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THE YOUNG AND BEAUTIFUL. By Sally Benson. (Arts.) Tins rather slow-moving little morality of the jazz age owes a great deal of what wry charm it has to the playing by Lois Smith of its heroine. It is a story of a selfish little Mao* eater, who in the end is left shunned by all, uninvited to dinner-dances and without a Mao except for the one who has understood her all the time. Naturally, she does not like be' ing understood. Miss Smith gives this unsym- pathetic character the benefit of a good deal of charm, but she cannot disguise the fact that the play itself moves slowly and has too much the air of an adapted novel. Taken from more Scott Fitzgerald short stories than I care to remember, many of the characters in it are lay figures, and even production and acting can hardly make them appear anything else.