To a New Critic, meaning exists in the words of the text, and can therefore be observed objectively. Its emotional effect on actual readers is irrelevant.
Reader-response critics rebelled against Wimsatt and Beardsley, and argued that this "fallacy" is no fallacy at all.
Note: This guide is still in the early stages of development.
Three question marks mean I have to write more on the subject. Bear with me.