(3 of 3)
. . . The stock transactions referred to involve nothing whatever improper as might be inferred from the quoted statement. Briefly, at a time last year when banking facilities were disturbed quite generally . . . a private purchaser, in no way associated with this Company, its officers or directors, presented a proposition for immediate action for the purchase of a certain number of common shares of this Company with option on a number of further shares. . . . The Company, having authorized but not qualified shares available to meet these propositions, accepted the offer of certain of its large stock-holders to loan it the required number of shares, which were to be returned within eleven months from loan without any charge whatever. Under the agreements with the purchaser, 65,000 shares were sold and delivered to him, the payments being made cash on delivery and every dollar of proceeds going directly to the Company. . . . It was open to the Company to repay by purchase of stock on the market or out of its authorized and unissued stock. Upon proper consideration, the directors made the decision to return from authorized and unissued stock and that was done, after proper registration of the issue for such purpose with the Federal Securities Commission, and its proper approval by the New York Stock Exchange. . . .
JULIUS KAHN President Truscon Steel Co. Youngstown, Ohio
General's Friend
Sirs:
It may seem ungracious of me to cavil at your interesting notes on the election of General Evangeline Booth [TIME, Sept. 10], for I know full well that TIME has a warm corner in its editorial heart for The Salvation Army. But for the sake of the record let me point out that, far from being "the implacable foe of General No. 3, Edward John Higgins," Evangeline Booth has shown by her actions of the last five years that General Higgins has no more sincere friend and loyal supporter than the General-elect.
The canard that "a mysterious letter by which her Founder-Father willed her his throne" was to be presented by Miss Booth at the High Council is, of course, ridiculous. William Booth exercised his legal right and named his son Bramwell Booth to succeed him. Having done that he had no further power of controlling the succession. William Booth died in 1912, the only General of The Salvation Army who had the power of nominating his successor. Evangeline Booth was duly elected General by the legally constituted body deriving its authority from the Act passed in the British Parliament in 1930. . . .
W. L. DEVOTO Literary Secretary The Salvation Army New York City
Appreciation
Sirs:
You will be interested to know that through the agency of TIME the Federal Office of Education has been able to extend its service to a large number of persons recently. Mention of our new leaflet, The Cost of Going to College [TIME, Aug. 20], brought a host of requests from TIME readers, Insurance company officials, newspaper editors, educators, lawyers and persons in many walks of life asked for copies. To TIME our appreciation and also, I am sure, the appreciation of TIME readers who received copies of The Cost of Going to College.
WILLIAM D. BOUTWELL Editor-in-Chief Office of Education Department of the Interior Washington, D. C.