up as other businesses are built up, that it seemed
apparent that all it needed to make it strong and self-supporting was
a reasonable amount of capital, a reasonable amount of time and the
wholehearted co-operation of suffragists in general which has been
growing in an encouraging degree. It seemed a time for faith and not
for fear.

It was accordingly decided to retain the eight-page size, to continue
the paper as a weekly and to borrow the money necessary to meet the
deficit, believing that the great body of readers of the Journal
would approve and sustain this decision when it was brought to their
knowledge. They would feel that a backward step should be impossible.

At the present time and covering the indebtedness of the Journal from
October, 1912, to January, 1916, the figures are as follows:

Borrowed in 1915....................... $10,500

Owed E.L. Grimes Company for printing,
paper stock, mailing, approximately .. 9,000
________
$19,500

The assets of the Journal at the time of the last stockholders'
meeting (January 28) included the following:

Subscriptions in arrears .................$4,968
Sales accounts ........................... 45
Advertising accounts ..................... 460
Legacy of Miss Caroline F. Hollis......... 3,000
Legacy of Mrs. Mary E.C. Orne............. 4,000
Legacy of Mrs. Hollingsworth ............. 1,000
______
$13,473

The amount to be raised, therefore, to meet the indebtedness of the
three years and three months from October 1, 1912, to January 1, 1916,
is $6,027.

From these figures it will be seen that we have to count upon
collecting nearly $5,000 in subscriptions in arrears, upon legacies to
be paid within the year, to meet the expenses of furnishing a paper to
the cause, and that even then we must have over $5,000 additional to
be out of debt for 1915.

[Illustration:
Alice Stone Blackwell
Editor of the Woman's Journal]

While the Journal has always had a few gifts each year and an
occasional legacy, both gifts and legacies have, in their very
nature, been uncertain quantities and not to be relied upon. It has,
therefore, followed that from 1870 to 1910, as well as in the
period above referred to (1912 to 1915), for forty-three years,
the Stone-Blackwell famil