After a meeting of the Wednesday Afternoon Fine Arts League, treasurer Lucy admits to Ethel that for the past two years she has secretly balanced her household budget by borrowing from the club's treasury and vice versa, and now there isn't a dime left in either fund to pay the expenses of putting on an operetta to commemorate the club's twenty-fifth anniversary.
The scheme: Save the hundred-dollar royalty fee by writing the operetta themselves ("Ethel Romberg and Lucy Friml") and rent the sets and costumes (for the eighteen-scene play) with a postdated check.
Lucy plays Camille, the snaggle-toothed old Queen of the Gypsies; Ethel portrays Lily, a neighboring village girl; Fred takes the part of Friar Quinn, owner of the Inn on the River Out; and Ricky plays the hero, "Good Prince Lancelot."
In the midst of the performance, men from the costume and scenery rental company arrive and proceed to repossess the items.
Special Notes: This was Director, Marc Daniels' last "Lucy" episode and, coincidentally, his favorite. According to Newsweek (1/19/53), this was the first episode of her parents' TV series that Little Lucie was allowed to stay up and watch.
Bloopers: During the operetta when the repossession men are taking away the costumes and scenery, as they are removing Ricky's pants one of the chorus members can be seen waiting backstage for her cue to enter screaming.