Two dollars a copy, a doubtful telegram, and a royalty check for $13.13…

Good morning.

Today, a novel that sold so badly its author died thinking it a failure… and the soldiers who made it a classic.

Let’s begin.

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The Novel That Flopped

F. Scott Fitzgerald—The Great Gatsby

H ollywood. December 1940. A writer of 44 dies of a heart attack in his girlfriend’s apartment. Fifteen years earlier, he had been one of the most famous young novelists in America. Now most readers have forgotten him.

His name is F. Scott Fitzgerald. That year, his publisher’s statements showed a pitiful total. All his books together earned him $13.13 in royalties.

Unsold copies of his best novel were still sitting in a warehouse in New York. He died believing that book had failed.

It was called The Great Gatsby.

Go back to 10 April 1925. The publisher Charles Scribner’s Sons prints 20,870 copies at two dollars each. Fitzgerald hopes it will be his masterpiece.

Ten days later, his editor, Maxwell Perkins, sends him a telegram. It reads, in capitals: “SALES SITUATION DOUBTFUL EXCELLENT REVIEWS.” In truth, the reviews were mixed. One New York paper headlined its notice “F. Scott Fitzgerald’s Latest a Dud.”

Most buyers that spring had one thing in common. They had picked up a book with a strange, haunting jacket… and this is it.

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1934

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A free report called "The Great Gold Reset" reveals the executive authority, the legislation, the timeline, and how to get positioned before Trump picks up the pen.

First edition cover of The Great Gatsby, 1925, by Francis Cugat
Francis Cugat, jacket for the first edition of “The Great Gatsby,” 1925. Digitally restored. Public domain.

A Spanish-born artist, Francis Cugat, painted it for a fee of $100. Two eyes and a pair of red lips float in a dark blue sky above the glowing lights of a city. It was the only book jacket he ever painted.

Fitzgerald saw the design before he had finished writing. He loved it so much that he begged Perkins to keep it for him.

“For Christ’s sake don’t give anyone that jacket you’re saving for me. I’ve written it into the book.”

F. Scott Fitzgerald, letter to Maxwell Perkins, 1924

The book inside is short, barely 50,000 words. A young man named Nick Carraway rents a cottage on Long Island, next door to a mansion. Its owner, Jay Gatsby, throws huge parties every weekend, and nobody quite knows where his money comes from.

Across the bay lives Daisy Buchanan, the woman Gatsby loved five years earlier. At the end of her dock glows a single green light. Gatsby stands on his lawn at night and reaches toward it.

In other words, the parties were never the point. Gatsby built the whole glittering life to win back one person.

A few readers understood at once. The poet T.S. Eliot wrote to Fitzgerald that the novel seemed to him “the first step that American fiction has taken since Henry James.”

But the public did not follow. Fitzgerald had been a star since 1920, when his first novel made him famous at 23. This is how he looked then.

F. Scott Fitzgerald, about 1921
F. Scott Fitzgerald, publicity photograph, about 1921. Public domain.

Scribner’s did its best. It even advertised the new novel in The Daily Princetonian, the student paper of Fitzgerald’s old university.

Advertisement for The Great Gatsby in The Daily Princetonian, 30 May 1925
Advertisement in “The Daily Princetonian,” 30 May 1925. Public domain.

It made little difference. A second printing of 3,000 copies that August never sold out in his lifetime. By 1940, he was writing screenplays in Hollywood to pay his debts.

That May, he wrote to Perkins with a mix of pride and sadness. Whatever happened to his books, he said, “in a small way I was an original.”

Then the rescue came from two directions. His old Princeton friend, the critic Edmund Wilson, began to champion his work right after his death. And during the Second World War, a wartime council of publishers chose Gatsby for its Armed Services Editions… pocket-sized paperbacks given free to American soldiers.

About 155,000 copies went out to the troops. That is more than seven times the first printing. A whole generation of young Americans met the novel that way, far from home.

Today Scribner’s reportedly sells around half a million copies a year.

I first read it at 16 and thought it was about parties. Years later, in my finance years, I read it again after watching men spend fortunes to impress people who barely noticed them. That time, I understood Gatsby completely.

If you want a lively guide to its symbols, from the green light to the eyes on the jacket, John Green’s short lecture is a good place to start: Like Pale Gold, Crash Course Literature →

The novel ends with one of the most quoted lines in American writing: “So we beat on, boats against the current, borne back ceaselessly into the past.”

