used with reference to the other two. It evidenced such total distrust and such bitter personal feeling that succesaful joint action on their part in any business was beyond reasonable expecta- tion. It would be essential in any business, but absolutely necessary in the business of eonducting and publishing a daily newspaper, in which such practical sagacity and untiring vigilance is demanded, in which one day of inaction or ill-advised action in consequence of dis- sension on the part of managers might entail irreparable pecuniary loss upon proprietors. The testimony of Gov. Warmoth, thus cor- roborated, establishes the continued dissension on the part of these three leading newspaper men, the withdrawal of the complainant, and the damaging effect of this upon the interests and prospects of the newspaper. The testimony as to the value of the Picayune estab- lishment is to be considered with reference to these facts. The wit- nesses vary in their estimates, ranging from $5,000 to $100,000. But it is clear that unless the internai obstacles could be removed the paper could have had but little value beyond the type and mate- rial. A year previous it had been sold for $20,000 on a 12-months' credit. Fourteen months afterwards it was appraised in the succes- sion of A. M. Holbrook at $30,000. At the time of the sale to Her- nandez it was offered by Warmoth to those in interest for the amount ��� �