Word: luce
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Sixty years ago this week, two young Yale graduates, Henry Luce and Briton Hadden, were about to close the third issue of their new magazine, TIME. It must have been difficult to concentrate on the job at hand because the first returns trickling in from Vol. 1 No. 1 were not all that promising. About 2,500 of the first 5,000 newsstand copies, priced at 15?, had gone unsold. One of the other problems was that Roy Larsen, TIME'S first circulation manager, who was to play a role second only to Luce's in the development...
...Luce had estimated in advance that the new publication was a " 10-to-1 shot." For those investors who had loaned the founding pair $85,675, the odds soon began to look longer than that. Advertising was spotty. The first issue carried only three full-page ads and 18 smaller ones, including a satiric appeal for the "elusive" TIME reader: "Arrest him," the ad implored, "and having gone that far, get his fingerprint. Or his signature on the [subscription] form below." Response, measured in circulation receipts, was slow: $11,486 in March; $17,556 in April...
...countries get their news from TIME each week than from any other single source. Today, TIME calls upon 96 correspondents in 33 news bureaus, an editorial staff of 450, and hundreds of stringers. It is the largest news-gathering staff reporting to a single magazine in the entire world. Luce's 10-to-l shot came home...
Knowlton, who has directed the center since its creation in September, will fill the Luce Professorship of Ethics. Business and Public Policy, a five-year appointment...
...School plans to us the center to study the relationship between business and government through a special curriculum, meetings between government and business leader and research projects. Grants awarded by the Luce Foundation traditionally go to programs that combine two distinct academic fields...