Deficit to be made up by subsidy, $116,000. Deficit on larger size, $38,000.
On basis of one million circulation, cost in smaller size will be $1,300,000; income will be $1,224,000; defict, $76,000. On the larger size there would be no deficit.
It is recommended that no definite policy as to advertising be fixed in preliminary stages, but the matter left to the directing board. There is a great deal of advertising, relating to books, liberal organizations and political movements, which adds to the interest of a publication; also there is some commercial advertising which would not seek to control policy. A definite declaration contained in advertising contracts, to the effect that the contract carries no expectation of editorial favors, and rigid adherence to this principle should suffice. The deficits here figured would be covered by one or two pages of advertising per week, so it is not necessary to figure a permanent deficit on the paper.
The income from subscriptions has been figured without agents' commissions and premiums, on the understanding that the paper will rely on volunteer labor for canvassing. For the same reason the sum of one hundred thousand dollars may be set as the maximum cost of establishing the paper.
The above represents the combined views of three different
persons, all qualified experts. As suggested, I will leave the
questions of detail to be worked out by the governing board.
It appears that we may have an honest paper if we will give
one hundred thousand dollars in cash, and will pledge, say
thirty thousand dollars a year for two years to cover a possible
deficit.
Such are the figures. I believe that this amount of money can be raised, and I purpose to set out and raise it. To every reader of this book I say: Will you help, and if so, how much? Presumably nobody will want to cut out a page from a book, so I will not print a stock subscription blank. I ask that you write me a letter as follows:
Upton Sinclair,
Pasadena, California:
Assuming that you are able to raise the total necessary endowment fund and permanent annual subsidy for the "National News," and that you name an organization committee satisfactory to us, we, the undersigned, agree to contribute to the project as follows:
Then give, in vertical columns, names; addresses; the number
of subscribers that each signer undertakes to obtain, on a
basis of not more than one dollar per year; the amount of
money that each signer will contribute to the endowment fund;
