The Press: Budget Trouble

The New Republic would not soon forget the Year of Henry Wallace. In his reign as editor (TIME, Jan. 5), the weekly had more than doubled its circulation to 100,000—and reportedly lost more than $500,000.

Last week, pleased by one accomplishment but alarmed by the other, the New Republic was shaken by another surge of frantic economizing. Editor Michael Straight, whose family has footed the New Republic's steady deficit since 1914, had given up the dream of a slick-paper product with lavish displays of half-tones, big names and special art work. Gone, in the undertow of the economy wave, was a...

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