Works copyrighted before 1964 had to have the copyright renewed sometime in the 28th year. If the copyright was not renewed the work is in the public domain. It is best to search 6 months before and after the required year. Some magazines are published the month before the cover date and some registrations may be delayed for a few months.
This January 6, 1930 issue of Time would have to be renewed in 1957. Online page scans of the Catalog of Copyright Entries, published by the US Copyright Office can be found here. http://onlinebooks.library.upenn.edu/cce/
The search of the Renewals for Periodicals for 1956, 1957 and 1958 show no renewal entries for Time. The publishers, Time Inc., started renewing the copyrights of Time magazine in 1964 with the July 6, 1936 issue. Most (if not all) issues that were published before July 1936 are in the public domain.
The copyright on this magazine was not renewed and it is in the public domain.
Time failed to renew the copyrights of many early issues. A search of the renewals for periodicals for entries for Time reveals that the publisher, Time Inc., started renewing the copyrights of Time magazine in 1962 with the 29 January 1934, issue. Therefore, issues that were published before 29 January 1934 are in the public domain. In addition, a few later issues were not renewed. The copyright on this issue of Time magazine was not renewed and it is in the public domain.
Click here to show Time issues in the public domain
Time issues in the public domain
Vol. 1, no. 1 — vol. 23, no. 4
3 Mar 1923 — 22 Jan 1934
Vol. 25, no. 1 — vol. 27, no. 26
7 Jan 1935 — 29 Jun 1936
Vol. 34, no. 1–10
3 Jul 1939 — 4 Sep 1939
Vol. 45, no. 2–5
7 Jan 1945 — 29 Jan 1945
Vol. 52, no. 1–7
5 Jul 1948 — 16 Aug 1948
Vol. 57, no. 1
1 Jan 1951
Vol. 61, no. 1–24
5 Jan 1953 — 15 Jun 1953
Vol. 61, no. 26
29 Jun 1953
Vol. 62, no. 1 — vol. 63, no. 1
6 Jul 1953 — 4 Jan 1954
Vol. 65, no. 18
2 May 1955
Vol. 65, no. 23
6 Jun 1955
Vol. 66, no. 26
26 Dec 1955
Vol. 67, no. 15
9 Apr 1956
Vol. 70, no. 15
7 Oct 1957
Vol. 70, no. 26
23 Dec 1957
Vol. 71, no. 1
6 Jan 1958
Vol. 73, no. 1
5 Jan 1959
Vol. 76, no. 22
28 Nov 1960
Vol. 77, no. 13
24 Mar 1961
Vol. 78, no. 8
25 Aug 1961
Vol. 78, no. 11
15 Sep 1961
Vol. 78, no. 23
8 Dec 1961
Vol. 81, no. 1
4 Jan 1963
All issues not listed in the table above had their copyright renewed, without exception. Note that works appearing in the public domain issues of Time may still be covered by copyright if they were published prior to their appearance in Time (with notice and renewal) or otherwise separately registered and renewed.