Raw. Now that he had issued his declaration of pecuniary independence, he began to appreciate the perishable nature of money. He came back from his week's journey to New York feeling distinctly poorer. Moreover there was an uncomfortable paradox connected with his purchase. That he should be put to so severe an expenditure merely for the purpose of incurring an increased current expense, struck him as a rather sardonic joke. Yet so it was. Circulation does not mean direct profit to a newspaper. On the contrary, it implies loss in many cases. For some weeks it had been costing the "Clarion," to print the extra papers necessitated by the increased demand, more than the money received from their sale. Until the status of the journal should justify a higher advertising charge, every added paper sold would involve a loss. True, an augmented circulation logically commands a higher advertisin