The Press: 49?

'48, Magazine of the Year, was in trouble. To save its strength, it had lopped off its circulation department (about 30 employees) a fortnight ago. Last week, in a Manhattan Federal Court, the pocket-sized cooperative magazine tried kill-or-cure medicine. Publisher Walter Ross asked permission to reorganize under the National Bankruptcy Act, listing liabilities of $581,425 and assets of $172,080.

The monthly's biggest asset was an intangible: the talents of its 366 owner-contributors. But there had been no brilliant, tough editor to put those talents to work effectively. In the 16 months since '48 had started (as '47), it had bought too much...

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