Three members of the Yearbook staff resigned yesterday to publish a bi-weekly pictorial magazine called "The Harvard Eye."

John L. Braddock '58, Steven B. Foster '58, and Bruce R. McAllister '58 are planning the magazine, which they hope will appear in May. They expect to ask Dean Watson for official approval this week.

Staff members of the new magazine will buy stock valued at $20 a share to increase capital assets which now stand at more than $1000. "If everyone on the magazine has a direct financial, interest contributed by the organizers, we can be sure no one will loaf," he added. Profits will be divided in proportion to stock owned by the editors.