Eugene Meyer Bought Post 50 Years Ago
Eugene Meyer
The buyer was  Eugene Meyer  a wealthy Republican who had recently resigned as governor of the Federal Reserve Board after 16 years in government posts .  Meyer  who died in 1959 at 83   was the father of Katharine Meyer Graham  who is today chairman of the board of The Washington Post Co. One of  his  grandchildren  Donald E. Graham  is now publisher of The Post.
Hamilton went inside the building to write a check for the additional $75 000  then left saying only that the new owner would continue to publish the paper.  Eugene Meyer's  identity as that new owner was not disclosed for 12 days more  until court confirmation of the sale.
Under the court order  the buyer was to pay $500 000 of the purchase price at once and the remainder in two equal yearly installments. Instead   Meyer  paid the total at once.  He  established The Washington Post Company with paid-in capital and surplus of $1 250 000  with  himself  as president   his  wife  Agnes Meyer  as vice president and Floyd R. Harrison  his right-hand man  as secretary-treasurer.
After the sale confirmation  Hamilton went to The Post building where he found  Meyer  already drafting an announcement of his ownership for Page 1 of the next morning's paper of June 13. It included this statement:
 Eugene Meyer 's gamble half a century ago has become one of America's great success stories. CAPTION: Picture 1  Conducting the auction was Vernon G. Owen with notebook. To his right was Eugene Meyer's lawyer  George Hamilton Jr.  wilt felt hat and handkerchief. By Arthur Ellis -- The Washington Post; Picture 2  The newsroom of The Washington Times-Herald was nearly empty one night in 1954 when the paper was bought by The Post. UP; Picture 3   Eugene Meyer  and his son-in-law Philip L. Graham look over the first edition of the combined Post and Times-Herald in 1954. Harris and Ewing; Picture 4  The Post's E Street building and other physical assets were worth perhaps $100 000.
The buyer was   [TGT]  .   [TGT] was the father of Katharine Meyer Graham  who is today chairman of the board of The Washington Post Co. One of  his  grandchildren  Donald E. Graham  is now publisher of The Post.
Hamilton went inside the building to write a check for the additional $75 000  then left saying only that the new owner would continue to publish the paper.   [TGT] identity as that new owner was not disclosed for 12 days more  until court confirmation of the sale.
Under the court order  the buyer was to pay $500 000 of the purchase price at once and the remainder in two equal yearly installments. Instead    [TGT] paid the total at once.   [TGT]   established The Washington Post Company with paid-in capital and surplus of $1 250 000  with   [TGT]   as president    [TGT]   wife  Agnes Meyer  as vice president and Floyd R. Harrison  his right-hand man  as secretary-treasurer.
After the sale confirmation  Hamilton went to The Post building where he found   [TGT] already drafting an announcement of  [TGT]  ownership for Page 1 of the next morning's paper of June 13.  [TGT]  included this statement:
 Eugene Meyer 's gamble half a century ago has become one of America's great success stories. CAPTION: Picture 1  Conducting  [TGT]  was Vernon G. Owen with notebook. To his right was  [TGT]  lawyer  George Hamilton Jr.  wilt felt hat and handkerchief. By Arthur Ellis -- The Washington Post; Picture 2  The newsroom of The Washington Times-Herald was nearly empty one night in 1954 when the paper was bought by The Post. UP; Picture 3   Eugene Meyer  and his son-in-law Philip L. Graham look over the first edition of the combined Post and Times-Herald in 1954. Harris and Ewing; Picture 4  The Post's E Street building and other physical assets were worth perhaps $100 000.