Archives West Finding Aid

The Wallace Press-Times came into existence as a daily publication in 1911 following consolidation of two earlier publications, The Wallace Times owned by Harry Day, and The Idaho Press owned by A.J. Dunn, both of which had been published since before the turn of the century. All equipment was purchased from these two companies for $25,000, paid for in shares of the new company. The Day family shares were divided as follows: Eugene, 10,000 shares, Jerome, 1,328 shares, and Harry L. trustee, 5,052 shares.

Present at the first meeting of the incorporators, held June 5, 1912, were John L. Dunn, A.J. Dunn, May C. Kirby, Robert E. Seysler, and Roderick McLeod. The certificate of incorporation for the new company was filed May 27, 1912. At the first meeting of the directors the following officers were elected: Robert E. Seysler, president; Roderick McLeod, vice president; and May C. Kirby, secretary-treasurer. A stock assessment of 100% was also levied. On September 10, 1912, all three officers resigned and were replaced by Eugene Day, Jerome Day, and A.J. Dunn respectively. Harry L. Day also joined the board at this time. In 1917 W.B. Heitfeld replaced Dunn as secretary.

From 1911 until 1928 the Press-Times was a morning daily, then in April 1928 it began publishing both a morning and an evening paper. Financial conditions in 1931 forced the suspension of the morning edition. The paper also published a weekly Mining Review.

By 1926 the Day family was firmly in control of the paper. The Hercules Mining Company was the largest stockholder with 12,849 shares, Harry Day served as president, Henry as vice president, and W.B. Heitfeld as secretary-treasurer. Stock assessments were levied to cover the indebtedness of the paper and money was also borrowed from the Wallace Bank and Trust Company. in 1936 68% of the stock held by each stockholder was returned to the treasury to wipe out the indebtedness of the company and the first dividend of 75 cents per share was declared. in 1937 Henry replaced his father as president and W.B. Heitfeld was elected vice president, a position he held until December when he was replaced by Paul Jessup, and S.F. Heitfeld became secretary-treasurer. Also in December of 1937 John Wourms was elected to the board and became the company attorney.

The early 1940s saw several efforts to buy the Press-Times, but all offers were rejected. In October 1952 the Press-Times was sold to the Coeur d'Alene Press Print Shop, also known as the North Idaho Publishing Company, owned by Burl C. Hagadone, and publisher of the Coeur d'Alene Press, for $65,000. This transaction merged the two largest and oldest daily newspapers in the five northern counties of Idaho, although the Press-Times continued to operate on a politically independent basis. On December 18, 1954, the Board of Directors of the Press-Times passed a motion to declare a liquidating dividend and officially dissolve the company.