Montrose."The various manufacturers have made ？lms of the fairy tales of Hans Andersen，Frank Baum，Lewis Carroll and other well—known writers.""And were they successful？""Quite so，I believe；but such films are seldom put out except at holiday time.""I think，Beth，"said Patsy to her cousin，in a businessliketone，"that we must organize a company and make our own？lms.Then we can get exactly what we want.""Oh，yes！"replied Beth，delighted with the suggestion."And let us get Maud and Flo to act in our pictures.Won't it be exciting ？""Pardon me，young ladies，"said A.Jones，speaking forthe ？rst time since this subject had been broacheda."Would it not be wise to consider the expense of making films，before you undertake it？"Patsy looked at him inquiringly.
"Do you know what the things cost ？"she asked.
"I've some idea，"said he."Feature ？lms of fairy tales，such as you propose，cost at least two thousand dollars each to produce.You would need about three for each performance，and you will have to change your programmes at least once a week.That would mean an outlaya of not less than six thousand dollars a week，which is doubtless more money than your ？ve—cent theatre could take in."This argument staggered the girls for a moment.Then Beth asked："How do the ordinary theatres manage？""The ordinary theatre simply rents its pictures，paying about three hundred dollars a week for the service.There is a 'middleman，'called the 'Exchange，'whose business is to buy the ？lms from the makers and rent them to the theatres.He pays a big price for a ？lm，but is able to rent it to dozens of theatres，by turns，and by this method he not only gets back the money he has expended but makes a liberal pro？t.""Well，"said Patsy，not to be baffled，"we could sellseveral copies of our ？lms to these middlemen，and so reduce the expense of making them for our use.""The middleman won't buy them，"asserted Jones."He isthe thrall of one or the other of the trusts，and buys only trust pictures.""I see，"said Uncle John，catching the idea；"it's ascheme to destroy competition.""Exactly，"replied young Jones.
"What does the Continental do，Maud ？"asked Patsy.
"I don't know，"answered the girl；"but perhaps Aunt Jane can tell you.""I believe the Continental is a sort of trust within itself，"explained Mrs.Montrose."Since we have been connected with the company I have learned more or less of its methods.It employs a dozen or so producing companies and makes three or four pictures every week.The concern has its own Exchange，or middleman，who rents only Continental ？lms to the theatres that patronizea him.""Well，we might do the same thing，"proposed Patsy，who was loath to abandon her plan.
"You might，if you have the capital，"assented Mrs.Montrose."The Continental is an immense corporation，and I am told it has more than a million dollars invested.""Two millions，"said A.Jones.
The girls were silent a while，seriously considering this startling assertion.They had，between them，considerable money，but they realized they could not enter a field that required such an enormous investment as ？lm making.
"I suppose，"said Beth regretfully，"we shall have to give up making ？lms.""Then where are we to get the proper pictures for our theatre ？"demanded Patsy.
"It is quite evident we can't get them，"said Louise."Therefore we may be obliged to abandon the theatre proposition."Another silence，still more grave.Uncle John wasdiscreeta enough to say nothing.The Stantons and Mrs.Montrose felt it was not their affair.Arthur Weldon was slyly enjoying the chagrin visible upon the faces of Mr.Merrick's three pretty nieces.
As for A.Jones，he was industriouslyb ？guring upon theback of an envelope with a stubby bit of pencil.