The attention of the readers of the Bulletin was in the April issue directed to an address by Dr. Stanley Pargellis on the subject. “The Judgment of History on American Business.” The address, which was published by the Newcomen Society, American Branch, and also by the Railway Age and The Nation's Business, has evoked much stimulating discussion. A letter is printed below that comments on Dr. Pargelhs' address and carries the discussion further. It emphasizes a fundamental aspect of the problem, and in effect it challenges the scholar to an examination of his own thinking about business. The BULLETIN presents the letter as the statement of a business man who has thought much about the problem.