Word: mccormick
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...papers came to complete agreement on one of the biggest newspaper deals in U.S. history. For $8,500,000 the Post's Board Chairman Eugene Meyer, 78, bought the ailing (estimated $500,000 loss last year) Times-Herald from its ailing publisher, Colonel Robert R. (Chicago Tribune) McCormick, 73. The purchase gave the Post a monopoly in the capital's morning field...
...Changeover. "Bertie" McCormick had good reason to sell. Ever since he bought the T-H for $4,500,000 in 1949 (from seven of the paper's top executives, who had been willed the paper by McCormick's cousin, Cissy Patterson), he has had trouble with it. McCormick transformed it from a racy, sensational, popular daily into a paper much like his Chicago Tribune, to bring "the United States [i.e., the colonel's isolationist view of the world] to Washington...
...colonel was having problems with the rich Trib, whose circulation has fallen 17.6% from its 1946 peak. Two months ago, Post Chairman Meyer, who had tried to buy the T-H before, heard that the colonel was fed up with the Times-Herald and dispatched an emissary to McCormick's winter home in Boynton Beach, Fla. to sound him out about selling the paper...
...meet his father-in-law, returning from a Jamaica vacation, immediately started a series of meetings to buy the paper. Meyer insisted from the beginning that the negotiations be kept a complete secret and that there be no haggling over the price. He offered $8,500,000 (the price McCormick paid for it plus $4,000,000 that had gone into a spanking new T-H annex and equipment...
...whirring, horse-drawn reaper lurched through a field of grain on a Virginia farm one day in 1831. Beside it marched two men, one white, one black. The white man was Cyrus McCormick, inventor of the first practical reaper. The Negro was his slave Jo Anderson, whose devoted work had helped perfect the machine. In the 123 years since, Inventor McCormick's International Harvester Co. has not forgotten the way its founder and Jo Anderson worked together. This week, in Manhattan, the National Urban League honored International Harvester with its "Industrial Statesmanship" Award for the company's steady...