Evening star., 1931-06-16
HEARST REGARDED
IN FIELD FOR POST
IF CASH is OFFERED

CONTINUED From First Page.)
but it was added that any OFFER on her
part was very remote.
Another factor In the disposal Of the
paper was the presence at yesterdays
hearing Of Charles @. Caldwell. for
merly general counsel for the Federal
Radio Commission. There was an un-
derstanding that Mr.. Caldwell came in
as the representative Of Mrs. Eleanor
Patterson, editor Of the Washington
Herald. but he refused any comment.
He did deny, In answer to q question,
that he represented the Chicago Trib-
une. Mr. Caldwell said that he was in
position where he could "say nothing" !"
It was said that he took no part in
yesterdays discussion.
Petition Filed Yesterday.
The petition for the sale to Law
renee was filed Immediately upon con-
cluSion of yesterdays meeting by ]. S.
F1annery, associated with Wilton j.
Lambert as counsel for the trustees,
who are Edward Beale Mclean and the
American Security & Trust Co.
The petition set out that the sale is
considered for the best interests of all
involved, and its provisions were agreed
to by Lucien n. Mercier and Ralph K.
Quinter, guardians ad Item for the
three Mclean children, who filed .
report with the court.
There was an indication that had
not the representations been made on
behalf Of Hearst. the proposed sale to
Lawrence would have come up Yin open
court today.
In granting the delay, the way was
paVed for any other offers prior to and
at tomorrow's hearing.
"Since 1924" the petition says, "the
Post has been an unproductive asset.
In common with all the newspe perS Of
the country 1t has suffered q loss OF
revenue because Of the business depres-
sion and other causes which have af-
fected its advertisers, has had to con-
tend with increasing competition from
other local newspapers, the radio, etc.; /;
has carried the burden Of increased op-
Grating costs and has been unable to
make necessary improvements and addi-
tons to It's plant and equipment to en-
able 1t to successfully meet the demands
Of its readers and advertisers and 9TH
erwise maintain its position in the
newspaper field."
Estate Also Drained.
The Mclean estate, Of which 1t is
to make expenditures for the benefit
Of the washington & Old Dominion
Railway, and for the Cincinnati En-
quirer, another Mclean paper, which,
with other financial difficulties render
It difficult for the estate to finance the
large and extensive additions and i'm
provements needed by the Post"
The purchase would be made In the
name Of David Lawrence, Inc, a cor
poration organized under the laws Of
the District Of Columbia. The offer
from Lawrence attached to the petit
ton, however, reserves the right to
substitute as purchaser "a corporation
organized under the laws of the Dis
trict Of Columbia or the State Of Dela-
ware, having the corporate name Of
David Lawrence Publications, Inc"
Lawrence also publishes the United
States Daily and is president Of the
Consolidated Press.
The offer was made under date of
June and accepted June 6 in the
names of Edward Beale Mclean and
Corccran Thorn, president Of the Amer
lean Security g. Trust Co.
Associated Press Member.
The purchaser gets the Associated
Press membership Of the Post and also
contracts to take over on assignment
or suitcase the Post property on z
street at Pennsylvania avenue.
Those who participated in yesterdays
conference were: Lambert, Flannery,
George Edelin, of counsel for Mclean;
w. r. Wiley, business manager Of the
Cincinnati Enquirer: Thorn: Frank j.
Hogan, Nelson T. Harrison and Albert
w. Fox of counsel for Mrs. Mclean;
Mercier, Quinter, Douglas, Konta, Cald-
well and w. w. Spalding, counsel for
Lawrence.