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uncertainty as to what would happen to the market and then the minor recession and then, of course, the take-off of the economy?

The extraordinary thing is that everybody thought the economy was going to go into a tailspin right after the war and instead of that it took off very rapidly. As I remember it, our business was fantastic and we were increasing our circulation and our ad rates and the number of advertising pages that we were running at a very rapid rate and at considerable cost, because we were spending an awful lot of money on the circulation fulfillment--the thing that I just mentioned--and on paper, and on ink, and on everything. Then also price controls ended at that point, so the prices that had been artificially held down went sky high and we never really made the kind of money that we should have.

I'm going to refresh your memory. These facts are from the Time, Inc. history books that were written. This one would probably be the one by Elson because it's in that period. Apparently, the circulation of Life postwar was in the area of 5.2 million, but the profitability was low--this is just according to this history book. In 1947, since the war, a second ad increase of 9% was announced with no concomitant increase in circulation--

A cost per thousand increase is what it's called.

Yes. Exactly. And this was done despite the fact, I guess, that advertisers were still looking at the Post, The Saturday Evening