The New York herald., 1922-09-04
HOW LONDON TIMES
MAY BE DIVIDED
Walter Family Has Option on
Shares by First North
cliffe Will.
BY SECOND GO TO WIDOW
Matter Expected to BE Adjust
ed by Intervention Of
Lord ROthermere.

Special Gable to THE NEW YORK HEsAtn.
Copyright, 1929, bp THE New YORK HERALD.
New York Herald Bureau.
London. Sept. 3.
With negotiations proceeding hopefully
for an amicable settlement OF the North
cliffe will dispute. the chief interest
ownership of the Times and other
Northcliffe publications. Reports that
a settlement already has been reached
are definitely known TO be at least
premature. but the negotiations have
reached an advanced stage due largely
to the Intervention Of Lord Rother-
mere. brother of the late Viscount
Northcliffe, who is persona grata with
all parties concerned.
Friends OF the family feel more hope
full because the question Of annuities
seems to have been satisfactorily ad-
justed, and every effort Is being made
to prevent long drawn out legal ngnt,
which would certainly be OF great inter-
national as well as national Interest put
would lead to such avenues as would
be likely seriously to cripple the mold
ings. If an adjustment which neutral
ICES the two wills is reached within the
next few days. 1t will simply be SUD
mitted to the probate court for approval.
Division OF shares.
The developments have given rise 10
the further conjecture whether Lord
Northcliffe at the time OF his death
held the Walter interests or whether
they were bought back by the Walter
family shortly before Lord Northcliffes
death. Lord Northcliffe is now believed
10 have held 50.697 ordinary shares In
Guiding those OF the Walter family, out
OF a total OF $4,000, the other chief
holder being Sir John Ellerman, the
wealthy ship owner :,
The legal position is such that ordi-
nary shares can only be transferred to
persons who already are ordinary share
holders and II one intends to transfer
his shares and Is unable to come TO
terms with one holder he must offer the
shares which he desires to sell to all
the others holding shares In proportion
TO the number held by them. A comph-
cation arises from the understanding
that the first will gave the Walter IN
terests the right by preemption TO Sc
cure the shares held by Lord Northciiffe.
Ownership at Stnkc
II the second will stands-;he allega-
ton Is that when Northcliffe executed ~
he was Of unsound mind and therefore
incapable OF making a will--Lady North
cIiffe as the sole executrix takes the es-
tate without any Limitation and would
become the proprietor OF the Times. On
the other hand. IL the first will stands
the shares probably will pass TO the CON
troll of the Walter family.
Lord Northcllffe frequently declared
hia intention OF making provision 10
prevent his newspapers from pas 1ng
into the hands of any political or fi.ian-
cial group and probably, has carried out
this intention. 1t is regarded as certain
In Fleet Street that Lorth Rothermere
will acquire his brothers shares In the
Daily Mail Campbell Stuarts resigna-
ton from the nominal editorship or the
Mail IS taken TO mean that his interests
will be divided. 1t is also considered
highly probable that owing 10 the deah
Of Lord Northcliffe the price OF the
Times cill be raised to two pence in
stead OF the present price Of three half
pence, with the Daily Telegraph follow
ing. making both the same price as the
Morning Post, which did not meet tne
reduction.