A Letter From the Publisher

By Robert L. Miller

The Oct. 19, 1987, stock-market crash was a dramatic test not only of the world's financial institutions but of the world press as well. The dizzying swiftness of the collapse, its global dimension, the complexity of the underlying economic issues -- everything about it challenged journalism's ability to distill meaning out of fast-breaking news. So I am gratified to report that TIME's coverage of Black Monday has earned a John Hancock Award for Excellence, one of the most respected U.S. prizes for business and financial journalism. The citation lauded "The Crash," our Nov. 2, 1987, package of cover stories, for examining "why the crash occurred, where the financial markets were headed and implications of the decline for both the global economy and individual consumers." Economy & Business Editor Charles Alexander coordinated TIME's 24-page section with the assistance of more than 55 staff members. "This was truly team journalism," says Alexander. "It was also one of those stories where the only sleep you got was on the office couch."

We value prizes partly because they make up for the lost sleep and extra effort it takes to stay at the cutting edge of journalism, but also as evidence of the unique quality we put between our covers. The Hancock Award is one of 46 prizes TIME has won this year. The July 27, 1987, cover story, "The Gorbachev Era," earned the Overseas Press Club's Hallie and Whit Burnett Award as the best general magazine story on foreign affairs. "Air Travel -- How Safe Is It?" (Jan. 12, 1987) picked up an Award of Excellence from the Aviation-Space Writers Association. "Who's Bringing Up Baby?" (June 22, 1987) examined the day-care crisis and won an Exceptional Merit Media Award from the National Women's Political Caucus.

TIME's picture department is having a good year too. Our photographers won eleven prizes in the World Press Photo contest in Amsterdam and received five Awards of Excellence at the Pictures of the Year competition sponsored by the University of Missouri School of Journalism and the National Press Photographers Association. Says Picture Editor Michele Stephenson: "The awards are special because they recognize photographs across the spectrum of subjects, illustrating famine, homeless people, war, science, personalities, politics." An image honored in both contests, taken by Staff Photographer William Campbell, depicted an Ethiopian woman cradling her starving child. It was the cover of our Dec. 21, 1987, issue.