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Financial advertising volume was off nearly 50 percent, he told analysts during a morning conference call.
Even so, advertising volume grew at a yearly average of 8.5 percent.
Increased advertising volume and rates accounted for much of the rise.
Advertising volume declined, as it has for most of the last two years throughout the newspaper industry.
The division's advertising volume fell only 1.7 percent in the third quarter compared with a year ago.
For the first 11 months of the year, The Journal's advertising volume was up 15.2 percent.
At The Times, advertising volume rose 2.9 percent in the quarter.
The company said advertising volume dropped at its newspapers, magazines and television operations.
Advertising volume for the 35 regional newspapers increased 2.5 percent, to 9.7 million inches, in the second quarter.
The Times's advertising volume declined in 1988 by 5.4 percent from 1987 and has dropped again this year.
But you would never guess the circulation of Modern Maturity from its advertising volume.
Ad rate increases are often newspapers' response to a slowdown in advertising volume, and this year is no different.
For next year, industry analysts see little improvement in advertising volume except in a few cities.
The Times Company said the retirement program was necessary to bring staff levels more in line with reduced advertising volume.
And though this has hurt advertising volume, overall advertising revenues are generally higher.
Thirteen of the magazines are showing year-to-year increases in advertising volume, according to the company.
Erwin Potts, the chief executive, said advertising volume continued to be soft in most markets.
Advertising volume at The New York Times rose 7.2 percent, the company said.
"Although circulation and advertising volume were up strongly at both magazines, they were some distance from breaking even," he said.
One sign of that is advertising volume in the Martha Stewart Living magazine.
Advertising volume at The Washington Post declined 16.3 percent.
Kenneth Goldstein, a staff economist, said advertising volume suggested "that the improving trend in the labor market is likely to continue into the fall."
Should the economy improve, increased advertising volume would probably follow, and the new advertising would be purchased at the higher rate.
In the two years before its death, advertising volume dropped by a quarter and circulation by about 10 per cent(Clark, 1981, p. 12).
He said the regional newspapers were expecting "a further slight drop" in advertising volume next year, followed by slow growth in 1993.