To repeat what I have said in these pages in previous years, for the benefit of the reader as yet unacquainted with my standards and principles of selection, I shall point out that I have set myself the task of disengaging the essential human qualities in our contemporary fiction which, when chronicled conscientiously by our literary artists, may fairly be called a criticism of life. I am not at all interested in formulæ, and organized criticism at its best would be nothing more than dead criticism, as all dogmatic interpretation of life is always dead. What has interested me, to the exclusion of other things, is the fresh, living current which flows through the best American work, and the psychological and imaginative reality which American writers have conferred upon it. No substance is of importance in fiction, unless it is organic substance, that is to say, substance in which the pulse of life is beating. Inorganic fiction has been our curse in the past, and bids fair to remain so, unless we exercise much greater artistic discrimination than we display at present. The present record covers the period from October, 1921, to September, 1922, inclusive. During this period I have sought to select from the stories published in American magazines those which have rendered life imaginatively in organic substance and artistic form. Substance is something achieved by the artist in every act of creation, rather than something already present, and accordingly a fact or group of facts in a story only attain substantial embodiment when the artist’s power of compelling imaginative persuasion transforms them into a living truth. The first test of a short story, therefore, in any qualitative analysis is to report upon how vitally compelling the writer makes his selected facts or incidents. This test may be conveniently called the test of substance. But a second test is necessary if the story is to take rank above other stories. The true artist will seek to shape this living substance into the most beautiful and satisfying form, by skillful selection and arrangement of his materials, and by the most direct and appealing presentation of it in portrayal and characterization. The short stories which I have examined in this study, as in previous years, have fallen naturally into four groups. The first consists of those stories which fail, in my opinion, to survive either the test of substance or the test of form. These stories are listed in the yearbook without comment or qualifying asterisk. The second group consists of those stories which may fairly claim that they survive either the test of substance or the test of form. Each of these stories may claim to possess either distinction of technique alone, or more frequently, I am glad to say, a persuasive sense of life in them to which a reader responds with some part of his own experience. Stories included in this group are indicated in the yearbook index by a single asterisk prefixed to the title.