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They have, moreover, a double claim to attention. They are not only the best customers for the advertiser, they include the advertisers. Therefore the impression made by the newspapers on this public matters deeply. Fortunately this public is not unanimous. It may be "capitalistic" but it contains divergent views on what capitalism is, and how it is to be run. Except in times of danger, this respectable opinion is sufficiently divided to permit of considerable differences of policy. These would be greater still if it were not that publishers are themselves usually members of these urban communities, and honestly see the world through the lenses of their associates and friends.

They are engaged in a speculative business, which depends on the general condition of trade, and more peculiarly on a circulation based not on a marriage contract with their readers, but on free love. The object of every publisher is, therefore, to turn his circulation from a medley of catch-as-catch-can news stand buyers into a devoted band of constant readers. A newspaper that can really depend upon the loyalty of its readers is as independent as a newspaper can be, given the economics of modern journalism. A body of readers who