Word: ledger
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Dates: during 1950-1959
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...Newhouse was made publisher of the paper at 18. Within a year, he pulled the Times out of the red. After that, Newhouse bought other floundering papers in the New York area, including the Staten Island Advance, the Long Island Press and Star-Journal, and the Newark Star-Ledger. Newhouse hired better staffs, cut costs, built up a combined circulation of 580,000 ("V. 109,000 before he took over) and put the papers into the black...
...greater part of this deficit. But with current levies on high incomes plus the present popularity of donating money for specialized uses such as cancer or heart disease, the schools must make up their debits by unhealthy deficit financing. The only schools which are able to keep their ledger anywhere near balanced are the State schools which can count on a certain amount of tax money each year...