Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-05-28
SALE Of THE POST
BELIEVED LIKELY
Deal Depends on Satisfactory
Bids and Carrying Out
of Agreement.

The Washington Post will be sold If
a satisfactory bid is received for it and
If Edward Beale Mclean, its president
and publisher, goes through with the
agreement to divest himself Of the
power under his fathers will Of vetoing
any sale of the paper, it was learned
from an authoritative source today.
Mclean, through his attorneys, yes
terday voluntarily relinquished all con-
nection with the newspaper. which is
a part of the estate of his father, John
R. Mclean. His formal resignation
now is in order, and the receipt Of that
will pave the way for Justice Jennings
Bailey of District Supreme Court to
enter a decree in the suit Of his es-
tranged wife, Mrs. Evalyn Walsh Nc
Lean, to GUST him as co-trustee Of the
estate.
Justice Bailey announced he would
sign the decree two weeks from yester-
day if Mclean has carried out his
agreement made in the stipulation
signed by his attorneys yesterday.
Several Bids Predicted.
Several bidders are in the market for
the Post, it was said. A year ago VIII
liam Randolph Hearst and David Law
renee each made bids to buy the paper.
The price at that time was 100000.
of which 100000 was to be in cash,
the remainder in bonds against the Post
property.
The sale of the paper will be at the
discretion of the American Security &
Trust Co.. which will have sole charge
of the paper upon entry of the District
Supreme Court decree.
1t is understood that, in the interests
of the estate, the Post, described by
Corcoran Thorn, president of the Ameri-
can Security g. Trust Co., during Mrs.
McLeans suit, as an "unproductive as
set" of the estate, will be sold primarily
to relieve the estate of the losses it has
incurred since 1924 from the operation
of the paper.
With the presidential campaign COM
ing on, it was forecast today there will
be active bidding for the paper. Some
of the bids that have been tentatively
made so far, The Stars informant said,
are of a somewhat irresponsible char
acter," put several wealthy persons and
known TO be in the market for the paper
and to be willing to pay we'll for it.
During the trial of Mrs McLean's
suit the Post was described as in need
of considerable rehabilitation. McLean's
attorney, Julius !. PeySer, at that time
however, said If S500O0O were spent on
the paper 1T would be bowling sue
cess"
The stipulation signed yesterday by
Mr. McLean's attorneys follows:
1T is hereby stipulated and agreed
by and between the parties hereto. by
their respective attorneys of record:
That the defendant. Edward B. Nc
Lean, resign forthwith and Immediately
from the Offices he now holds as pub
Usher of the Washington Post news
paper and as president and member
of the board of directors of the Wash
ington Post Co.
That upon the acceptance of the
designations of the said Edward B. Nc
Lean by the proper parties, decree
shall be entered by the court in this
cause, by consent Of the parties, without
findings Of fact, limiting and restrict
ing the authority and responsibility OF
the co-trustee, Edward B Mclean, so
as to exclude therefrom the Washing
ton Post Co. and all matters relating to
the newspaper known as the Washing
ton Post
That the decree shall further con-
tain provisions that Edward B. Mclean
shall have no power, authority or re-
sporsibility, directly or indirectly, to
vote of control of the stock of the
Washington Post Co., or any part
thereof
That said decree shall further con-
tain provisions that Edward B. Mclean
shall have no voice in the management,
operation, sale or lease of said corpora
ton or said newspaper, directly or
indirectly.
Would Dismiss Suit.
THAT said decree shall contain a
further provision that, except in so far
as may be necessary to support the
decree to be entered in accordance with
this stipulation, the bill of complaint
flied herein on October 7, 1881 Mrs
McLean's suit), shall be dismissed
without prejudice.
THAT SAID decree shall contain a
further provision that the costs of this
suit legally taxable herein shall be paid
by the defendant. Edward B. Mclean.
1T is further stipulated that the res
ignations of the said Edward B. Mclean
referred to in paragraph / shall be
submitted to the proper parties within
two weeks of the date hereof"
In signing for the American Security
&, Trust Co, Attorney John S. Elan
merry wrote in the notation:
No objection except that condition
of trust estate requires immediate &C
ton"
Mai. Peyser said that he had talked
with Mr.. Mclean by long distance tele-
phone several days ago. but that he
cid not indicate whether he would re-
turn to Washington personally to ten
der his resignation. or whether he would