Word: haddens
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...Camp Jackson that the idea for TIME was born. There Hadden and Luce, emerging from the sheltered and privileged enclaves of Hotchkiss and Yale, met the rank and file of America for the first time and discovered the huge gap between those who kept up with events and those who did not. That set them to thinking about getting news and knowledge to a wide variety of people. One night they took a long walk through the drill ground and the piny woods beyond, talking about "the paper" that they might some day found. As Luce later said: "I think...
...their disgust, the war ended before either could get into action, and they returned to Yale. Hadden took up again as chairman of the Daily News; Luce became its managing editor as well as a contributor of poetry to the literary magazine. "I came to the conclusion," Luce later said, "that I was never going to be a really good poet, so the hell with it." He and Hadden reorganized the Daily News, then determined to go into newspaper work because of their experience there. The "paper" that they had discussed at Camp Jackson still remained a vague and undefined...
What Money Cannot Buy. Luce and Hadden got together again as reporters for the Baltimore News, but their stay did not last long. They began talking again about "the paper" and finally decided to act. Both 23, they took off for New York with some crude, typewritten dummy sheets for a newsmagazine. Setting up shop in an old remodeled house on East 17th Street, they began to write a prospectus. Luce later recalled that going home one night on the subway "my half-glazed stare fell on an advertisement with the headline, TIME TO RETIRE, Or TIME FOR A CHANGE...
...prospectus. "TIME is interested not in how much it includes between its covers but in how much it gets off its pages into the minds of its readers. To keep men well-informed?that, first and last, is the only ax this magazine has to grind." Even so, declared Hadden and Luce, "the editors recognize that complete neutrality on public questions and important news is probably as undesirable as it is impossible, and are therefore ready to acknowledge certain prejudices." Among them: "Faith in the things which money cannot buy; a respect for the old, particularly in manners; an interest...
...Luce and Hadden decided that they needed $100,000 to start TIME, but after a grueling year of canvassing friends and relatives, they could raise only $86,000. They went ahead anyway and somehow, with a small but aggressive staff of writers, turned out the magazine's first issue. An extraordinary number of prominent men plunked down the $5-per-year price to receive TIME, including Theodore Roosevelt Jr., Walter Lippmann, Herbert Bayard Swope, Edward W. Bok, the Catholic Archbishop of Baltimore, and half a dozen college presidents...