Evening star., 1933-06-01
Hearst Representative Stops
at $500, ,0OO-Paper viii
Go On Publishing.
MRS. M'LEAN OFFERS
$500, 600 FOR PAPER
Reported to Have Planned to Sell
Jewels, Including Hope Diamond,
to Raise Sum.

The Washington Post. for Sc years
one Of the National Capitals outstand-
ing daily newspapers, was sold at public
auction today for ss25,00o to George
Z. Hamilton, jr, local attorney repre-
senting an undisclosed principal.
Mr.. Hamilton said he would not be
able to disclose the identity Of the man
he represented for several days, but
gave assurance that the new owner
would continue to operate the paper.
There was an unconfrmed report that
he was acting for prominent member
of the Republican Party.
Hearst Bids SSo0,00o.
A representative Of William Randolph
Hearst, publisher of chain of papers
including the Washington Herald and
Times, bid up to 100000 for The
Post.
Mrs. Evalyn Walsh Mclean, estranged
wife of the former publisher Of the
paper, stopped bidding at 100000. shI
was represented by Attorney Nelson 4
Harrison. Mrs. Mclean is reported to
have offered her jewels, including the
famous Hope diamond, for sale In an
effort to raise the money necessary II
keep Tie Post in the Mclean family
The Post was ordered sold at public
auction after the International PapeA
Co., one Of its largest creditors, had
secured the appointment Of Benjamin
s. Minor as receiver through a pro-
ceeding in the District Supreme Court.
Although the paper company had quail
lied as bidder, its representative did
not submit bid.
Must Pay s5o0,o0o at Once.
The buyer Of the Post Is required To.
pay 100000 Of the purchase price at.
once and the balance In two equal
yearly installments. Mr.. Minor said
the bid would be submitted to the cosirt.
for ratification as soon as possible.
After Auctioneer Thomas J. Owen
had read the terms Of the sale and de-
scribed the property bid Of s25o.o00
was submitted by Rascora TimmcnE.
who declined to rsyeal whom ne repre-
Mr.. Harrison junaped the bid I'd $780,
600 Mrs Mclean, who vas member
OF the throng gathered about the EN-
trance to the Post Building, followed
the bidding anxiously She was wearing
the Hope diamond, having anuarentiy
been unable to sen it tn hr enorts to
raise purchase money.
". ". McNitt, another qualified bid
der, was present, but also refused to
disclose the identity of his principal
Mr.. Hamilton's first bid was for $780,
900. Mr.. Harrison went to $525, 900 and
Mr.. Hamilton immediately made it $575,
600. Mr.. Harrison then said $500 900, his
last bid. The bidding then went to
&x1 -
bidders at this stage being Mr.. Hamilton
and Geoffrey Conta, who was identified
as representing the Hearst interests.
Harrison Has Conference.
After the closing bid of s8S5 900 by
Mr.. Hamilton, Mr.. Harrison asked the
auctloneer to wait q minute He went
into the lobby of the building, where he
conferred with Mrs. Mclean Hamilton
meanwhile nervously eyed his wrist
watch and urged the auctioneer to pro-
coed with the sale. In moment Mr..
Harrison came back and shook his head.
The auctioneer called again for bids
and when none was forthcoming de-
clared the paper sold for $S25, 600.
Mr.. Hamilton and Mr.. Minor retired
to an inside Office where the former
paid an additional $75,0o0 as required
by the court order
George B. Fraser, counsel for Edward
B. Mclean, publisher OF the Post before
he was removed by court order, was
present, but did not participate in the
bidding. It was not believed any bid
was submitted on behalf Of Mclean,
who is now in Montreal. Quebec.
Debts Approximate S70o,0o0.
In opening the auction, Mr.. Owen
ovY 10 &.-f
purchase might be rescinded II the sale
was not ratified within 80 days. He
also stated the purchaser win assume
liability for approximately s9,700 Of
prepaid subscriptions Taxes, rent and
insurance win be adjusted as Of the
date of sale.
It was announced that the receiver
will continue to operate the paper until
the new owner takes possession, after
ratification
During the hearing on the appoint
ment Of receiver it was brought out
that the Posts debts approximate $780,.
900. These. with the exception Of the
prepaid subscriptions. viii be assumed
by the Mclean estate.
Established In 1877.
The Post was established on T)ecem-.
Der 6, 1877, by Stilson Hutchins, who
operated it successfully for many years.
1t changed hands before his death and
On October 8, 1905, it was acquired by
John r. Mclean, who operated 1t until
MS death In 1916. His viii named his
son, Edward B. Mclean, and the Amer
Ican Security & Trust Co. as co-trlsteex
,f his estate.
The son took over the management
Of the paper, and under his guidance
It became strongly Republican in policy.
It started as a Democratic paper, and
was, for while, known as an inde,-
pendent
Edward B. Mclean was removed as
co-trustee, in so far as any connection
with the paper was concerned, at the
request of the trust company, which
claimed he was neglecting his duties.
The trust company was also an active
of the sale, asserting that
The paper for some time had been los-
ing about $5 200 q week and was
proving serious drain on the balance
1f the estate.