4

Buying stock is rather like qO-ing on a journey. You start witha goal and an itinerary, but youhave to expect some surprises andchanges of plan on the way.

In the market, you may nothave to contend with anything ashorrendous as the Cyclops or asbeguiling as the Sirens. But thereare two hazards that you shouldmake a point of avoiding; theScylla of speculation and theCharybdis of over-conservatism.Or, if you like, the danger oftaking too much risk and its op-posite, the danger of being un-willing to take any risk at all.

Actually, Ulysses set a prettygood example for the questing in-vestor. He always got advance in-formation about his route whenhe could, and he never relied onluck alone to pull him throughthe tight spots. "Trust in Jove,"he said, "but row with might andmain."

Risk is inherent in the owner-ship of stock as in the ownershipof any other kind of property,including cash. But there is noneed for you or any investor toassume more risk than is neces-sary. Never invest money that youneed for daily living expenses,and never invest in any companywith a record of poor earnings orpoor management.

You'll find this philosophyspelled out in some detail in ournew booklet "How to Invest inStocks and Bonds." If you'd likea copy before you undertake. anodyssey in the stock market, Justlet us know and we'll send italong. No charge, no obligation.

Department SW-31

MERRILL LYNCH,PIERCE,

FENNER & SMITHINCORPORATED

Members New York Stock Exchangeand all other Principal Exchanges

-70 Pine Street, New York 5, N. Y.

Offices in 112 Cities

LETTERS

Fruits of Heresy

To THE EDITORS:

I offer Walter Kaufmann ["Faith ofa Heretic," February] an invitation andan alternative-Unitarianism .... Thisyoung religion grew up with our yo~ngrepublic ami many of the FoundingFathers considered it America's true re-ligion. . . . Today ancient cosmologiesare so alien to our new knowledge ofthe universe that many believers will nottalk about their religion, while otherskeep their ideas in water-tight compart-ments to avoid schizophrenia. But thegreatest scientists have not rejected thevalues of religion. Albert Einstein [pre-scribed a religion] "depending on thoseforces which are capable of cultivatingthe good, the true and the beautiful inhumanity itself." This is faith in har-mony with science and with room for allmankind.

EMILYTAFT DOUGLAS,ModeratorAmerican Unitarian Association

Washington, D. C.

Dr. Kaufmann has fastidiously pickedover the great religions, much as a house-wife might poke around the chickens inthe market, finding a wing here and aleg there which please her. But failingto find enough to her satisfaction f~r ahearty meal, she goes her way hungering.

Hold That Caption!

The house-naming contest is over; thewinners were announced in February.

THE EDITORS

One cannot but wonder if Dr. Kaufmartoo, is obsessed by a continuing hung .. . . And why, incidentally, is it alweCatholic (meaning Roman), Jewish, a:Protestant in the secular press? TAnglican view, which is neither Pr:estant nor Roman, has some cxceedin;important insights into both.

ELIZABETHS. SPELMCincinnati,

Reform Judaism, Kaufmann finwithout looking very hard, harbors "twish to be innocuous." That wishmanifest, I assume, in Reform spokmen storming the citadels of steel withe demand for an eight-hour day; rming the United Nations to create an oaof democracy in the Middle East ..pointing the accusing finger at everacial bigot; leading communitiesslum-clearance campaigns. What, in I

name of philosophy, is this iiberstudieclectic negationist talking about?

ELY E. PILciSouth Orange, N.

[The article] ... will leave manyyour WesterTLreaders limp with wandThe intellectual life of the once WWest is dominated by our state univeities, in which both political ancl religicconformity are de rigueur. Any expIsian of heretical notions, religiousotherwise, might prompt some bawoods legislator to ask for an investition. It was once thought that st.universities would provide more imlectual freedom than would the priv.Eastern colleges, largely dependentthe "tainted money" of private bene!tors. With the lapse of time that ill'

has been exploded. As _one who Iboth studied and taught in state uversities, my hat is off to Princeton, aher sisters in the Ivy League.

GLENNE. HoolProf. Emer., Mills Call,

Oakland, Ca

What he said some of us are tryingsay each Sunday from scattered Amcan pulpits. . . . There will be m:voices raised to shout you and Dr. K;;mann down. Ours is not a loud vcbut it is raised in support of you ayour purpose.

.J OSEPH A. SCHNEID

Horton Universalist ChuHorton, Mi

I

Heartiest congratulations to WalKaufmann for not choosing the e"out" of the positivist who declaresligion to be, in large, an emotive exp

8

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LETTERS

ence where neither truth nor falsityrelevant. Yet Kaufmann swings a bitthe opposite extreme, minimizing t.

very significant role which emotions I

play in human experience ....Though I share and commend Prof,

SOl' Kaufmann's insistence upon a J

tional appraisal of all human belief, tldoes not necessarily expect or demand"clear and distinct" product .... Ca:ful, honest, dedicated search for trumust be as clearly as possible distguished from cowardly compromise . .IJridicule of provisional assertions-evby Jesus-based upon a demand Isuperhuman precision and finality is I

fair and unwarranted. Much of the rtory of man's ideas-and surelyphilosophy and religion-provides traevidence to confound this over-ran.alistic conception of human knowled

May I commend Harper's for tseries of articles. My students, as unt.others will, indeed, be challenged.

