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When St. Martin's Press Inc. bid $5 million for a James Clavell novel, it was sending the publishing industry what could have been a very expensive telegram last year.
Even though St. Martin's didn't get Whirlwind, its message was clear. Thomas J. McCormack was telling big agents and authors that his publishing house was one they should think of, one that was willing to spend big bucks for big books.
"People called me and said, 'You bid $5 million? Are you nuts?'" recalls Mr. McCormack, chairman and chief executive. He was crazy like a fox, getting publicity without spending a dime, although he says his bid was quite serious.
Today, St. Martin's is reaping the fruits of Mr. McCormack's boldness and enjoying a breakout year.
This $70 million publishing house, once known for being tightfisted and printing celebrity biographies and British fiction that sold few copies, now has three best sellers: And the Band Played On: Politics, People and the AIDS Epidemic; Hot Flashes, and Straight on Till Morning.
St. Martin's got those big books because of its willingness to pay hefty advances and to spend on top-flight promotion. As part of its bid for big authors, St. Martin's has started a mass-market paperback division, making it competitive for hard/soft-cover deals. And it's brought in new marketing talent.
"This is a major transition of a house," says Al Lowman, Foster Winan's agent for Trading Secrets, which St. Martin's published. "It was a place not renowned for best sellers outside of James Herriot (the British veterinarian and St. Martin's author)."
Although St. Martin's has made strides, it's still competing in a very tough league.
Says superagent Morton L. Janklow, "He's (Mr. McCormack) making a tremendous effort, talking to me and people like me. But there's a way to...