The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-22
Mr.. OCHS BUYS
PUBLIC LEDGER
Over Two Million Dollars In
volved in Transaction
WILL NOT CHANGE POLICY
Is One of the Oldest and Most Prosper
Gus Papers In America--Was
Founded In PhiladeI-
phia In 1886.
WILL NOT CHANGE POLICY

Philadelphia July H.-The Philadelphia
Public Ledger was today purchased by
Aldoph S. Ochs from George w. Childs
Drexel and the Drexel estate, and pos
session was at once given Mr.. Ochs. The
purchase includes all of the Public Led
ger estate comprising about half a block
of improved property on Chestnut and
Sixth streets, facing Independence Hall.
The price paid is not made public. but
1t is stated on good authority that over
two and one-quarter million dollars are
involved in the transaction.
Mr. Ochs has no associates in the
transaction except that a substantial in
terest has been acquired by James M.
Beck, of Philadelphia, who represented
the purchaser in the negotiations. There
is no underwriting and with the excep-
ton of Mr.. Becks interest, Mr.. Ochs
is the sole owner. The new owners say
there will be no radical changes in the
appearance or policy of the Public Led
ger. Mr.. Ochs is the princip;l owner of
the New York Times. Philadelphia Times
and Chattanooga Times. When asked if
the Philadelphia Times, which is now be-
ing successfully conducted by his broth
er George w Ochs, is to be consolidated
with the Public Ledger, replied:
Not at present perhaps not at ALL"
The Philadelphia Public Ledger is one
of the Oldest and most prosperous news
papers in America. 1t was established in
1896; from 1864 to 1894 was conducted by
George w. Childs. 1t passed to the owner
ship of the A. ]. Drexel estate when Mr.
Childs died and has been conducted up
to the day of sale by George w. Childs
Drexel one of the trustees Of the es-
tate
Mr. Ochs' newspapers are all independ-
ent in polite, and stand for the higher
ideals of Journalism The Public Ledger
was notably so conducted by George w.
Childs and his successor and George w.
Childs DrexeI consequently the changes
promptly made in the style of the Phil
adelphia Times when its ownership
changed year ago are not necessary in
the Public Ledger.
L. Clark Daily will continue as Its edi-
tor and John Norris, of the New York
Times will act for the present as busi-
ness manager.
In connection with the above announce
ment Mr. George w. Childs Drexel au-
thorized the following statement:
THE property has never been In any
way offered for sale AS 1t is now and
has been for many years very profitable,
the trustees never even considered the
question of possible until overtures were
made by Mr.. Ochs. They were impressed
with the fact that the dignity and sue
csss which Mr.. Ochs had conducted his
other newspaper enterprises gave an as
surance that the property would be safe
In his keeping and in no way lose its
character and prestage as one of the es-
tablished institutions of Philadelphia.
1.-The subsequent negotiations were con-
Quoted on both sides with candor and
fairness, and result reached which was
mutually satisfactory. The property
passes to the purchaser with the cordial
good will of the trustees and heirs of the
late Anthony ]. Drexel."