THE FLUCTUATING LEVELS OF CIRCUS VALUES

In the eye of the law a circus must have feats of horsemanship in its

program, and such shows have to pay a "circus" license, which in some

States and cities is very high. If, however, the shows do not give any

riding, their performance simply consisting of leaping, tumbling, and

athletic feats, then a license may be taken out at a greatly reduced

price; and this accounts for the almost numberless small shows which

annually tour the country. Of the circus and menagerie show proper I do

not think there are more than twenty in America; but of tented

exhibitions, billed as "railroad shows," there are several hundred. The

tented exhibitions employ from fifty to six hundred men each, and the

capital invested in them runs from $5,000 to $250,000.

Many of the smaller shows are fitted out economically by purchasing

from the larger ones paraphernalia that has been used a season or two.

For example: the canvases used an entire season by a large show may be

purchased cheaply, because it is essential to the attractiveness of a

really great amusement institution to have each season a new, white

"spread." The old canvas, if not sold to the smaller showmen, is

disposed of to the paper manufacturers at about one and one-half cents

the pound.

The same rule of enforced replenishment applies to wardrobe and general

paraphernalia. In this way a beginner in the circus business may, by

judicious investment in second-hand bargains, start out with a very

fair outfit secured at a much smaller cost than if he were compelled to

purchase everything new. And, in this connection, let me say that I

know of no other business enterprise in which new material costs so

much, and when sold at second-hand realizes so little. One of the

largest shows ever organized in this country, and which was reputed to

be worth more than half a million dollars, was inventoried on the death

of one of the proprietors, with a view to selling the estate of the

deceased, and, to the great surprise of the executors, was found to

reach in value only about $200,000.

Twenty years ago a show with a daily expenditure of $250 was thought

extravagant, while fifty years ago a circus whose receipts averaged

sixty dollars a day was considered to be doing a good business. To-day

there is one show the expenses of which are undoubtedly more than

$3,500 a day, although it is surprising what wonderful displays are

made by others at a cost of less than $1,000 a day. The reason for this

is that, above a certain amount, the expenses depend largely upon the

amount of advertising done. It is amusing, however, to note the manner

in which all of them, big and little, claim to be the largest and most

expensive attractions in the country. Many smaller showmen use the same

billing matter as the largest ones, and scores of lines can be read in

the circus advertisements of to-day that have done duty for many years.

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