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Rh from its readers in order that the paper might be under no obligation to anybody save to them. In December, 1912, The Day Book was gradually put on the newsstands with a corresponding increase in circulation which was as follows: 1912, 3446; 1913, 7886; 1914, 15,762; 1915, 19,562; for the six months ending September 30, 1916, 20,742. The daily average for October of that year was 22,938, but when on November 20 the retail price was raised from one to two cents there was a fallingoff in circulation. At the higher rate The Day Book might possibly have been successful had there not been the very rapid increase in the cost of white paper due to the Great European War. With the increased cost of production, the paper, however, was forced either to raise its rates again or to suspend publication. The latter course was adopted. The Day Book did not prove very popular with the women, chiefly because it did not advertise the bargains of the department stores. How necessary store news is to the modern newspaper, Samuel Hopkins Adams has outlined in his novel, "The Clarion." The only substitute for such store advertising seems to be to hire a special reporter to report the news of shopping centers. The adless newspaper may possibly be a part of the journalism of to-morrow, if fifty thousand people will be willing to pay ten cents per copy for their daily paper and will agree not to cancel their subscription orders even though displeased with the presentation of the news or offended at the editorial policy adopted by the editors.

The endowed newspaper has often been advocated. Hamilton Holt, editor of The Independent, of New York City, once outlined, before a National Newspaper Conference held under the auspices of the University of Wisconsin at Madison, Wisconsin, somewhat in detail just how an endowed newspaper should be conducted.

However ideal the endowed newspaper may be in theory, practical newspaper men like Don C. Seitz, business manager of The New York World, and James Keeley, editor and publisher of The Chicago Herald, do not think the scheme practical. Mr. Keeley once expressed himself as follows:—