I have often been asked what it costs to start a circus and menagerie. This is a most difficult question to answer, since it depends entirely upon the size and pretensions of the enterprise in question. Shows vary in size from cheap affairs, capable of being carried in three railroad cars, to the elaborate institutions which require two long special trains for their transportation. The expense of running a large show is enormous, although in advertising this expense is usually exaggerated. There are a great many traveling tented exhibitions which "bill," or advertise, like a circus, and in the eyes of the general public pass for circuses, but which, in reality, are variety exhibitions given under canvas. 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.