Financial mismanagement was singled out last night by James F. Ryan '49, editor of the '49 Freshman Red Book, as the primary reason for its failure to appear last June, but he assured his classmates that the publication would be produced by spring exams at the latest.

Meanwhile Council President Levin H. Campbell, 3rd '48 declared that a full inquiry into the Red Book business operations will be launched today. Assisting in the investigation as Freshman affairs representative to the Council will be Edric A. Weld, Jr. '46, Campbell asserted.

Biographics Complete

Despite tightening purse-strings reining in his plans, Ryan said that he already had completed proofs on class biographies, and that he was sending in an order for the covers. Binding is the longest task blocking output.

In addition to the finished biographies, which include Alfred B. Parkhurst '49, convicted check forger who, as a returning veteran, voluntarily associated himself with the class last spring, Ryan asserted he had layouts prospected on the rest of the book.

To carry through the publication on the planned scale, he announced, it will take approximately $2500. Expenses to date total $776.64, and the current balance at the Harvard Trust Company comes to $370.09.

Photographic chairman Carlos A. Arosemena '49 disclosed last night that any budgetary reductions would mean a cut in photographs.