Cachet Without Cash

To most U.S. citizens nothing could be more British than the toploftical Encyclopaedia Britannica. Yet for more than 20 years the Britannica has been controlled by the world's biggest mail-order house, Chicago's Sears, Roebuck & Co.

Last week University of Chicago President Robert Maynard Hutchins announced that Sears had given the Britannica to his university. The transfer itself was logical enough: members of Chicago's philanthropic Rosenwald family, identified with Sears, Roebuck for half a century, have long been generous supporters of the university. Onetime Chairman Julius Rosenwald was responsible for Sears's acquisition...

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