Hare & Hounds Sirs:

Your story in the June 5 issue "Hare & Hounds'' is excellent. When virtually all newspapers have distorted facts it is interesting to have that fact disclosed. This story and the larger story under Business & Finance were very readable and full of facts. Particularly pertinent was the statement that the House of Morgan had opposed the "capital gains and losses" clause when the income tax law was written. That's the kind of a fact that would be found in TIME exclusively.

There is nothing criminal in selling merchandise at cost or below cost. What merchant had not done so in the last five years? If J. P. Morgan & Co. want to put me on their preferred list for the extent of my budget (at Allegheny offering price of 20, about 1 3/8 shares) they may do so.

Basing my belief on a limited amount of knowledge of Morgan operations I would express an opinion that if more of our men in high posi tions and institutions had concerned themselves with the preservation of the integrity of a name to the extent that Morgan has the country would be better off. J. Frederick Russell Worcester, Mass.

Sirs: We are now subscribers to TIME. If it means anything to your organization to receive the comments of a miserable banker, I want you to know that your handling of the Morgan investigation represents the only fair and unbiased statement of the proceedings that I've read. I was particularly pleased with the exposure of the humbug under the heading "Press." Nice Work! G. K. LIVERMORE New York City When liberals go on the warpath, it is liberal to give conservatives a hearing.-- ED.

Smalltown Bankers Sirs:

I have read and reread with amazement your paragraph in the June 5 issue, p. 13, in which the last lines read: "They saw their deposits which they had spent a life time to build up and protect with their good names confiscated by the Government to pay for the mistakes and dishonesty of every smalltown bankster."

Of course your article is an interpretation of the feelings of the big bankers and your use of the word banksters would isolate the dishonest and efficient banksters from the honest and efficient bankers.

A review of the past four years however, will show a tremendous balance in favor of the small-town bankers. No smalltown banks have crashed with such reverberations, even in proportion to their size as we have seen go in the cities. For ten years the city banks have been drawing from the country banks by their advertising, their claims to being in close touch with affairs and their stock market facilities and their claims that size makes strength.

The smalltown bankers grinned and bore it without a whimper. Now that the shoe pinches it is the big bank and the big banker that makes more noise than a pig under a fence. It is the big banker who goes to the R. F. C. and it is the big banker who started the banking holiday. The little banker keeps on and on despite the onus that has been given to his profession. Give the smalltown banker credit for a job well done. ALLEN D. RUSSELL Plymouth Savings Bank Plymouth, Mass.

TIME'S phrase, "every smalltown bank-ster" was certainly misleading since dishonest banking is not characteristic of small towns. But uneconomic banking is characteristic of small banks, whether in towns or cities, as is shown by more than 5,000 bank failures in the 1921-29 period, 60% "small." The question of Big Banks v. Little Banks cannot be disposed of in a sentence. But this is clear: general guarantee of bank deposits makes no sense except on the theory that good (i.e. solvent) banks are to be drained by the losses of bad (i.e. insolvent) banks. Last week President Roosevelt came out against the bank guarantee clause in the Glass-Steagall bill as it stood when reported by TIME fortnight ago.--ED.

Aydelotte's Tassel Sirs:

I noted in the June 5 issue of your esteemed periodical that the artist who sketched the likeness of President Aydelotte of Swarthmore pulled a "boner." It is apparent that that gentleman is not familiar with the customs in the fair field of academia. The tassel on the mortar board should have been on the left side of the face instead of on the right, as depicted. Simon Meltzer Rochester, N. Y.

TIME'S cover portrait of President Aydelotte was drawn from one of his photographs. President Aydelotte is of the opinion that "there is no rule about a mortarboard tassel. Its position should be left to the breeze, gravitation and the laws of chance." Sticklers, however, agree with Reader Meltzer.--ED.

March of Swarthmore '23 Sirs: Many thanks to TIME and particularly to its promotion department for sending TIME covers used in Class of 1923's "stunt" at Swarthmore College Alumni Day, June 3. Bedecked with red-and-white streamers and TIME, the Class paraded before 1,800 alumni and friends, presented a MARCH of 1923 "broadcast" via loudspeaker equipment, came away with prize for Best Stunt.

Frank Aydelotte, TIME-honored President of Swarthmore (by his portrait on front of June 5 issue), marveled--as did many another Swarth-morean--at the coincidence of TIME'S choice of cover and of 1923's choice of stunt; both, of course, planned independently many, many weeks before their simultaneous appearance. At Class dinner, Guest-of-Honor Aydelotte spoke about as follows: "... I want to correct a wrong impression about my golf game. TIME says I shoot under 80. This leaves two courses open to me. But first we must raise an endowment (at this point many grads, exceedingly endowment conscious, stopped their ears, missed the rest of his words) with which to pay the salary of Pret Willis (of 1923 who, with real bald head and fake giant ears, played Proxy in 1923's stunt) while he runs the College and I take a year either to improve my game so that TIME will be correct or until this thing has blown over. WALTER M. REYNOLDS Media, Pa.

