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an idea for four monthly magazines which would have separate editorial staffs but joint, to the extent possible, business staffs, sales staffs, and so on so that you'd get the economy of size. The idea was that each one might have a circulation of two hundred fifty thousand. The four of them would have a million, big enough to be profitable, and would have economy of scale, and economy of joint operations. They were--one was called, I think to be called Well, one was in the movie entertainment area, another was in the financial area, and the fourth was to be a photographic magazine.

Well, we tested them through direct mail and we dummied them up. Of the four none seemed to show any vital signs other than the one in the financial area called Money. We did launch Money. We managed to do it all wrong. Somehow or other, the people who wrote the circulation letters had one idea of what the magazine was about, and the editors had a different of what it was about. That's no way to sell a magazine. So, it was a very painful lesson. In fact, it took us eight or nine years until we got it all put together, and made it in to a very successful magazine, but it lost twenty-five, thirty million dollars in the period. I was rather unhappy at the failure of our development effort, and something had been gnawing at me for quite a while, namely, I was very aware of the fact that the page that was most successful in Time was the People page. I was aware of the fact that in newspapers you had people columns that might have different names, but essentially they were about people, and about what people were doing.

That actually, as an aside, I might say that when Time was started Harry was thinking of it--he had it very much oriented in the