The _New York_ magazine headline explains it all:

http://nymag.com/daily/intelligencer/2013/06/last-editor-of-weekly-life-magazine-dies.html

>       Last Editor of Weekly Life Magazine Dies
>       • By Christopher Bonanos
> 
>       Ralph Graves, the last managing editor of the weekly Life magazine, 
> died last week at the age of 88. He was one of the final living connections 
> to the brain trust at Life, the extravagantly budgeted, nationally beloved 
> picture magazine that still serves as a pretty good guide to what interested 
> the mid-century, middle-class American. Graves worked at Life for decades, 
> rising from reporter to articles editor to managing editor (which, at Time 
> Inc., was and is the boss of any given magazine). He was unlucky enough to 
> get the top job in May 1969, when Life was on the ropes — hemorrhaging 
> advertisers, losing gobs of money, overburdened with millions of subscribers 
> accustomed to paying pennies a copy as costs spiraled up. He probably never 
> had a real chance of fixing it, but he kept the fire going for three and a 
> half years, till Time Inc. shut the magazine down at the end of 1972. His 
> wife, Eleanor, worked at Life for nearly as long as he did, and the two were 
> married from 1958 until his death.



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