Time for Women

Sirs:

In regard to letter of June 5 referring to TIME as a man's magazine, can only say that I look forward to its weekly issue with eagerness. The information it contains is equally interesting to man and woman, that is, if one wishes to be kept informed of world-wide topics. The remark [by Husband Abbott] that women who read TIME are freaks displays both ignorance and male arrogance.

GERTRUDE B. RITTER

Philadelphia, Pa.

Do all women agree with Reader Ritter? All men?--ED.

What Chaco Wants

Sirs: TIME'S notice, Bog War (April 3) gives an erroneous idea of the struggle in question. Paraguay has administered Chaco Boreal since Colonial days in her own right. Bolivia was only able to construct chain of small forts owing to domestic troubles in Paraguay during last 30 years, penetrating slowly into undisputed Paraguayan Zone recognized as such by treaties signed by themselves, by U. S. and by the Argentine Republic. Bolivia has never cultivated or owned an inch of ground in that region. Bolivian authorities' object in claiming Chaco is only apparently obtention of outlet on river Paraguay --real object being political--for party preponderance. Former Bolivian Presidents confessed repeatedly, their country had no title or rights to Chaco. Paraguay does want peace, but will as little consent sharing Chaco with turbulent neighbor, as any householder would consent sharing his plate and belongings with housebreaker. Chaco is not such a Godforsaken country as people think: many of the boys back on leave are enthusiastic and want to settle there after this war, which can have only one ending--either recognition of obvious Paraguayan rights or Paraguay forcing Bolivia slowly to "git" even if it took ten years to do it--Kundt or no Kundt. The Chaco is studded all along its coast by prosperous townships--Villa Hayes (so named in honor of U. S. President Charles Rutherford Hayes), Puerto Pinasco (American company), Puerto Casado, Puerto Sastre, etc. Extensive cattle ranges with Hereford and Shorthorn strains go for hundreds of kilometres into the interior which in many parts has narrow gauge rails for transportation. Swamps and bogs are to be found in every part of the world that are underpopulated, or, as still of course is the case in the Chaco, devoid of population. But it is not difficult to settle, as has been proved by the recent colonies of Canadian and Russian Mennonites. Soil is generally very favorable for agriculture. The Chaco wants ploughs, not machine guns. GEORGE H. PEARSON Asuncion, Paraguay

Bakers' Say

Sirs:

May 22 issue, Page 45, Centre column,

1. You say, "Bread will cost 1-c- more a loaf, According to Mr. Wallace." And he said (but you didn't), "the Bakers have promised not to pyramid the tax.''

2. You say, "In some places they [the bakers] have already added 1-c- a loaf." We say, True. Because bread wars have resulted from cut-throat competition. These President Roosevelt said are not in the public interest.

3. You say, "The cost of wheat has very little to do with the cost of making bread." We say, True. Because you can't make bread in New York City out of wheat in Montana. If you will recall what has to be done with the wheat before it becomes flour in New York City; then recall what has to be added to and done with the resultant product before it becomes bread upon the table; you will be reminded of a few items of cost. You say in France a pound-loaf of bread sold for 4 1/2-c-. We say in America in some places a pound-loaf sold for 4-c- (see paragraph 2)--made in the cleanest bakeries and the highest wage scale in the world. (Note:--Shoes from Czechoslovakia, light globes from Japan, shirts from England, all sell below American prices. Are we seeking to hold the American Standard--or drop to the foreign level?)

You say,"As a pretext for raising prices." We say this sounds like a county candidate of 30 years ago. Do you really believe that 20,000 bakers can connive so well against 20 million cook stoves? If so, then President Roosevelt can withdraw his Industry Control Bill--and send for the bakers.

HENRY STUDE, President American Bakers Ass'n. Chicago, Ill.

Butler on Streamlines

Sirs:

In your June 5 issue under Transportation, subhead "Green Ball," you state that Philadelphia & Western's streamlined railway equipment operates at 50 m.p.h. These cars were designed for speeds of 80 m.p.h. on level tangent track and have actually been clocked at 88 m.p.h. They make the 14-mi. journey between terminals at Philadelphia and Norristown in 16 minutes including one stop and two slowdowns en route.

This equipment is not perfectly streamlined because the cars are designed to operate on both directions without being turned around and although each car is individually streamlined, very often they operate on trains of two or more cars. Complete streamlining is possible only where the vehicle always moves in the same direction with respect to its front and rear ends. . . .

WM. L. BUTLER Vice Chairman Philadelphia & Western R'y Co., Philadelphia, Pa.

640,000 Sq. Mi. Valley

Sirs:

I was surprised to see in your issue of May 29 reference to the Tennessee River watershed area as 640,000 square miles. An area of 640,000 square miles would cover all of the states bordering on the Atlantic Ocean and those West to the Ohio River and the Mississippi River south of the Ohio, making a total of 21 states. The watershed area of the Tennessee River is 40,600 square miles.

W. E. SANFORD

Birmingham. Ala.

TIME erred in applying the word "watershed" to the industrial area, including 15 states bounded by Louisiana, Missouri, Ohio and North Carolina, which the Tennessee Valley Authority is designed to serve and which was officially measured by President Roosevelt at 640,000 sq. mi.--ED.

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