(i.e before the Clinton Whitewater stuff) the Times was considered the paper of record.  New Yorkers did not make that up, other journalists did.  How many national newscasts began with "The New York Times reports today ....".

As a New Yorker, I can tell you that the historical devotion to the Times was a matter of quality.  The other papers were the Daily News and the NY Post, which did not compare to the Times in terms of the depth and breadth of reporting.  I will say though that in the 60's and 70's, the Post was a fairly liberal paper and the Daily News was the reactionary rag.  In either case, neither one had the respectability of the Times.  Now all three are barely respectable fish wrappers.