SHERWOODM. NEUDept. of Philosor

San Diego State College, Ca

Since Dr. Kaufmann does not objto others having belief, I am surewill not object to my ... praying tthe Absolute will have mercy upon h

Rev. CHRISTOPHERKIESLING,O.Prof. Theo!., St. Rose Pri

Dubuque,

The Bold 0/ P

To TilE EDITORS:Paul Roberts' "The Foreign PolicJ

My Daughter Ellen" [February] ... rinspire some of your readers towardternational correspondence too. .Waiting for American pen friendsm~ny young people in India, Nigethe United Arab Republic, Japan,rope, and South America. Anyone cfifteen is invi ted to wri te for a n:[rom Letters Abroad [a voluntary rprofit organization] 45 East 65th StrNew York 21, N. Y. The writer sheinclude his age, interests, and a stam)self-addressed envelope.

MrLDRF.nM;Chairman of the Be

New York, T\

On Mental Illn

To THE EDITORS:The emphasis in "New HOIJe [or

Mentally III," by John Bartlow M,[February] ... is a trifle mispleMedicine is not the only profcswhich contributes to the rehabilitsof the mentally ill. Social workersclinical counseling psychologistsmuch to offer .... There are more

10

OLYMPIA DIVISIONI nter-conttnental Had ing Corporation

90 West Street, New York 6, New York

LETTERS

16,000 psychologists who feel essentiallyas I do.

EDWARD JOSEPH SHOBEN, JR.Prof., Clin. Psych. Training Program

Teachers College, ColumbiaNew York, N. Y.

The article was, in effect, a condensa-tion of Mr. Martin's new book, ThePane of Glass, which covers the ioork ofpsychologists mQ?'e com.pletely than waspossibte in the space available in themagazine. THE EDITORS

Crowded but Cordial

To THE EDITORS:We appreciate our inclusion in the

list ["Good Colleges That are NotCrowded," by Martin Mayer, February].. . . However, we have had a capacityenrollment each year. . . . This is nota criticism ... but a hopeful requestthat some explanation be made.

LALRA STEELEDirector of Admissions

Ag-nes Sco tt Co liegeDecatur, Ga.

We wish to add our college to the listin the Midwest. ... Among the fourteenwomen's colleges with less than 400graduates in 1946-52, Nazareth Collegeled the list wi th five awards [forscholarship] out of 135 graduates.Swarthmore was second. ''''e acceptnon-Catholics as well as Catholics.

STSTERMARY VTANNEY, S.S ..J.Nazareth Academv

Nazareth, Micl;.

Already we have had inquiries aboutapplying for admission because "we un-derstand that Bowdoin has vacanciesfor next year." Actually, about 150 moreapplications have been filed this yearthan at the same time last year. Thiswill result in a ratio of more than fourapplicants to each vacancy .... We areconstantly searching to improve thecaliber of our student body, but thisdoes not mean that there is a dearth ofhigh-caliber students at Bowdoin.

ROBERT S. SHAWDirector of Admissions

Bowdoin CollegeBrunswick, Me.

Boon or Boondoggle?

To THE EDITORS:"The Florida Swamp that Swallows

Your Money," by L. Boyd Finch [Febru-ary), attempts to discredit the Centraland Southern Florida Flood ControlProject .... We regret that the authordid not contact the Florida Congression-al Delegation. [Of] the unsound conclu-

sions which the article contains we metion three:

I. The article says: "This projehas had only cursory Congressional scrtiny," "was dreamed up in 1947 by tlArmy Corps of Engineers," and "slippethrough Congress almost unnoticed."

The truth is that the studies up'which the Engi neers' comprehensi-plan was based had been under w:since 1941 and came under eleven dferent Congressional or Committee ations from 1937 to 1946. Eight publhearings and numerous coufereuces wistate and local representatives were hebv the District Engineer. ...

'Since its submi~sion to CongressApril 1948, this project has been cosidered in the two Houses of Congreeight times by Public Works Commtees, and twenty times by Appropr iatio:Committees. In each instance, priorCommittee consideration, the subjewas studied ami recommendations malby the District Engineer, the DivisirEngineer, the Chief of Engineers, arthe Bureau of the Budget, The variohearing records show nearly a thousarpages of hearings by Congressional COl

mittces. . . .The task force on ',Vater Resourc

and Power of the Hoover Commissicwent over this project thoroughly atits Director in later testimony beforeHouse Subcommittee on Appropriatioin 1957 testified that the local mntribtion in this project "amounts to abo!19 per cent of the total cost as based I

the estimates. That, from my expeence, is the highest rate of coru.riburi.of all)' of the projects in the count!')In 1958, the Florida contribution wsubstantially increased by Congress.

