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This is because they are of no use to the man who pays for their insertion if they do not attract attention, whereas the contributor's interest in his article after its acceptance is mostly nominal. That is, the advertiser must win several thousand readers; the contributor has to win but one editor. These 39 magazines were found to receive $18,000,000 a year from their advertisements and $15,000,000 from their sales and subscriptions. This shows that in monthly magazines the receipts from advertising and subscriptions are about the same. In weeklies the receipts from advertising are often four times as much as the receipts from sales and subscriptions, while in the dailies the proportion is even greater. The owner of one of the leading evening papers in New York told me that 90 per cent of its total receipts came from advertising. From whatever standpoint you approach the subject, it is the advertisements that are becoming the most important factor in publishing. Indeed, some students in Yale University carried this out to its logical conclusion last autumn by launching a college daily supported wholly by the revenues from advertisements. They put a free copy every morning on the door-mat before each student's room. If it were not for the postal prohibition many dailies and other periodicals would make money by being given away. Thus you see that if there were no advertisements and the publishers had to rely on their sales and subscriptions for their receipts, the monthlies would have to double their price, and the weeklies and dailies multiply theirs from four to ten times. This advantage to the reading public must certainly be put to the credit of advertising. The preponderance of advertising over subscription receipts, however, is of comparatively recent occurrence. Thirty years ago the receipts from subscriptions and sales of all the American periodicals exceeded those from advertising by $11,000,000; twenty years ago they were about equal; and to-day the advertising exceeds the subscriptions and sales by $35,000,000. In 1880 the total amount of advertising was equivalent to the expenditure of 78 cents for every inhabitant in the United States; in 1905 it was $1.79. On the other hand, the per capita value of subscriptions has increased hardly at all. The reason of this is the fall of the price of subscriptions. We take more papers but pay less--a cent a copy. Comparatively few buy the New York "Evening Post
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