Word: cincinnati
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Dates: during 1950-1959
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...When the Cincinnati Times-Star offered to buy the 111-year-old Cincinnati Enquirer for $7,500,000 five months ago, the deal seemed as good as signed. Washington's American Security & Trust Co., trustee for the Enquirer ever since Owner John R. McLean died in 1916, was glad to sell at the top of the newspaper market. For his part, Times-Star Publisher Hulbert Taft, 74-year-old cousin of Senator Bob Taft (who owns a 5% interest in the paper), knew he was getting a good buy. The Enquirer is not only Cincinnati's biggest...
...hunt for outside capital, were forced to do most of their fund-raising after the paper was put to bed. During working hours, Ratliff himself dug up a series of beats on a local income-tax scandal that resulted in an indictment and a jail sentence for a Cincinnati doctor, Sidney Lange (TIME, April 21). But he was less successful with his own financing case...
...debt. As a clincher, they offered to pay $7,500,000 in cash. The argument won them a delay. Soon Ratliff went back to the court with an agreement from Halsey, Stuart & Co., investment bankers, to issue $6,000,000 in bonds to help buy the paper. A Cincinnati brokerage house also offered to underwrite a $1.5 million stock issue. The money would be cash on the barrelhead, said Ratliff, where the Times-Star offered only $1,250,000 down. The Times-Star countered that its offer was solidly backed by Times-Star bonds; the offer of Ratliff...
Brooklyn 6 (Roe), Cincinnati...
...likely most of them, too upset by the trade, missed the item that told of Willard Marshall's sale to Cincinnati. Marshall, of course, was one of the features of that loudly-praised 1949 deal with the New York Giants...