Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-06-20
HUTOHISS' GAME.
The secret Of the Trouble in the st.
Louis Times Omee-An Explanation
From the New General Manager.

The secret Of the Trouble in the 81.
Louis Times Omce-An Explanation
From the New General Manager.
Hon. CELSIUS Price, the new General
Manager Of the st. Louis Times, makes
the following statement to its patrons
and creditors in Fridays issue of that
paper:
l cannot in justice to myself or you
give a longer endorsement of silence
to the very erroneous statements of my
predecessor, mr.. Hutchins, IN recent
numbers of the Dispatch, relative 10
the financial affairs Of the IiWes Com
pany.
When, on the removal Of Mr.. Hutch
ms as manager, 1 assumed the control
of the Times, it was my first duty to
make a thorough examination into its
financial condition. The result, 1 re-
gret to say, has confirmed the suspi-
cions which induced the directors to
make the change.
When Mr.. Hutchins, in December
last, assumed the exclusive control Of
the Times, its total liabilities, as APP
pears from its books, was S93, $50, with
available assets consisting of collecta.
bic bills, amounting to $4,000. De-
Quoting these assets, the debts amount
ed to S81, 200.
The books posted to the 14th of June,
when Mr.. Hutchins was removed, show
an aggregate Indebtedness of Sl33,-
713.78, the available assets (collectable
accounts) amounting to about $1,000,
exclusive of an account due for the
printing of the Dispatch" amounting
to S6,977.S4. Nearly one half Of this
amount was disputed and payment re-
fused-but admitting his account to
be collectable in full, and deducting
the full sum of S11 ,977S4, the liabili-
ties of the company unprovided for,
would amount to $l2l, 1854, showing
an increase of its indebtedness since
December last of $40, 1854. During
this time no permanent additions have
been made to its property. This ex-
trordinary increase has occurred under
a novel system of finance, by which
first mortgage bonds of the company
were sold to Mr.. Hutchins for fifty cents
on the dollar at time when, according
to his own statement the paper was
more than paying expenses.
In view of these facts, the removal
Of Mr.. Hutcbins can create no surprise
the only wonder can be that his man
agement lasted so long. When a few
days ago a paper was found, IN MIR.
Hutchins' own handwriting, proposing
to ''close the old stock company with
all Of its Indebtedness, and enable me
to start anew" the strong suspicion
that there was something wrong,
ripened into certainty.
1 regret that I cannot, consistently
with my sense of duty, comply with
the written request OF Mr.. Hutch
ms to suppress the publication of
the facts showing the financial
condition of the Times Company;
his recent statements in the Dis
patch leave me no alternative. l
viii only add that the financial mar
agement of the Times is now
in the hands of parties able and will
ling to rescue it from present embar-
easements, if in their Judgment the
circumstances will Justify them in do
ing so. To further this end. a meeting
Of all the creditors of the Times COM
pany is hereby called to be held on
Monday next, at 3 O'Clock P. NJ, at the
Office Of Messrs. Hill & Bowman. The
readers of the Times may be assured
that, notwithstanding present complied
tions, every effort will be made to add
interest to its issues. The large
amount Of capital invested Is a guar
antee of its future, and the under
signed feels confident that in a short
time the company will present to you
a paper worthy of public patronage
and entitled to the support of all sin
cere and honest Democrats.
CELSIUS PRICE.