President Warren G. Harding Considers selling his Newspaper "The Marion Star" while in Office, 1922
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A000579
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Warren G. Harding twenty-ninth President of the United States [1865 – 1923, served from 1921]; favored a “return to normalcy’ after World War I; his administration suffered from corruption of officials appointed by him; died mysteriously while on a speaking tour. Earlier a newspaper publisher and U. S. Senator.
A fascinating group of six [6] Typewritten Letters Signed “Warren G. Harding” as President. Each about 1-page small 4to, on White House stationery 09/1922 through 11/1922. He writes to Mr. John Griffiths, a dealer in newspaper publishing equipment in Poughkeepsie, NY about the sale of the Marion Star, the newspaper he published before beginning his career in politics. In response to an inquiry about the sale of the paper for $350,000, he explains that “Twenty-five per cent of the stock holding in the paper are held by the young men who are now making it a greater business success than I was able to do…I would not think of pursuing any course which not meet with their cordial approval…”
On 09/30/1922, he clarifies that the person making the purchase [who is not named] should come to Washington to discuss terms. He makes it clear that other than the over 75% he owns, those who run the paper hold “approximately $19,5000.00 par. Of course, none of them desire to sell.” He will not let go of his shares unless they are treated properly, noting that the paper is “very successful.”
On 10/05/1922, he refers to the would-be purchaser, Mr. Ernest L. Owen, whom he knows “from his early days in the newspaper business at Marion.” However, Owen receives a telegram from Owen that “banking conditions” in Marion make the deal impossible and sends it [present in group] to the President, who answers that, “I would not care to entertain any proposition which did not provide for cash payment, so I would be completely relieved of all interest.” Griffiths then learns that payment can be arranged by using banks outside Marion.
After the President expresses unease that the sale might be discussed with Marion bankers, he told that the deal was undertaken with complete discretion, to which Harding replies, “The assurances conveyed in your letter are very ample.”
All typed letters are accompanied with “The White House” envelopes. Four carbon copies of Griffiths’ typed letters to Harding, as well as two holograph drafts, two Western Union telegraphs and a card with shorthand notes. All the Harding material is lightly soiled and otherwise VG; while support items are all quite fragile and toned.
The President complete the sale over the next few moths and it passed over the decades through various hands. Currently it is owned by the Gannett Company.
Harding purchased The Marion Star for $300 (the modern-day equivalent of $3818) and later sold it for $550,000 (the modern-day equivalent of $7,000,000). Surely the money involved was intended to prepare for a comfortable retirement but unfortunately for Harding, tired of the stress and scandal of the presidency at 58 years old, sadly would not live to enjoy it, dying unexpectedly just a few months after completing the sale.
A fascinating group of six [6] Typewritten Letters Signed “Warren G. Harding” as President. Each about 1-page small 4to, on White House stationery 09/1922 through 11/1922. He writes to Mr. John Griffiths, a dealer in newspaper publishing equipment in Poughkeepsie, NY about the sale of the Marion Star, the newspaper he published before beginning his career in politics. In response to an inquiry about the sale of the paper for $350,000, he explains that “Twenty-five per cent of the stock holding in the paper are held by the young men who are now making it a greater business success than I was able to do…I would not think of pursuing any course which not meet with their cordial approval…”
On 09/30/1922, he clarifies that the person making the purchase [who is not named] should come to Washington to discuss terms. He makes it clear that other than the over 75% he owns, those who run the paper hold “approximately $19,5000.00 par. Of course, none of them desire to sell.” He will not let go of his shares unless they are treated properly, noting that the paper is “very successful.”
On 10/05/1922, he refers to the would-be purchaser, Mr. Ernest L. Owen, whom he knows “from his early days in the newspaper business at Marion.” However, Owen receives a telegram from Owen that “banking conditions” in Marion make the deal impossible and sends it [present in group] to the President, who answers that, “I would not care to entertain any proposition which did not provide for cash payment, so I would be completely relieved of all interest.” Griffiths then learns that payment can be arranged by using banks outside Marion.
After the President expresses unease that the sale might be discussed with Marion bankers, he told that the deal was undertaken with complete discretion, to which Harding replies, “The assurances conveyed in your letter are very ample.”
All typed letters are accompanied with “The White House” envelopes. Four carbon copies of Griffiths’ typed letters to Harding, as well as two holograph drafts, two Western Union telegraphs and a card with shorthand notes. All the Harding material is lightly soiled and otherwise VG; while support items are all quite fragile and toned.
The President complete the sale over the next few moths and it passed over the decades through various hands. Currently it is owned by the Gannett Company.
Harding purchased The Marion Star for $300 (the modern-day equivalent of $3818) and later sold it for $550,000 (the modern-day equivalent of $7,000,000). Surely the money involved was intended to prepare for a comfortable retirement but unfortunately for Harding, tired of the stress and scandal of the presidency at 58 years old, sadly would not live to enjoy it, dying unexpectedly just a few months after completing the sale.
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