CHAPTER XXI

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. [Footnote: "It is an axiom in newspaper publishing—'more readers, more independence of the influence of advertisers; fewer readers and more dependence on the advertiser' It may seem like a contradiction (yet it is the truth) to assert: the greater the number of advertisers, the less influence they are individually able to exercise with the publisher." Adolph S. Ochs, of. supra. ] A body of readers who stay by it through thick and thin is a power greater than any which the individual advertiser can wield, and a power great enough to break up a combination of advertisers. Therefore, whenever you find a newspaper betraying its readers for the sake of an advertiser, you can be fairly certain either that the publisher sincerely shares the views of the advertiser, or that he thinks, perhaps mistakenly, he cannot count upon the support of his readers if he openly resists dictation. It is a question of whether the readers, who do not pay in cash for their news, will pay for it in loyalty.