ECONOMIC SOCIETY WILL DISCONTINUE WEEKLY LETTERS
Cut Membership Price from $100 TO $10 As Part of New Program--Staff Work to be Lightened
Publication of the Weekly Letters of the Harvard Economic Society will be discontinued at the end of December, according to information contained in a letter to members and subscribers, given out Saturday by C. J. Bullock, George F. Baker Professor of Economics and President of the Society. This action has been taken as a result of financial pressure but will not affect the publication of the Society's quarterly magazine, the Review of Economic Statistics, to which will now be added monthly supplements in the eight months when the regular numbers do not appear.
At the same time the membership fee for general members will be reduced from $100 to $10 a year, and the publications will be offered to subscribers at the same figure. While these prices will greatly reduce the revenue of the Society, the change in publication plans will permit an even greater reduction of expenditure, which will probably result in a comparatively small deficit which the Society is in a position to carry for a few years.
Explaining the reasons which prompted the change, the letter reads in part, "Our present Economic Service is dependent upon membership fees and other subscriptions to its publications, and has never had an income large enough to insure the best results. Inadequate salaries to the senior members of our staff, overwork at certain periods in every year, and excessive strain which under the conditions proved unavoidable, have seriously hampered our work at all times. To these difficulties is now added another, namely, reduced revenues which make it necessary to institute radical changes in our plans. These changes we make with regret; but they will give us a scientific enterprise which, we hope, will soon be freed from the financial pressure and other difficulties, which have always interfered with our work."