composition bill was five hundred dollars. Paper that year cost one hundred and fifty-two thousand dollars, and the telegraph bill was fifteen thousand five hundred dollars. In 1867 seventy persons were on the Herald's payroll, a larger number than ever before. The circulation showed a steady gain, and the average for the year was fifty-two thousand one hundred and eighteen. The paper bill was one hundred and fifty-six thousand dollars, and the expense of telegraphing, twenty-three thousand dollars. In 1868 the circulation continued to increase, and the daily average reached fifty-four thousand seven hundred and forty; white paper cost one hundred and fifty-three thousand dollars, and telegraphing, twenty-eight thousand dollars. In 1869 occurred an important event in the Herald's history. Mr. Bailey, who had acquired an interest in 1855 and became sole proprietor a year later, decided to sell out, and on April 1 it was announced that he had disposed of the paper to Royal M. Pulsifer, Edwin B. Haskell, Charles H. Andrews, Justin Andrews, and George G. Bailey. All these gentlemen were at the time and had for some years previously been connected with the Herald: the first-named in the business department, the next three on the editorial staff, and the last as foreman of the composing-room. In announcing their purchase, the firm, which was then and ever since has been styled R.M. Pulsifer and Company, said in the editorial column: "We shall use our best endeavors to make the Herald strictly a newspaper, with the freshest and most trustworthy intelligence of all that is going on in this busy age; and to this end we shall spare no expense in any department.... The Herald will be in the future, as it has been in the past, essentially a people's paper, the organ of no clique or party, advocating at all proper times those measures which tend to promote the welfare of our country, and to secure the greatest good to the greatest number. It will exert its influence in favor of simplicity and economy in the administration of the government, and toleration and liberality in our social institutions. It will not hesitate to point out abuses or to commend good measures, from whatever source they come, and it will contain candid reports of all proceedings which go to make up the discussions of current topics. It will give its readers all the news, condensed when necessary and in an intelligible and readable form, with a free use of the telegraph by reliable reporters and correspondents." That these promises have been sacredly fulfilled up to the present moment cannot be denied even by readers and contemporary sheets whose opinions have been in direct opposition to those expressed in the Herald's editorial columns. No pains or expense have been spared to obtain the news from all quarters of the globe, and the paper's most violent opponent will find it impossible to substantiate a charge that the intelligence collected with such care and thoroughness has in a