Word: nast
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Congratulations on the fine example of TIME'S good journalism in the sketch of the late Conde Nast [TIME, Sept...
However, you omitted what to many must stand out as his most notable accomplishment. This consisted in locating and employing editorial talent, either inexperienced or undeveloped in other publishing jobs, but under Nast's influence later to become nationally famous. There were Bruce Barton, Frank Crowninshield, Dorothy Parker, Robert Benchley, Clare Boothe Luce and Edmund Wilson, to mention only a few; while the bright young women copywriters have overflowed into Fifth Avenue's swankiest shops to such an extent as to have definitely influenced the whole school of current department-store advertising...
Condè Nast publications made a net profit of $1,345,653 in 1929; last year their net was $225,688.62. A deficit showed up in the first six months of this year-$28,588 as compared with a profit of $137,389 for the same period a year ago. Chief reason: a slump in luxury advertising-15% and 20% for Vogue and House & Garden respectively. House & Garden is still in the red; so is Glamour. French Vogue had to be written off the books...
...there was also a brighter side. The Nast pattern business was on the upgrade due to fatter consumer paychecks. The Nast $2,000,000 printing and engraving plant runs three shifts (it prints the New Yorker, Mademoiselle, Nation's Business, a half-dozen other magazines). British Vogue's profits ($100,000 last year) are not shown in U.S. statements...
Fact was that Condè Nast was a sound publishing property. It had fought its way put of heavy depression losses ($500,000 m 1933). Taking cognizance of the new luxury-clipped realities, it had unloaded Vanity Fair and The American Golfer, tapped wider audiences with Hollywood Patterns and Glamour. What it needed now to keep it solvent was shrewd management. Condè-Nastians agree that President "Pat" Patcèvitch promises a more solvent future than anybody else in sight...