Good reading for the sophisticates, particularly those who pride themselves on being in on the know in New York's inner circle. But not a book that is apt to catch on away from the white lights. Skilled poison pen work on readily recognizable characters, with Alexander Woollcott himself as the author-gossip, selfish, witty, tyrannical, and the central figure of this modern comedy of bad manners. One can guess at others --Dorothy Parker et al -- but this one character is unmistakable. And, being a good sport, he'll probably give the book a send-off, which may start a landslide.