2. The article says: "The Flori,undertaking isn't a true Rood contrproject-it is a land reclarnati.project. ... "

The truth is that this program wnecessitated by a devastating flood1947 which followed the death-de alifloods of 1926 ami 1928 mentionedthe article, and all other benefits are icidental to the giving of Rood prot'tion. The Engineers estimated I.damage resulting from the 1947 flood$.?9 million and the Rood losses Sl

tained were appalling to anyone wobserved them.

The great floods of J 926 and 19~which caused losses of approximate300 dead and 2,200 dead respectivehad been followed by the erectirlargely at federal expense, of great leviwhich partially enclose Lake Okeechobbut which do not give full protecti:to the thousands of people and the IT

lions of dollars of property dcvelcments located back of the levees.

In the fall of 1947, after heaequinoctial rains, the basin landwa

12

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LETTERS

from the levees filled with water until itbecame a vast lake of from a few inchesto eight or ten feet deep, covering nearly5,000 square miles. Providentially, nohurricane came in 1947 from the direc-tion which would have thrown a wall ofwater from the rear against the highlydeveloped and populated areas aroundthe rim of the lake. Such a disasterwould again have caused tragic loss oflives.

3. Mr. Finch makes only this state-ment concerning the damage caused bythis flood: "Not a human life was lost,hilt vast acres of farm land wereflooded." . . .

$41.9 million [damage] was sufferedas a result of the flooding of outlyingsuburban areas of West Palm Beach;also 30 per cent of the city of FortLauderdale, including the business dis-trict, railroads, industrial and residentialsections; also large inhabited areas inthe western part of Miami and the out-lying communities of Miami Springs andHialeah; also heavy damage to roads,utilities, railroads, and airports in thecoastal area.

Of course' this project necessarilybrings about other benefits than floodprotection, such as conservation andstorage of surface waters, recharging ofsubterranean waters, thus repelling saltwater infiltration-making more landavailable for agricultural and otheruses-fish and wildlife protection-andothers. These benefits, incidental toflood protection, account for the verylarge participation required of the stateand local agencies by the Congress,based on recommendations of the Corpsof Engineers. Alrearlv the state has ex-pended about $15 million. Also, theproject incorporates earlier improve-ments paid by local interests at a costof near $18 million.

We find no adequate reference to thefact that the state was required to pro-cure, furnish, and remove from any pros-pect of development the 1,344 squaremiles of area now dedicated for storageareas, nor do we find any reference tothe requirement that dis'trict expendi-tures, in an amount of about $1 million,were required to purchase and reinovefrom normal production the fertile is-lands in Lake Okeechobee so that thewater level of the lake could be raisedwhen necessary....

The Florida Congressional delegationis quite proud of this project, which weregard as of great value to both the stateand the nation as a whole .... \Ve re-gret that one of the truly great Hoodcontrol and allied-purpose projects-with a greater local participation thanany similar project in the nation-shouldbe subjected to biased treatment.

SEN.SPESSARDL. HOLLAl\'DWashington, D. C.

MR. FINCHREPLIES:The Corps of Engineers itself reports

that the project was planned "followingthe 1947 flood."

As far as local contribution is con-cerned, if Florida's cost share was un-usually high, why was it increased in1958? "It has taken on more of the na-ture of a reclamation project," concededEx-Sen. Claude Pepper of Florida (aSenator when the project was initiated)in .January 1959.

Evidence exists that the Corps' flooddamage figures for 1947 were overstated:86.2 per cent excessive for agricultureand 13.9 per cent too high for cities.according to the University of Miamibureau of business and economic re-search director. Florida is entitled to aidconsistent with that being granted otherdeveloping areas, but not this specula.tors' subsidy.

The energetic state of Florida, ofwhich 1 have pleasant memories,shouldn't. have to apologize for winninga place in the sun. L. BOYDFINCH

Ventura. Calif.

Mr. Finch's article, while it will causea furor, is comparatively mild, in thelight of the true facts. In this areaalone, six million cubic yards of silt havebeen deposited, ruining a once-beautifulnatural asset, the St. Lucie River, andthe Flood Control boys are movingahead relentlessly to continue thatprogram of ruin. ERNESTF. LYONS

Editor, Stuart NewsStuart. Fla.

Representing an organization with1,150 members ... I have four timescalled on Congress to protest thesquandering that your article so com-pellingly calls to public attention ....\Ve have found most desirable allies:Florida Cattlemen's Association ... Na-t.ional Audubon Society ... NationalWildlife Federation via the Florida con-stituency; the U. S. Fish and wiuur.Service has recommended the need toaid us, as has the Florida (Saltwater)Dept. of Conservation ...

ROBERTT. BAIRPres., St. Lucie-Indian Riven

Restoration League, Stuart, Fla.

More power to Harper's even thoughthey caught the devil from South Floridado-gooders.

En SENEY,EdtorCoral Gables Riviera Reporter

Miami, F::l

I enthusiastically agree with L. BoydFinch .... What a gravy train! In Ill)

humble opinion Harper's magazine andMr. Finch have done a meritoriousservice. CHARLESHAROLt

Village of Palm Springs, Fla.