The morning call., 1894-04-20
TROUBLE AMONG THE BOOK MEN.

The failure of Charles L. Webster & Co.,
publishers, of New York, is a very curious
event. The members OF the firm were
Samuel. Clemens, better known as MARX
Twain" and Frank l.. Hall, who took the
place of Mr.. Webster when the latter died
The firm has been ten years in existence.
during which il has published some OF the
most widely read books written In this
country. The "Innocents Abroad" which
was Mr.. Clemens most popular work,
appeared in 1869. and had run its course
when the author became publisher; but
atom Sawyer" was at the height OF It's
popularity at the time, and "Huckleberry
Finn" was brought out by the new house.
Besides these c. L. Webster q Co. pub
lished other successful works. not the least
conspicuous of these being General Grants
Memoirs" which was brought out BY
subscription, and on which the royalties
paid to Mrs. Grant are said to have
amounted TO S35O,0O0. The firm ought to
have been rich; it was so considered in
the trade; few of the new firms stood
higher.
If there be any truth in the dispatches
stating that Mr.. Clemens has property
amounting to two or three hundred thou
sand dollars outside of the firm, it may
prove that he has drawn out more money
than the condition of the business war
ranted. A firm doing as large business
as c. l.. Webster 81 Co. should always
keep on hand cash reserve against the
vicissitudes of trade. When a man takes
out his share Of the profits of his business
and puts it into houses and lands be may
find himself straitened while perfectly
solvent, for there is no market for palaces
in hard times.
Again, 1t is possible that Mr.. Clemens.
in his desire to become leading publisher,
may have embarked in more ventures
than the condition of the market called
for. It is curious fact that notwithstand
ing the depression in trade and the light
demand for litera ture at the stores. more
books have been published since January
than in the first quarter Of any previous
year. 1t must not be supposed that these
were new enterprises. Most of the books
now appearing were contracted for before
the present commercial dizziness devel-
Oped. Many of the contracts are probably
a year old. and the publishers lived up to
them reluctantly, foreseeing that the sales
would not come up to the expectations
which were entertained when the papers
were signed. They have yielded to the
lmpatiencs of authors and to the i'm era
tive necessities Of the cashiers depart
ment. When a publisher has printed a
book, and bound it, his investment is COM
plete; his returns only begin when the
book is placed on the market. If c. L.
Webster & Co. had contracted for large
number of books and put all their capital
into pa per and ink and plates, while they
were afraid to test the market by floating
them, it is easy to see how they may have
become embarrassed. Again, all accounts
agree that collections among retail book
sellers have been poor the past six
months The Websters may have had so
large a sum out in the shape of debts
which were not bad but were deferred
that this may have crippled them.
Close observers suspected that the
appearance of "Pudd' nhead Wilson,"
Twain's new book. in the Century Mag
0zine meant more than appeared On the
surface. Publishers who are also authors
are not apt to sell their manuscript to
their rivals. We can now see that Mr..
when he traded with the Century Com
pany. 1t is to be hoped that he will pull
through. 1t would be sad TO have him re-
peat the experience Of Walter Scott. He
is one of the cleanest and brightest humor-
lists the country ever produced. Some OF
his books it is difficult TO read aloud; the
readers voice is too of en- choked by his
own laughter. Considering its size, it is
hard to read a book which from the first
page to the last bubbles over with so much
fun and wit as 1.-THE Innocsnts Abroad"
or to remember better joke than the one
about Adams grave. When Mark was
shown the boary rock which, according to
Arab tradition. covers the dust of the
father Of mankind. he stepped aside and
dropped silent tear. His companion
inQuiring the cause Of his grief. he retort-
ed: adam was my relation; should l not
weep over his grave?"