The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-10-08
a BIT OF NnwspArHa H1sgoRy.

10 THE EDITOR OF IHE I1MEB:--On
my return to the city find your ex-
tremely oreditable Anniversary Edi-
ton. beg permission to supplement
your account Of the reorganization of
The TIMES Company by giving some
what in detail tho circumstances lead
ing up to, and the facts connected with
the purchase Of THE TIMES, and its
transfer to The TIMES Publishing Com
pany. 1 particularly do this because
tho phenomenal success of the paper
makes it imperative that the names of
those who made tho success possible
should go on record.
Some eighteen months ago ven
turcd to remark to Mr.. Grandy, the for
mer editor and owner, that he was pub
fishing about one Of the most miserable
and worthless sheets that had ever
como under my notice. He very
promptly acknowledged the business of
the charge, and said that he would like
to make q better paper if he had
the money to spare.
The casual remark led to repeated
conferences between Mr.. Grandy and
myself; careful examination of the
business of tho paper, and the cost of
certain improvements, and resulted in q
conclusion that SIS, 900 cash was needed
to make'a thoroughly good paper. Mr..
Grandy agreed that if this amount could
be raised ne would make it preferred
charge against the property. l promptly
submitted the matter to Mr.. Kimball,
of the Norfolk and Western Railroad
Company, and Mr.. Brock, of the Virginia
Development Company, and it was the
sagacious, far-Sighted and liberal CO.
operation of these gentlemen that
brought an early success. After care
fully looking over the matter Messrs.
kimball and Brock said to me tt at if
Roanoke would raise $4,000 they would
guarantee the remaining $4,000. 1t is
TO the credit of the philosophical citi-
zens of Roanok that it took me only
two hours to raise this amount Of S., 900.
saw seven men, and seven men only,
not one refusing. 1t is proper that tho
names of these men should be known;
they were G.. II. Grandy, p. L. Terry, S.
w. Jamison, Francis b. Kemp, j. Allen
Watts, Judge w. S. Gooch and j Il.
Levy.
This subscription was sent to Phila-
delphia and $4,000 subscribed there,
completing the total $4,000 needed.
| In this connec ton want to emphati
originated, conducted and carried
through as public duty. 1t was speci-
hcally stated to the subscribers that
there could be no possible return for
the money invested at an early date.
| That while it was the belief of the
originators that eventually it would be
q paying property, it would take time to
accomplish this, and their assistance
was simply asked to build up strong
| paper that might advance tho interests
Of the town and section. Further, that
the paper was TO be absolutely indepen-
dent of any man or men, scheme or
| schemes. This was made a sine qua
non. 1 mention this, because it was
publicly charged Ut the time of the re-
organization that the paper was under
the control of q clique, for special ends.
This was not so; the salutatory of
September 10, 1890, was literally and
absolutely true, any statements to the
contrary Notwithstanding. While the
charter was being obtained preparatory
to the organization of The TIMES Pub
fishing Company, negotiations were
conducted and finally closed, whereby
the franchises of the Associated Press
on the same terms as those given me tro-
politan journals and those OF the United
Press and Press News Association in
perpetuity, wero secured. Mr.. Brock, of
tho Virginia Development Company,
very kindly advancing the money which
was paid for them until the new com
pany was formed, when they were duly
transferred. 1t is absolutely beyond
question that The TIMES is the legal
and sole owner of the above franchises
for the city of Roanoke. All other ac-
lion connected with the conduct of the
business is made known in your Ami
versary issue.
firmly believe that Roanoke is to be
q great city. feel just as sure that
with good management THE TIMES will
be most valuable property, and in
view of this fact l want the citizens OF
Roanoke to be fully cognizant of the
philosophical and disinterested action
Of these men, who at critical moment
voluntarily risked their money for the
public benefit. use the word "disin-
terested" adyisedly, because when the
success of the paper was an assured fact
and it was beyond peradventure that
at no distant day the investment would
become largely remunerative, the orig
inal subscribers disposed of their re-
spective interests to the present owners
for the simple return of their principal
and interest. The purpose of establish
ing flrst-class paper had been accom-
plished, and with this result they were
content. EDMUND G. PECHIN.
Roanoke, Va, Oct. 7,1S01.