"There are many signs," he writes, "that literature in America stands at a parting of ways. The technical-commercial method has been fully exploited, and, I think, found wanting in essential results, although it is a step toward higher things. The machinery for a great literature stands ready. The public taste is now being created. Add to this, the period in our national life: we are coming to our artistic maturity. Add the profound social transition that was upon us before the war. And add any factor you may choose for what may come after the war; for I think that momentous events stand on the threshold of the world. "The main trouble with the fellows who are writing in America to-day is that they write too much--or rather, publish too much. A writer should be very glad to accept a small income for many years; he should deliberately keep his fortunes within bounds; and take his time. All this would have been a truism fifty years ago; the machinery for the other thing didn't exist, and something in the way of a natural condition kept him in the simple path. But I don't find fault with the machinery; the wider field and the larger figures are a direct boon to us. They do, however, impose an added strain upon our sincerity." I like to believe that the American writer is stiffening himself more and more to meet this strain. Commercialization has never affected any literature more than it has affected the American short story in the past. It is affecting our writing more than ever to-day. But here and there in quiet places, usually far from great cities, artists are laboring quietly for a literary ideal, and the leaven of their achievement is becoming more and more impressive every day. It is my faith and hope that this annual volume of mine may do something toward disengaging the honest good from the meretricious mass of writing with which it is mingled. I find that editors are beginning to react from the commercialized fiction that prevails to-day. They are beginning to learn that they are killing the goose which lays the golden eggs. The commercialized short story writer has less enthusiasm in writing for editors nowadays. The "movies" have captured him. Why write stories when scenarios are not only much less exhausting, but actually more remunerative? The literary tradesman is peddling his wares in other and wider markets, and the artistic craftsman is welcomed by the magazines more and more in his place. As Mr. Colcord points out, we have come at last to the parting of the ways.