Evening star., 1935-04-09

ADOLPH
berger, vice president of the New
York Times Co.
Ability Recognised Early.
How promising Mr.. ochs was as a
boy was indicated by the prophetic
vision Of his employer and his fellow
workmen when, at the age OF II, ne
left the Knoxville Chronicle to seek
his fortune elsewhere. On october Is.
1875, Capt. William Rule. editor OF
the Knoxville Chronicle, gave the
young man this letter of recon-
mendation:
"Adolph S. Ochs has been In my
employ for more than two years. ]
have found him honest, jealous, re-
liable and trustworthy. He Is quick
to comprehend and faithful to ex-
ecute whatever he may be intrusted
with. He is endowed with an intellect
capable Of reaching the highest point
in mental achievement. He is o very
meritorious young man. As such, ]
cordially recommend him to all with
whom he may come in contact"
On the same occasion he received
from those employed in the Chron-
icle's composing room book in which
was inscribed:
I'VE, the undersigned, your fellow
workmen. appreciating your moral
and practical worth, both as friend
and workman, present you with this
our feeble tribute, with the hope that
some day, soon or late, we shall be
able to note you among the Nations
honored sons"
When Mr.. Ochs purchased a hall
interest In the Chattanooga Times
and assumed management Of 1t 1t was
a struggling newspaper without credit
or influence and with little patronage
1t had been established nine years
and had gone through q change OF
ownership nearly every year. AL
though only 20 years old, the new
owner had fixed ideas and principles
which he believed essential in the
publishing of newspaper and never
departed from them.
Outlines Principles.
Taking control of the Chattanooga
Times, Mr.. Ochs outlined its policies
to Its readers, saying the Times woult
be the organ Of the business, CONNER
cial and productive life of the city;
it would contain the latest news by
telegraph and reports from all the
market centers; in the local news II
would cover the field intensively; II
would be conservatively Democratic
but always independent; it would
make no appeals for patronage; 1t
would be conducted upon business
principles, neither seeking nor giving
sops or donations, except to and for
legitimate objects Of charity.
Under the direction Of Mr.. Ochs the
Chattanooga Times attained success
in every direction. It has been SC
closely identified with the progress oi
the new South" that 1t has won the
sobriQuet Of "The Times that made
Chattanooga" The Times Building i,
a model printing house and regarded
as one of the handsomest buildings In
the South. In connection with the
Times, Mr.. Ochs began publication in
1879 Of the TradeSman, o business
journal, and other publications, as he
maintained q well-equipped printing
plant.
Conditions surrounding the New
York Times when Mr.. Ochs took over
its management were somewhat SINH
lar to those Of the Chattanooga Times
when he first invested In that news
paper. How he eventually came into
control of the New York Times was
explained by Mr.. Ochs in an address
to the National Editorial Association
at one Of its annual conventions.
Paper Victim Of Panic.
'The George Jones estate" said Mr.
Ochs, sold in 1893 the name and
goodwill of the New York Times fol
100000 cash to the New Yorl
Times Publishing Co., o company
made up largely Of a number Of very
well-known men, actuated by the
highest motives to preserve the Times
as an independent Democratic news.
paper. The panic Of 1898 and insufh.
cient capital proved too great a bur-
den, and the company came to grie1
in 1896.
"It was then I became acquainted
with the situation and was e1cour.
aged to grapple with the problem thai
many well-known and experienced
publishers declined to tackle. Perhap!
it was a case in which fools rush II
where angels fear to tread. Part O,
the simile is true, for I certainly hac
no angel with me.
IT organized q company under
new charter-the present New Yorl
Times Co-with 10, 900 shares Of capi.
tai stock, par value 500, and $500, ,0o(
Of per cent bonds"
Explaining the operation Of the neV
financing, Mr.. Ochs said the $1,000,
900 of stock Of the old company wa
taken up by giving in exchange 2,00t
shares Of the new company; the debt
Of the old company were paid, dollal
for dollar, with 100000 of the nev
bonds, the remaining $4,000 of tn
bonds being sold, with some difficulty
at par for cash. the purchaser Of eaci
81 900 bond being given Is shares o
stock as q bonus.
Acquired Control.
"I subscribed for $4,000 of tn,
bonds and received 1,125 shares o
stock as q bonus" Mr.. Ochs said
"and, as was stipulated in the article
of the organization plan, I receives
3,876 shares Of the capital stock q
compensation when three years afte
its organization the company wa
placed on q paying basis. SO, in thi
way, I acquired control, the majortt;
stock Of the New York Times @
(5,o01 shares), as the result OF m