A Letter From The Publisher, Jan. 10, 1949

All through 1948 the senior editor, writers and researchers of TIME'S Business & Finance department have had in mind the year-end review of U.S. business which appears in this issue.

In effect, it is a summation of their year's work. It is also, TIME'S editors feel, an obligation to our readers that is implicit in TIME'S kind of journalism.

Actually, we did not attempt this exacting job of putting the year's events in the world of business in their proper perspective until TIME was 17 years old. From that first year-end review to this one,...

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