A big subject? Not necessarily. Discussed by an authority? No, indeed. On the contrary, about to be written upon by an amateur recording impressions extending a little over a year but formed in several relationships--as a “literary editor,” as an author and, involuntarily, as an author’s agent--but all friendly. Also, perhaps, as a pretty regular reader of publishers’ products. What will first appear as vastness in the subject will shrink on a moment’s examination. For our title is concerned only with what _every_ publisher knows. A common piece of knowledge; or if not, after all, very “common,” at least commonly held--by book publishers. To state the main conclusion first: The one thing that every publisher knows, so far as a humble experience can deduce, is that what is called “general” publishing--meaning fiction and other books of general appeal--is a highly speculative enterprise and hardly a business at all. The clearest analogy seems to be with the theatrical business. Producing books and producing plays is terrifyingly alike. Full of risks. Requiring, unless genius is manifested, considerable money capital. Likely to make, and far more likely to lose, small fortunes overnight.... Fatally fascinating. More an art than an organization but usually requiring an organization for the exhibition of the most brilliant art--like opera. A habit comparable with hasheesh. Heart-lifting--and headachy. ’Twas the night before publication and all through the house not a creature was stirring, not even a stenographer. The day dawned bright and clear and a re-order for fifty more copies came in the afternoon mail.... Absentmindedly, the publisher-bridegroom pulled a contract instead of the wedding ring from his pocket. “With this royalty I thee wed,” he murmured. And so she was published and they lived happily ever after until she left him because he did not clothe the children suitably, using green cloth with purple stamping. 2 A fine old publishing house once went back over the record of about 1,200 published books. This was a rather conservative firm, as little of a gambler as possible; its books had placed it, in every respect, in the first rank of publishing houses. Of the 1,200 books just one in ten had made any sizable amount of money. The remaining 1,080 had either lost money, broken even, or made sums smaller than the interest on the money tied up in them. Most of the 120 profitable books had been highly profitable; it will not surprise you to learn this when you reflect that these lucrative books had each to foot the bill, more or less, for nine others. So much for the analysis of figures. But what lay behind the figures? In some cases it was possible to tell why a particular book had sold. More often it wasn’t.... Is this a business? 3