To the Editors of the Crimson:

The point in "M's" letter which has not already been met, or will not be discussed further by others, is one which shows that the new plan is not fully understood.

In the new plan, the Directors will be chosen by the stockholders of the company instead of by the members as now. The stockholders, therefore, obviously should be men as familiar as possible with student needs and closely in touch with the student body that they may quickly feel any dissatisfaction which might arise from the conduct of the company by the Board of Directors. For this service, nobody has yet been suggested who would be better fitted than members of the several Faculties. And among so large a number as these Faculties comprise, five can always be found willing to assume the responsibilities of stockholders, if properly protected, and who are at the same time of sufficient business experience to make trustworthy guardians of the interests of the ticket holders and capable of selecting an efficient Board of Directors. The administrative offices would naturally appear in the organization as members of the Board of Directors -- the more active body of the two -- and a body to which such men will be eligible in the future as in the past.

It may be worth while to call attention again to the fact that the only active function of the proposed stockholders as such is that of selecting the Directors and that there is no thought of changing the present apportionment of the Directors among the various departments and classes of the University. L. J. JOHNSON, President.