Evening star., 1908-01-26

ing session. and if it is decided to make
an official report the Times will be re-
lieved of the expressive responsibility 1t
has been carrying for more than CEN
tury.
Falling Of in Earnings.
According to common rumor the earn
inSs of the Times have fallen off SO much
in past years that Mr.. Walter has been
compelled to sell stock in the publication
company to pay running expenses. and
the shares are scattered pretty widely
among financial people about London.
Many of these shareholders are opposed
to fiscal REFORM" the proposition to
Introduce protective tarln INTO
Great Britain is called. While the :imes
has not been unfriendly to Mr.. Chamber
lains tariff ideas, the free trade element
will not permit that great paper to fall
into the hands of the protectionist party
without a struggle, and Mr.. Pearson ana
his associates, who are managing the tar
If movement, seek to acquire the owner
ship of the paper for the influence 1t can
exert in that direction
Mr. Pearson is a very modern man; his
methods are all progressive. If he gets
control of the Times he will certainly
abandon its Improbable features. like the
publication of the verbatim proceedings or
parliament, and try TO restore its financial
prosperity. He will also endeavor to rec
onciIe the book publishers who have been
among the most profitable advertising pa
irons of the paper ever since 1t was start
ed. but have recently boycotted 1t, and
thus cut its revenues off several thou-
sand pounds month because of its In
vasion of their legitimate field.
Several years ago bold young person
from Philadelphia persuaded the manager
of the Times that he could restore It's clrcu-
lation by adopting Yankee methods which
lie claimed had been remarkably successful
in America. Under his influence they
bought the plates of an encyclopedia from
the American publishers and proceeded to
print a cheap edition and offer 1t for sale
at a very low price to all who Woulo
subscribe to the Times. Several standard
encyclopedias are published in London
and are sold on conservative business
methods This invasion of their field de-
stroyed their market almost entirely, and
they were practically compelled to sus-
pend business.
Invasion of the Book Trade.
This venture was SO successful that the
Philadelphia hustler persuaded the Times
people to go into the retail book trade and
start circulating library. He established
agencies at convenient points In London,
purchased whole editions of current nov
els and other popular books at trace
rates and proceeded to sell and loan
them to subscribers Of the Times at cost
Any person who would subscribe for the
Times for one year had the privilege OF
purchasing all of the new 6-shllling nov
els at half price. This completely demor-
allied the book trade of England. The
Times book stores were crowded with
patrons and they received bags full or
mail every day from all parts Of the king
dom, while the old-estahlished bookshops
and the circulating libraries of London
and other cities were deserted. The COM
r11inn fn
in self-defense, the booksellers and the
publishers who are permanently depend
ent upon their patronage organized Tor
protection. The first thing they did
was to withdraw their advertisements.
which formerly filled the first and second
pages Of the daily and considerable
part of the weekly edition. The circula-
tion of the Times is said to have been IN
creased less than 5000. Nearly all the
book buying public were subscribers to
the Times already and enjoyed the ad-
vantages offered quite as well as the new
subscribers. 1t was discovered also that
neighbors and friends in London and
throughout the provinces clubbed to-
gether and sent in one subscription to
the paper. while dozen or so, by ordering
under the same name, were able to get
their books at trade rates. The enter
prising Yankee, according to common re-
port, thus managed to increase the reve-
nues of the circulation department few
thousand pounds, but at the same time
diminished the receipts Of the advertising
department several times that amount
and forced the owners of the paper to sell
it to Mr. Pearson.
AS understood here the negotiations
have not included the mechanical depart
ment That company, with the real es-
tate and the printing plant. still remains
in the hands of the Walter family The
new purchasers obtain only the good will
and the editorial. circulation and adyertis-
ing departments.