The CRIMSON hat exchange, in the course of an unusual afternoon's work, gathered together a remarkable collection of hats in all stages of health, and some interesting data in the bargain. It is hard to say which was the more striking, the hats themselves, or the strange contrast between the lost column which expanded with startling rapidity and the found column which was somewhat lethargic.

Concerning the hats: whatever we have heard in the past about the typical Harvard hat faded into insignificance before the comment passed on some of the contributions to the exchange. To be sure the ensemble on view was a bit below average owing to various reasons. The real sensation of the day, however, was provided in the lost and found columns. We had no idea that so many of August's best had vanished into thin air at the Stadium. Dozens of men lost their "form-fit chapeaux", but very few had found a thing worthy of disposal at the exchange;--and that is saying something.

Which leads up to the well known economic question of supply and demand. Apparently, from the data compiled, the supply is abnormally low; and the demand will be proportionately great. At Princeton, we understand, the hat exchange building was a total loss owing to the rush of business. At Cambridge the exchange building was a total loss owing to the rush of business. At Cambridge the exchange is unable to give satisfaction to a great many anxious individuals. Whether they will spend their wrath on the present wearers of their hats is a question to be answered shortly. At any rate the CRIMSON hat exchange is open for business today for the amicable settlement of disputes. It stands first and last for law and order--and hats.