Purchase

When the late Frank A. Munsey, as head of a string of cut-rate grocery stores, first began to dream of newspaper grandeur, there entered his employ a young Canadian named William T. Dewart. Mr. Munsey owned the Mohican Hotel in New London, Conn. Mr. Dewart became a bookkeeper there. Last week, aged 51, Mr. Dewart ap- peared as the purchaser of the late Mr. Munsey's New York Sun and New York Evening Telegram, together with the Mohican Hotel and other New London properties. Somehow Mr. Dewart had financed the purchase individually, even as Mr. Munsey financed his purchase of the Sun by giving James Gordon Bennett a million in cash and six promisory notes for a half-million each. It was known, furthermore, that Mr. Dewart would promptly mutualize his new properties, selling stock to employes.