You are neatly started as a book publisher. You can’t get advance sales for your productions (to borrow a term from the theatre). You go to Memphis and Syracuse and interview booksellers. They say to you: “For heaven’s sake, get authors whose names mean something! Why should we stock fiction by Horatius Hotaling when we can dispose of 125 copies of E. Phillips Oppenheim’s latest in ten days from publication?” Returning thoughtfully to New York, you happen to meet a Celebrated Author. Toward the close of luncheon at the Brevoort he offers to let you have a book of short stories. One of them (it will be the title-story, of course) was published in the _Saturday Evening Post_, bringing to Mr. Lorimer, the editor, 2,500 letters and 117 telegrams of evenly divided praise and condemnation. Short stories are a stiff proposition; but the Celebrated Author has a name that will insure a certain advance sale and a fame that will insure reviewers’ attention. For you to become his publisher will be as prestigious as it is adventitious. From ethical and other motives, you seek out the C. A.’s present publisher--old, well-established house--and inquire if Octavo & Duodecimo will have any objection to your publishing the C. A.’s book of tales. Mr. Octavo replies in friendly accents: “Not a bit! Not a bit! Go to it! However, we’ve lent ... (the C. A.) $2,500 at one time or another in advance moneys on a projected novel. Travel as far as you like with him, but remember that he can’t give you a novel until he has given us one or has repaid that $2,500.” What to do? ’Tis indeed a pretty problem. If you pay Octavo & Duodecimo $2,500 you can have the C. A.’s next novel--worth several times as much as any book of tales, at the least. On the other hand, there is no certainty that the C. A. will deliver you the manuscript of a novel. He has been going to deliver it to Octavo & Duodecimo for three years. And you can’t afford to tie up $2,500 on the chance that he’ll do for you what he hasn’t done for them. Because $2,500 is, to you, a lot of money. In the particular instance where this happened (except for details, we narrate an actual occurrence) the beginning publisher went ahead and published the book of tales, and afterward another book of tales, and let Octavo & Duodecimo keep their option on the C. A.’s next novel, if he ever writes any. The probabilities are that the C. A. will write short stories for the rest of his life rather than deliver a novel from which he will receive not one cent until $2,500 has been deducted from the royalties. 11