To summarize: The net result of the
total receipts from circulation and
cost of print paper used by the New
York American and the New York
Evening Journal combined resulted In
a profit from circulation alone in the
first quarter of 1919 (omitting cents)

of 517,256.00

The Evening Journal, the New York
American and the Sunday American, all
three, had about their usual normal
substantial growth in circulation. All
three editions had larger sales this
year than last. But the cash results
of their circulation, crediting the en-
tire gross receipts fron\ circulation
and charging the actual cost of print
paper as delivered to the pressroom,
but before printing, was a LOSS this

year (omitting cents) of $390,598.00

As the profit of $517,256 made in the
first quarter of last year was wiped
out this year and a loss of $390,598
was substituted for that profit during
the same period, the difference was a

total loss of $907,854.00

As advertising contracts are all made by the
year, it has been Impossible to raise advertising
rates sufficiently to make up more than a small
part of this loss, and the difficulty has been
greatly increased by the necessity of omitting
advertising because of our inability to procure
at any price additional quantities of paper to
meet the demands of our circulation.
