Fortune May 14 2007

Fortune was founded by Time co-founder Henry Luce in February 1930, four months after the Wall Street Crash of 1929 that marked the outset of the Great Depression. Briton Hadden, Luce's partner, wasn't enthusiastic about the idea, but Luce went forward with it after Hadden's October 15, 1929 death (of streptococcus).
Luce wrote a memo to the Time, Inc. board in November 1929, "We will not be over-optimistic. We will recognize that this business slump may last as long as an entire year