Evening star., 1948-07-23
Voting Stock Of Post
lis Transferred 10
MIR. and Mrs. Graham

Mr.. and Mrs. Graham
Voting stock Of the Washington
Post has been transferred to Mr.. and
Mrs. Philip L. Graham, and COM
mittee Of five has been named to
approve any future changes of con-
troll, Eugene Meyer, chairman Of the
board, announced today.
Mr.. Graham, president and pub
Usher of the Post, is Mr.. Meyers
son-in-law.
The announcement said nonvot-
ing stock continues to be held by
Mr.. and Mrs. Eugene Meyer.
Members of the committee are:
Chester I. Barnard, president of
The Rockefeller Foundation.
James B. Conant. president of
Harvard University
Colgate w. Darden, jr., president
of the University of Virginia.
Chief Justice Bolitha J. Laws of
The District Court here.
Mrs. Millicent c. Mcintosh, dean
of Barnard College, New York.
Mr.. Meyers Statement.
Mr. Meyer stated:
"Mr. Graham has been associated
with me in publishing The Wash
ington Post since his release from
the Army at the beginning of 1916,
and for the past two years he has
been in direct charge of its affairs as
publisher. Mrs. Graham has worked
in various departments of the paper
over the last 10 years. I am con-
fident that, under their control, the
paper will adhere to its principles
of independence and public service
"It is the joint concern of Mr.
and Mrs. Graham and Mrs. Meyer
and myself that the Washington
Post shall always serve those prin-
ciples. The committee has beer
established so that any control OF
the Post subsequent to that of Mr.
and Mrs. Graham will also be deter
mined by loyalty to the same ideals
1t is our purpose that the control OF
the Post shall be treated as public
trust, and that it shall never be
transferred to the highest bidder
without regard to other considera-
tions.
When I acquired the Washing
ton Post, after experience in buSi-
ness and long Government service
I was aware of the power and re-
sponsibility of newspaper This
awareness has been sharpened by
the daily work of running a news
paper To survive, a newspaper
must be commercial success. At
the same time, newspaper has a
relation to the public interest which
is different from that of other COM
mercial enterprises. This is more
than ever apparent in these days
when our free institutions are under
their severest trial. and closest
scrutiny.
'"The citizens OF a free country
have to depend on a free press fo1
the information necessary to the
intelligent discharge of their duties
of citizenship That is why the
Constitution gives newspapers ea.
press protection from Government
interference. The authors of the
Bill of Rights considered any Gov
Iernment interference with the press
incompatible with American ideas
of freedom and liberty. 1t is also
possible for the public interest tc
be defeated by the way newspaper
is conducted since the principal
restraint upon a newspaper owner
is his self-restraint. I am confident
that the appointment of this COM
mittee will assure the Post a man.
agement conscious of its public
responsibility"
Incorporation Articles Amended.
The committee has been estab-
lished under newly amended articles
of incorporation of The Washington
Post Co., a Delaware corporation
The amended articles, filed this
week, provide that the object of the
Company is to publish the Wash
ington Post "as an independent
newspaper dedicated to the welfare
of the community and the nation
in keeping with the principles of a
free press"
The articles further provide that
voting shares of the company shall
only be transferred to persons who
are considered by the committee to
hold this view of the newspaper s
function. The committee is given
absolute discretion" to approve OF
disapprove any persons to whom it
is proposed to transfer voting shares
Committee members are appointed
for life. In case of death or resig-
nation of a member, a successor
is to be appointed by the remaining
members.
No Authority Over Policies.
Mr.. Meyer further stated:
The comittee has no authority
over or responsibility for the policies
or operations of the Post. Mr.. and
Mrs. Graham will have full control
so long as they own the voting stock,
which hope will be for long time
This should insure the maintenance
OF those principles which have been
developed by myself and my asso-
ciates over the past Is years.
THE sole duty of the present
committee members or their success
sors is to provide a disinterested
group for approving any subsequent
owners of voting shares of the Post.
In selecting the committee, I at
tempted to give representation to
the national and local communities
because of the dual responsibility
of newspaper in the Nations Capt.
tai. Whenever the present commit
tee members or their successors may
be called upon to approve a new
owner of voting shares of the Post,
am sure they will particularly seek
the advice of members of the Post S
staff as well as that of other COM
petent newspapermen."
Communications Strike
Is Ordered in Greece