New York Times, at the Philadelphia Convention of the Associated Advertising Clubs of The World, June 26, 1916. Cited, Elmer Davis, History of The New York Times,* 1851-1921, pp. 397-398.] The kind of circulation which the advertiser will buy depends on what he has to sell. It may be "quality" or "mass." On the whole there is no sharp dividing line, for in respect to most commodities sold by advertising, the customers are neither the small class of the very rich nor the very poor. They are the people with enough surplus over bare necessities to exercise discretion in their buying. The paper, therefore, which goes into the homes of the fairly prosperous is by and large the one which offers most to the advertiser. It may also go into the homes of the poor, but except for certain lines of goods, an analytical advertising agent does not rate that circulation as a great asset, unless, as seems to be the case with certain of Mr. Hearst's properties, the circulation is enormous.
A newspaper which angers those whom it pays best to reach through advertisements is a bad medium for an advertiser. And since no one ever claimed that advertising was philanthropy, advertisers buy space in those publications which are fairly certain to reach their future customers. One need not spend much time worrying about the unreported scandals of the dry-goods merchants. They represent nothing really significant, and incidents of this sort are less common than many critics of the press suppose. The real problem is that the readers of a newspaper, unaccustomed to paying the cost of newsgathering, can be capitalized only by turning them into circulation that can be sold to manufacturers and merchants. And those whom it is most important to capitalize are those who have the most money to spend. Such a press is bound to respect the point of view of the buying public. It is for this buying public that newspapers are edited and published, for without that support the newspaper cannot live. A newspaper can flout an advertiser, it can attack a powerful banking or traction interest, but if it alienates the buying public, it loses the one indispensable asset of its existence.