Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1882-06-07

Dir. Murphy's asking price for sufficient
stock 10 constitute a controlling interest
was Sl5,0O. The syndicate offered him
5000. which hs refused. They then
bought
MAJORITY OF THE sroCE
from the Carpenter estate. W. G.. Rob
erts. and f. ID. Huxley. Had thev inn
rnediately enjoined Iurphy & McCord
from the issue OF Few stock, and from
kicking against their rule as majority,
they would have secured control OF the
Sentinel with but little farther trouble.
But as soon as Murphy & McCord
learned Of the sale of majority of the
stock to the syndicate, they issued a
lot OF new stock TO themselves, stopped
by bogus Oshkosh injunction the hold
ing Of the ANIMAL meeting In January,
and commenced vigorous resistance to
the syndicate; suits and Cross suits fol-
lowed each other -
WITH LroHTSISo RAPIDrTY
and the fight went On. While the suits
were pending, negotiation. were re-
opened for the sale Of the Murphy &
McCord interest. The asking price was
then 500 900; the syndicate offered par
for the stock of Murphy & McCord,
making about $4,000. Tbs examina-
ton OF the Ssntinsl's books then oc-
CURED, and the fact was disclosed that
it had been steadily losing money at
about the average rate of $1,000 a
month, and that it had an outstanding
debt of $4,000 to $4,000, besides the
blanket mortgage of $4,000 on all the
Sentinel property, real and personal.
With this expose of its affairs, the syn
dictate still thought it desirable property
in order to consolidate with the Repub-
lIcan, hoping that the combination of
the business of the two offices would
produce one concern which would pay
dividends, They, therefore, al length
made the purchase, paying SO, 900 fol
| all other intrests controlled by Murphy
d McCord. OF this amount it is under
stood that $4,000 goes to McCOrd, to
reimburse him for cash advances and
for the stock held by him. Murphy re-
ceives $40 600, out of which the tioatine
Indebtedness is to be paid, leaving hin
q ''clean up" of between $4,000 and
| $4,000. He has, however, III the pas,
| advanced cash to "The Sentinel Co.:
some of his stock COS. him cash; SO that
this amount does not irake such " big
thing" as the figures appear to be a;
| first blush.
| THE NEWSPAPER SYNDICATE.
| The newspaper syndicate which es
tablished the Republican and have now
purchased the Sentinel is wealthyssone
their combined capital probably aggrs.
eating S6,0OO,0O0 or $S,00O,OOO. They
consist of L. II. Brodhead, II, II. Camp
c. l.. Colby, Z. II. Abbott, d. L. Wells
q. +. llsley, Charles. Ray and Sam Mar
shall. Senator Philetus Sawyer, John
II. Tweedy, j. r. Brigham and A. C.
May are interested, but not to tho same
extent as the other capitalists. Horace
Rubles is interested both pecuniarily
and as editorial manager. The syndi
cate has invested heavily in their news
paper enterprise, and probably much
more heavily than they originally in
tended. The outfit of the Republican
and News probably cost $4,000. it,
running expenses over and above its re
ceipts. since it was started Jan. /, 1881
have been over $4,000: total cost of the
Republican, thus far, $4,000. The Sen
tinel cost more. They paid on the sales
Just closed $4,000. There is blanket
mortgage of $4,000 on the Sentinel.
real and personal property; total cost Of
the Sentinel $4,000. Total cost OF
both Sentinel and Republican $2OO,0oO
1t will require the bost editorial ant
business management and extraordinary
good luck to make this paying invest
ment. But the gentlemen composing
the syndicate are able to carry it whe
Their it yields dividends or not, and vii
have the satisfaction of controlling the
morning city press and of giving to The
public an able, decent, dignified and ex
smplary Journal.
The consolidated paper is called the
Republican Sentinel, and tho first mum
Der was issued Monday morning.