THE LITERARY INTERESTS OF CHICAGO 403
highest literary ideals, but with practical business methods for reaching the market made by those who appreciate the higher literature. The recognition of merit was sought, and it was the recognition of such an effort of merit, as that which critics say today puts the Atlantic Monthly in a class by itself. Mr. Browne evidently felt that this policy, if followed out with patient devo- tion, was bound to win in time ; and it did win for the Lakeside, in spite of business changes and ordeals by fire during years of work and waiting. In October, 1870, the Lakeside Monthly had a fore- taste of fire, from flames which, though confined to its office, burned up an entire issue just off the press, and inflicted other serious damage. Then, in October, 1871, the great Chicago con- flagration nearly obliterated the magazine, not only weakening the new publishing house which had grown out of it, but redu- cing the office furniture and subscription list to ashes. But the spirit of the Lakeside survived. Mr. Browne passed through all this undaunted. The magazine, omitting only the November and December issues, went on its way. Not, however, until its fifth year, in 1873, did it reach a self-supporting basis. The revenues were chiefly from sales and subscriptions at 35 cents per copy and $4 a year. The advertising patronage was small, in comparison with that of the popular magazines of today. It came mainly from local merchants, since the general advertising agencies had merely been started in a small way by that time.
Nearly all of this advertising support and 40 per cent, of the circulation fell off in the fretful times following the "Black Friday" of the Jay Cooke panic toward the end of 1873. The struggle had been hard, the strain long and severe, and when, on account of these general financial conditions, additional resources of capital and energy were called for, Mr. Browne broke down, and, in the spring of 1874, was ordered away by his physician. As sole proprietor and editor, Mr. Browne had not specialized the establishment sufficiently. There was no one at hand trained to take his place either in business management or in editorial direction. At this time the publishers of Scribner's Monthly made a proposal for consolidation, which was a unique recognition of Chicago publishing on the part of New York publishers. But
