Under existing conditions newspapers of any importance, in the smaller
cities, use one and sometimes two presses, capable of producing from
7,000 to 9,000 complete eight page papers each hour, each machine
costing from $10,000 to $15,000. Papers of the second class in the
large cities use treble or quadruple this press capacity, while the
great papers, in the four or five leading cities, have machinery
plants of from four to ten presses of greatest capacity, costing from
$32,000 to $50,000 each, and able to produce papers of the different
numbers of pages required, at a speed of from 24,000 to 90,000 four
page sheets, or of from 24,000 to 48,000 eight, ten, or twelve page
sheets per hour, each paper complete as you receive it at your
breakfast table--printed, pasted, cut and folded, and the entire
product for the day accurately counted in lots of tens, fifties,
hundreds or thousands, as may be required for instantaneous delivery,
while, as if to illustrate and emphasize the ever upward trend of
public demand for the day's news, quick and inclusive, Hoe & Co. are
now building machines capable of producing in all completeness 150,000
four page papers each hour.

All this tremendous combination of brain, nerve, muscle, material,
machinery and capital depends for its movement and remuneration upon
but two sources of income--circulation and advertisements--the unit
measurements of which are infinitesimal--for the most part represented
by wholesale prices; from one-half a cent to two cents per copy for
the daily newspaper, and in like proportion for the weeklies and
monthlies; and by from one-tenth of a cent to one cent per line per
thousand of circulation for advertising space. Verily, in a certain
and large sense, the vast publishing interests rest upon drops of
water and grains of sand. Under right conditions no kind of business