Fitzgerald earned $13.13 from his books in his last year. The current carried Gatsby anyway… just not while he was alive to see it.

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Three Things Worth Knowing

I History Prohibition

From January 1920 until December 1933, the 18th Amendment banned the making and selling of alcohol across the United States. It did not stop Americans drinking. Instead, the drinking moved to speakeasies, which handed huge profits to bootleggers. In the novel, Tom Buchanan sneers that Gatsby made his money selling alcohol over the counter in drugstores. Gatsby’s champagne-soaked parties are, quite literally, illegal.

II Music Rhapsody in Blue

On 12 February 1924, while Fitzgerald was planning Gatsby, the 25-year-old George Gershwin played the piano at the premiere of his Rhapsody in Blue at Aeolian Hall in New York, with Paul Whiteman’s orchestra. It blended jazz with the concert hall, just as Gatsby’s world blended new money with old. Baz Luhrmann used it in his 2013 film for Gatsby’s first appearance.

III Economics The Great Gatsby Curve

In January 2012, the economist Alan Krueger, then chairman of the White House Council of Economic Advisers, gave a name to a pattern in the data. Countries with more inequality tend to have less movement between generations… the children of the poor stay poorer, and the children of the rich stay rich. He called it the Great Gatsby Curve. Fitzgerald would have recognised it.

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Curious & Controversial

◆ Who was the real Gatsby? Scholars have proposed several models, including a Long Island bootlegger named Max Gerlach. Fitzgerald never confirmed any of them.
◆ Did Cugat’s eyes become the giant eyes of Doctor T.J. Eckleburg, the faded billboard that stares over the ash heaps in the novel? Many readers think so. Others argue the jacket inspired the image of Daisy instead. Fitzgerald never said which.
◆ Not everyone loved the jacket. Ernest Hemingway, in his memoir A Moveable Feast, recalled that he took it off before reading the copy Fitzgerald gave him.
◆ Fitzgerald nearly gave the book another name. He tried Trimalchio in West Egg and Among Ash-Heaps and Millionaires, and was still pushing for a change weeks before publication.
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Connoisseur’s Diary

Worth Seeing This Week

Since the novel entered the American public domain in 2021, anyone can adapt it. The most lavish result is The Great Gatsby musical on Broadway, with songs by Jason Howland and Nathan Tysen, and the parties staged at full Jazz Age volume.

Where: Broadway Theatre, 1681 Broadway, New York, NY 10019.  Tickets: from about $64 on Broadway.com; prices change by date and seat.  Insider tip: Matinees and weeknights generally start lower than Friday evenings, so check the midweek dates first.  See dates at Broadway.com →

Worth Reading

Careless People: Murder, Mayhem and the Invention of The Great Gatsby — Sarah Churchwell (2013). A historian reconstructs the autumn of 1922 in New York, the real world of scandal and money that Fitzgerald turned into his novel.

Explore Further

Watch: Like Pale Gold →, John Green’s Crash Course lecture on the novel.

Read: The Not-So-Great Gatsby →, the Library of Congress on the book’s slow start and wartime rescue.

Tonight’s Quiz

1. How much did Fitzgerald earn from his book royalties in 1940, his last year?

A) $1,313

B) $131.30

C) $13.13

D) $13,130

Answer: C. All his books together earned him $13.13 that year, according to the Library of Congress.

2. How many free copies of Gatsby did the wartime Armed Services Editions print?

A) 5,000

B) 20,870

C) 155,000

D) 1 million

Answer: C. About 155,000 copies went to American soldiers; 20,870 was the size of the first printing in 1925.

3. Which economist named the “Great Gatsby Curve”?

A) Alan Krueger

B) Milton Friedman

C) Paul Krugman

D) John Maynard Keynes

Answer: A. Krueger, then chairman of the Council of Economic Advisers, used the name in a speech in January 2012.

If the links above don’t respond in your email app, just reply with your answers—I’ll write back.

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A book that once gathered dust in a warehouse now reportedly sells about half a million copies a year. Sometimes the audience just arrives late.

Tomorrow, a German word born in Munich’s art market… for the pictures everyone buys and the critics despise.

In good taste,
Charles T. Mayfair

Editor, Connoisseur Daily

P.S. The novel is in the American public domain, so you can read it free tonight on Project Gutenberg. It is short, under 50,000 words… one long evening, or two train rides.