Word: smartness
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Dates: during 1940-1949
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...years ago Dave Smart, onetime stenographer and merchandising counsel, had virtually no publishing experience except as part owner with William Hobart Weintraub of a little clothing-trade journal modeled after Printers' Ink. But in 1931 they named it Apparel Arts and revamped it in a slick imitation of the new magazine FORTUNE. Their success was striking-so striking that within six years Publisher Smart, on the crest of the wave, was asking, "Why didn't somebody tell me about this publishing game before? It's a cinch...
...profitable field occupied by Reader's Digest, and he was about to launch a newsmagazine to cut himself in on another field. Esquire, his big moneymaker, had become the darling of the barbershops and just hit a peak circulation of 677,000. In that happy moment Publisher Smart modestly guaranteed Esquire's advertisers...
...sharp depression of 1937-38. Another was the launching of Ken, the "inside story of world events," which, instead of competing as a newsmagazine, apparently appealed to the public more as a cheaper competitor of Esquire. A third was a drive by the Legion of Decency which forced Publisher Smart to dilute Esquire's sex appeal. Esquire circulation slumped badly and for the first time Smart took full advantage of the device which permits a publisher to count subscriptions as circulation by sending subscribers free copies for three months after expiration. Yet Esquire had to make large refunds...
...this was doubly unfortunate because in July 1937 Publisher Smart and his brother had begun trying to sell the public 75,000 (later increased to 200,000) of the 500,000 shares of Esquire-Coronet, Inc. Offered at $16 a share, the stock fell to $7 in May 1938. According to the indictment last week, the Smarts disposed of the bulk of 153,000 shares between May and September 1938-a sale on which the Smarts realized $1,075,000. During that time the stock rose from 7 to 12¼ (last week's pre-indictment...
...following August. Publisher Smart finally discontinued unsuccessful Ken at a total loss...