WALL STREET CRASH 1929

Wall Street Crash 1929American magazines attracted British authors by paying huge sums for their articles. British magazines could not match the amounts American magazines offered. An author could average 20 pence word for their American articles, over 12 pence more than the British Daily Mail could offer.

However, as the implications of the Wall Street crash in October 1929 gradually became apparent, the feature budget to all Hearst's American newspapers and magazines was cut. For Elinor Glyn this was the end of her $5000 a week salary.

Serial rights elsewhere in the world were worth even less. British authors Edgar Wallace, Arnold Bennett, Mrs Joseph Conrad, Nora Bettinck, Lady Westmoreland received a guinea (£1 and one shilling) an article from The Empire Literary Service, for second serial rights outside Britain and America.

 

 


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