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over thrity-five years, so--it would have an impact in the field.

In the advertising.

Oh, there were a lot of people who swore by The Gallagher Report. I thought it was more bullshit than I've seen put together in any one place.

Do you recall at what point you began facing the possibility that there wasn't going to be a LIFE magazine?

Yes. Oh, by the late 1960s, certainly by 1970.

Were you, in addition to perhaps feeling terrible about that fact--“My God, that LIFE might fold”--were you also worried about the impact on the corporation, being that LIFE's deferred income was so large, it carried so much of the corporate overhead, the value of its subscription list--it was just such a big article!

Well, yes, it was. But, on the other hand, the projections also indicated that if we kept going beyond when we did, the losses would be staggering. One additional reason being that the Post Office at that particular moment decided to hike prices considerably. When you got 5,000,000 subscribers, that's pretty serious news. I mean, that's multi-million dollar news. So, if you kept LIFE going, you were going to lose 15 million, 20 million dollars a year, and if you didn't keep it going, you had the problem