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 *papers, do not imply that all newspaper editors and publishers have subordinated public welfare to private gain, or that all have permitted sinister external influences to affect their news and editorial policies. Neither is it to be assumed that these questionable methods are necessary for business success in newspaper publishing. There are many notable examples of honest, independent newspapers that have enjoyed marked financial success. In fact, a careful survey of the whole country would doubtless show that few newspapers that have continued to juggle with the truth in news and editorials have been permanently successful in making money or in keeping the confidence of their readers. Lincoln's words are as true of newspapers as of politicians, "You can fool all the people some of the time, and some of the people all of the time, but you cannot fool all of the people all of the time."

The stronger a newspaper grows because of the size and the character of its circulation, and because of the money value of the good will thus acquired, the more independent it becomes of the external influences that may seek to modify its news and editorial policy. Unless such papers are maintained to represent special business or political interests, well-established papers with adequate capital behind them are not likely to be affected by the demands of advertisers or other outside forces. Strong, independent newspapers can publish the facts in the news and can print editorial comments without fear or favor.

Unfortunately the rapidly increasing cost of newspaper production has reduced the margin of profit of a large number of newspapers to a point where the loss of any considerable amount of advertising or other support means financial failure. Under such circumstances, publishers have yielded to pressure from various inter