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1955 auction of Daily News property

1955 auction of Daily News property

June 6, 1955: Auction at former Los Angeles Daily News. Auctioneer offers darkroom, composing room, office and other equipment during sale at 1257 S. Los Angeles Street.

The former Los Angeles Daily News, no relation to the current Los Angeles Daily News, was founded in 1923. The original name was the Los Angeles Illustrated Daily News.

The Daily News was a successful newspaper in the 1930s and early 1940s, but after World War II it went into decline.

An article in the Dec. 20, 1954, Los Angeles Times reported:

Twenty-five columnists, comic strips, and other features of the Daily News, which ceased publication last Saturday (Dec. 18, 1954) because of financial difficulties, are to appear in The Mirror today following the purchase by the Times-Mirror Co. of certain of the defunct newspaper’s assets.

Notice of the Daily News’ suspension came late Saturday afternoon from Clinton D. McKinnon, president of the Stockholders Publishing Co. and publisher of the paper since last December.

His notice to employees, posted on the newspaper’s door, said in part:

“Due to circumstances beyond my control, the Daily News suspends publication today.

“This action is taken most reluctantly and only after I have exhausted every effort to secure additional finances to underwrite the losses.

“The only bona fide offer backed by cash which I was able to secure came from the Times-Mirror Co., which has purchased the name, circulation lists and certain features of the Daily News.

“The funds derived from the sale enable us to meet current salaries and checks will be mailed to each employee the first of the week.”

Norman Chandler, president of the Times-Mirror Co., announced the conclusion of an agreement with McKinnon to purchase the name, goodwill, circulation lists and certain features of the Daily News. The land, building, equipment and other assets were not included, Mr. Chandler pointed out. …

With the merger, the Mirror became the Mirror & Daily News,  later shortened to the Mirror-News.

A follow-up article in the April 28, 1955, Los Angeles Times reported: “The plant, equipment and real estate of the former Los Angeles Daily News were auctioned yesterday for $382,500 to a syndicate headed by Milton J. Wershow, auctioneer and liquidator.”

Wershow organized a public auction on June 6 and 7, 1954, where these three photos by staff photographer Ray Graham were taken.

The June 8 article in the Los Angeles Times reported:

Joe R. Osherenko, new owner of the former Daily News building at 1257 S. Los Angeles St., said yesterday the three-story structure will be used to permit expansion of his trade publication firm, California Stylist and Fashion Press.

Osherenko acquired, besides the mail building, a two-story building at 1234 S. Main St., adjoining parking lots, two presses and other equipment at auction Monday for about $400,000. The Osherenko firm now operates at 1020 S. Main St., publishing five national trade papers in the fashion industry. …

Sale of the Daily News real property and equipment Sunday and Monday was conducted by the Milton J. Wershow Co., which acquired the assets at a bankruptcy auction for $382,500. Entire proceeds of the Wershow sale, which attracted more than 1000 buyers, were estimated at $600,000.

 In 1962, the Mirror-News was closed.

In the 1980s, Times-Mirror transferred a large collection of Los Angeles Times photos and negatives to UCLA. Included in that transfer were many negatives from the old Los Angeles Daily News. Over 5,000 of the negatives have been scanned and are online: Los Angeles Daily News Negatives.

June 6, 1955: Former Los Angeles Daily News building up for auction. The newspaper ceased publication in December 1954. Credit: Ray Graham/Los Angeles Times

June 6, 1955: Former Los Angeles Daily News building at 1257 S. Los Angeles St. Credit: Ray Graham/Los Angeles Times.

scott.harrison@latimes.com

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1 Comment

  1. June 3, 2015, 8:52 am

    Unfortunately, the Daily Mirror was phased out around 1962-3. According to my mother, there was a column, "Ask Andy" in which I had a question which was supposed to be published, before the paper was phased out. However, the Daily Mirror's columnist and publisher, sent me a Hammond's Nature Atlas, that I still have, to this day, in my library, some 50+ years later.

    Again, a belated thank you for such a fine book.

    By: Steven Moshlak

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