The Press: Colossus in the Making

Marshall Field's first newspaper was five years old this week—and paying its own way. Proudly Manhattan's loud, leftist tabloid PM announced that it has now completed a full year in the black, just from the nickels it picks up on newsstands and without taking a single baited dollar from advertisers.

It had proved its thesis: that an adless paper could pay (if the proprietor is rich enough and patient enough to take years of losses). It had not proved, even to the proprietor's satisfaction, that advertising does a paper any special harm. Last week,...

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