A theatre-building is a great expense to its owners. It always occupies land in one of the most costly sections of a city; and in New York this consideration is of especial importance. The building itself represents a large investment. These two items alone make it ruinous for the owners to let the building stand idle for any lengthy period. They must keep it open as many weeks as possible throughout the year; and if play after play fails upon its stage, they must still seek other entertainments to attract sufficient money to cover the otherwise dead loss of the rent. Hence there exists at present in America a false demand for plays,--a demand, that is to say, which is occasioned not by the natural need of the theatre-going population but by the frantic need on the part of warring managers to keep their theatres open. It is, of course, impossible to find enough first-class plays to meet this fictitious demand; and the managers are therefore obliged to buy up quantities of second-class plays, which they know to be inferior and which they hardly expect the public to approve, because it will cost them less to present these inferior attractions to a small business than it would cost them to shut down some of their superfluous theatres. We are thus confronted with the anomalous condition of a business man offering for sale, at the regular price, goods which he knows to be inferior, because he thinks that there are just enough customers available who are sufficiently uncritical not to detect the cheat. Thereby he hopes to cover the rent of an edifice which he has built, in defiance of sound economic principles, in a community that is not prepared to support it throughout the year. No very deep knowledge of economics is necessary to perceive that this must become, in the long run, a ruinous business policy. Too many theatres showing too many plays too many months in the year cannot finally make money; and this falsity in the economic situation reacts against the dramatic art itself and against the public's appreciation of that art. Good work suffers by the constant accompaniment of bad work which is advertised in exactly the same phrases; and the public, which is forced to see five bad plays in order to find one good one, grows weary and loses faith. The way to improve our dramatic art is to reform the economics of our theatre business. We should produce fewer plays, and better ones. We should seek by scientific investigation to determine just how many theatres our cities can support, and how many weeks in the year they may legitimately be expected to support them. Having thus determined the real demand for plays that comes from the theatre-going population, the managers should then bestir themselves to secure sufficient good plays to satisfy that demand. That, surely, is the limit of sound and legitimate business. The arbitrary creation of a further, false demand, and the feverish