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Did that help your sales?

I'm sure it did.

Did you add any new titles?

Immediately. The first title we bought for Modern Library was a book that was very popular then and long since forgotten called Jungle Peace by William Beebe.

How much did it cost you?

I don't remember, a couple thousand dollars guarantee. A $2,000 guarantee in those days was considered very generous.

Would you give a royalty to the author?

Oh, sure; I think six cents a copy. When Liveright started the series with Boni it retailed at 60 cents a copy, but during World War I prices went soaring, and by the time I bought the Modern Library it was 95 cents, and it stayed there for years and years.

Of course Macy's would undersell.

Macy's always sold for six per cent less. We'll get to the price wars in the next installment.