Timemagazinewascreatedin1923byBritonHaddenandHenryLuce,makingitthefirstweeklynewsmagazineintheUnitedStates.[2]ThetwohadpreviouslyworkedtogetheraschairmanandmanagingeditoroftheYaleDailyNewsandconsideredcallingthemagazineFacts.[3]Haddenwasarathercarefreefigure,wholikedtoteaseLuceandsawTimeassomethingimportantbutalsofun.Thataccountsforitstone,whichmanypeoplestillcriticizeastoolightforseriousnewsandmoresuitedtoitsheavycoverageofcelebrities(includingpoliticians),theentertainmentindustry,andpopculture.Itsetouttotellthenewsthroughpeople,andformanydecadesthemagazine'scoverwasofasingleperson.ThefirstissueofTimewaspublishedonMarch2,1923,featuringonitscoverJosephG.Cannon,theretiredSpeakeroftheUnitedStatesHouseofRepresentatives;afacsimilereprintofIssueNo.1,includingallofthearticlesandadvertisementscontainedintheoriginal,wasincludedwithcopiesoftheFebruary28,1938issueasacommemorationofthemagazine's15thanniversary.[4]OnHadden'sdeathin1929,LucebecamethedominantmanatTimeandamajorfigureinthehistoryof20th-centurymedia.AccordingtoTimeInc.:TheIntimateHistoryofaPublishingEnterprise1972鈥?004byRobertElson,"RoyEdwardLarsen[鈥?wastoplayarolesecondonlytoLuce'sinthedevelopmentofTimeInc."Inhisbook,TheMarchofTime,1935鈥?951,RaymondFieldingalsonotedthatLarsenwas"originallycirculationmanagerandthengeneralmanagerofTime,laterpublisherofLife,formanyyearspresidentofTime,Inc.,andinthelonghistoryofthecorporationthemostinfluentialandimportantfigureafterLuce." 　　AroundthetimetheywereraisingUS$100,000fromrichYalealumnilikeHenryP.Davison,partnerofJ.P.Morgan&Co.,publicitymanMartinEganandJ.P.Morgan&Co.bankerDwightMorrow,HenryLuceandBritonHaddenhiredLarsenin1922鈥althoughLarsenwasaHarvardgraduateandLuceandHaddenwereYalegraduates.AfterHaddendiedin1929,Larsenpurchased550sharesofTimeInc.,usingmoneyheobtainedfromsellingRKOstockwhichhehadinheritedfromhisfather,whowastheheadoftheB.F.KeiththeatrechaininNewEngland.However,afterBritonHadden'sdeath,thelargestTimeInc.stockholderwasHenryLuce,whoruledthemediaconglomerateinanautocraticfashion,"athisrighthandwasLarsen,"TimeInc.'ssecond-largeststockholder,accordingto"TimeInc.:TheIntimateHistoryofaPublishingEnterprise1923鈥?941".In1929,RoyLarsenwasalsonamedaTimeInc.directorandaTimeInc.vice-president.J.P.Morganretainedacertaincontrolthroughtwodirectoratesandashareofstocks,bothoverTimeandFortune.OthershareholderswereBrownBrothersW.A.Harriman&Co.,andTheNewYorkTrustCompany(StandardOil). 　　BythetimeofHenryLuce'sdeathin1967,theTimeInc.stockwhichLuceownedwasworthaboutUS$109millionandyieldedhimayearlydividendincomeofmorethanUS$2.4million,accordingtoTheWorldofTimeInc:TheIntimateHistoryOfAChangingEnterprise1960鈥?989byCurtisPrendergast.ThevalueoftheLarsenfamily'sTimeInc.stockwasnowworthabout$80millionduringthe1960sandRoyLarsenwasbothaTimeInc.directorandthechairmanofitsExecutiveCommittee,beforeservingasTimeInc.'svice-chairmanoftheboarduntilthemiddleof1979.AccordingtotheSeptember10,1979issueofTheNewYorkTimes,"Mr.Larsenwastheonlyemployeeinthecompany'shisto