TIME magazine is published for the first time.

“….After graduating from Yale in 1920, Luce spent a year in England studying at Oxford before returning to the United States, where he took a job as a reporter alongside fellow Yale alum Britton Hadden. While working together, the two drew plans for an idea they had first discussed at Yale — a new type of weekly magazine that wouldn’t simply report the news, but would also interpret it for those who did not have the time, the energy or the knowledge to interpret it for themselves. Sensing what would become the country’s scarcest commodity, Luce named the magazine TIME, and designed it to be read in less than an hour.

‘It’ll never work,’ acclaimed journalist, editor and author H.L. Mencken told Luce before TIME’s launch. But the ambitious young man remained undaunted. He and Hadden amassed $86,000, and with a staff consisting only of themselves and three other full-time writers, they published the first issue of TIME on March 3, 1923.”