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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!