The Press: The Power of a Woman

Last month, when Newspaper Publisher Samuel Newhouse bought a 15% slice of the Denver Post, it seemed certain that that was only the beginning. In the process of acquiring 14 newspapers, Newhouse has never been content with less than full possession, and before leaving Denver he hinted broadly that he planned eventually to own 100% of the Post. But Newhouse reckoned without the power—and the fury—of a woman.

That woman is Mrs. Helen Bonfils Davis, a 20% Post stockholder and elderly daughter of the late Frederick G. Bonfils, who with Harry H. Tammen, his partner, built the Post into the gaudiest and most successful daily west of the Mississippi. Before Mrs. Davis' outraged eyes, Outsider Newhouse had committed two unpardonable sins. One was to covet her father's paper, about which Mrs. Davis harbors a passionate sense of proprietorship. The other Newhouse sin was to buy his 15% from Helen's older sister, May Bonfils Stanton.

The two sisters have not been on speaking terms for years. Mrs. Davis, who takes an active interest in the Post and serves as its secretary-treasurer, cannot understand her sister for taking no interest at all. Thus, when May Bonfils Stanton sold her stock, Mrs. Davis took it as a personal affront.

Immediately after the deed was done, Mrs. Davis publicly swore that, if she could prevent it, Newhouse would never get another share of Post stock. Then she set out to prevent it. In the ensuing weeks, Post officers, led by Helen Bonfils Davis, approached all of the four charitable trusts that together held the outstanding 65% of the stock. Last week Mrs. Davis triumphantly announced her first success: for $5,100,000, the Post had bought a 21% bloc from one of the four trusts.

The surprise maneuver neither guaranteed control to Mrs. Davis nor blocked out Newhouse. He can still bid for the 44% outstanding in trusts, although the stock will now cost him more: the Post paid $260 a share, $20 more than Newhouse paid for Mrs. Stanton's 15%. But by her determined action, Helen Bonfils Davis served clear notice that Outsider Newhouse is in for a real fight.