Since the day it was founded 39 years ago, the left-of-center New Republic has lost money. But this never meant dire financial danger to the magazine. Started by the late Willard Straight and his wife Dorothy, who had inherited millions from her father William C. Whitney, the magazine could always rely on a trust fund which she set up. Last week Editor Michael Straight, 36, son of the founders, announced a radical change. The trustees, in "the interests of beneficiaries who are minors," will no longer put money into the New Republic (circ....
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