BOOKS

The announcement by the largest book publisher in the country of its intention to slash the prices of popular books from $2.50 and $2.00 to $1.00 is likely to lead to a considerable upset in the industry in general. By some it is interpreted as a temporary strategic move on the part of the publisher in question to drive into the ground the large amount of competition from small firms which has grown up under the protective wing of monopoly prices. Still others think the change once adopted will be permanent. Book publishing has the character of a monopoly industry, and consequently prices have always been a question of tapping the demand curve at the most profitable point. The introduction of the competitive element in the form of a price war might well uncover the fact that publishers can make more money out of increased sales resulting from price reduction.

At all events the high prices which people have been forced to pay for popular literature has had anything but a beneficial effect on the reading public. It has driven a great many into the class of magazine readers; it has lead to a false sense of value with regard to a lot of stuff which sells for over $2.00 and is actually worth practically nothing. And finally it has kept books from a great many people who would be ready buyers at lower prices.

Whatever the motives of the present move on the part of the New York house, no one can help hoping that the price cut will be permanent.