The Indianapolis journal., 1899-07-14
MAJ. RICHARDS'S SHARE
THE NEWS SALE PRINCIPALS MEET
WITH JUDGE M'MASTER.
One-Third Of S4O5, 600 Must BE Paid
Before the Sale Is Con.
frmed.

Charles r. williams and Delavan Smith.
the owners Of the News; w. j. Richards.
the retiring partner; Hilton U. Brown, the
receiver Of the paper, and Judge McMaster,
Of the Superior Court, met yesterday MORN
ing and the terms by which Major Richards
is to be paid for his share Of the News
were arranged. The sale was not confirmed
by the court because the cash with which
to pay Major Richards was not at hand.
The exact amount Major Richards will re-
ceive is $405, 600, 43 1-3 per cent. Of the pur-
chase price. One-third Of this sum must
be paid before the court approves the sale,
and the drafts for this amount-$l35,0 100
are expected to arrive this morning. IT
they do the sale will be approved before
the day is spent. The remainder-$21O, 400
is to be paid in four equal installments of
$S7, 600 at intervals of three months, the last
falling due at the end of one year.
The security is the notes Of the owners
of the paper backed by a mortgage, and If
the first payment should be defaulted the
mortgage would Immediately fall due and
could be foreclosed for the whole amount.
Further than this, it is the courts order
that the owners of the paper insure the
plant, and the policy must be assigned to
Major Richards.
plans were unsettled. He declined to talk
of the statement made that he intended
starting new afternoon paper. He does
not contemplate taking trip at this time
and will spend most OF his time az MS
said the management Of the paper would
continue as 1t has with the exception, OF
course, of the business manager, but the
man to take Major RichardSs place had not
yet been decided. 1t is known that Major
Richards and Mr.. Williams have been more
than satisfied with the manner. in which
Hilton U. Brown, the receiver, directed the
business of the paper. Mr.. Brown has been
city editor of the paper.
Mr.. Williams said yesterday that so far
as he knew no evening paper In the coun-
try had ever sold for so large price as
that paid for the News-S936,000 The New
York Evening Post sold for 5000 he said,
but to his knowledge no other afternoon
paper had commanded nearly that amount.
In an editorial in the News yesterday 1t
was said; The 1.-The price at which the paper
mark. To an outside purchaser it would
have been a reckless venture. But in view
Of what he
to them an investment Of only some $5oOOOO,
and that, all things considered, Is a not
unreasonable valuation of the paper"
Receiver Brown filed his formal report of
the sale of the News with Judge McMasteT.
The document states that, acting under or
tees of the sale Of the paper in the In
dianapois News, Chicago Tribune, st. Louis
Globe-Democrat, Cincinnati Enquirer, New
York Tribunte and New York Herald, and
that the sale included not only the paper
and the plant, but ''all debts and accounts
due the partnership and all books of ac-
counts and other evidence Of such indebted
ness and all advertising contracts. Also all
contracts for the dissemination of news,
membership and stock in the. Associated
Press, so far as the same could be made
subject to sale or transfer, either as owned
by the partnership or as incident to the pub
lication Of the paper" Although Judge Nc
Master said he would confirm the sale, no
formal entry was made yesterday.