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April 04, 1967 - Image 2

Resource type:
Text
Publication:
The Michigan Daily, 1967-04-04

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PAGE TWO

TH -- . ,. ,r 4l DATIsNj

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a. al vg t l1TlttAhT nANN

'1 U.~L n3AX, lRIL '4, 1967

Literary Faculty Creates
Inter-Departmental Degree

(Continued from Page 1)
18 hours in two different distribu-
tion areas such as humanities, so-
cial sciences, natural science and
languages. The last 18 hours mustj
be divided equally between the
third and fourth distribution

very seriously" by the library ad- The LSA faculty also unani-
ministration. mously approved an alteration in
The resolution also resolved the pass-fail program which al-
"that in implementing this policy lows juniors and seniors to elect
the library maintain close liaison one course per semester which is
with the library committee of this not part of his major concentra-
faculty and with the individual de- tion and not a course for distribu-

! .. !

MAYNARD STREET as it will look from Liberty St. The carport addition will cross the street
leaving three decks atop the extension of Jacobson's which is expanding onto 317 and 325 Maynard.
$121,750:
T o Sealed id H ire
U Pro erty on Maynard St.

areas. partments."
Eight to 10 of these hours must The report, in addition to "de-
be in a single department, and ploring" the lack of acquisition
eight hours in the last two years funds "adequate to keep the Gen-
must be elected in the natural sci- eral Libiary competitive with the
ences. leading libraries of other state uni-
A student who wishes to receive versities," also "deplored" the fol-
a Bachelor of Arts in Liberal Stud- lowing:
ies would, upon becoming a sec- -"The failure to consult with
ond-semester sophomore, draw up appropriate faculty committees
a program of study in which he with respect to changes of policy
specifies the types of courses he which deals with faculty status
will elect in order to satisfy the and privilege,
area and group requirements and -"The serious overcrowding of
the "underlying theme . . . which both the reference and periodi-
provides a unifying element in cal rooms, chiefly by undergrad-
these elections." uates seeking a place to study,
The student should then find and
a faculty member who is both -"Indiscriminate access by all
capable and willing to serve as comers to the stacks."
his faculty advisor. The student The committee urged that:
then must submit his proposal, "-The stacks of the General
bearing the advisor's endorsement, Library be again closed to all but
to the Committee on Interdisci- the faculty and graduate students
plinary Studies, which will de- and undergraduates with special
cide upon the acceptability of permission from a member of the
the program of study. All subse- faculty," and
quent course elections are subject' -"Steps be taken to relieve the
to the approval of this committee, glaring deficiency of study space
The members of the Committee on the campus and to diminish
on Interdisciplinary Studies will the heavy use of the main librar-
be appointed by the dean of the ies merely as study halls."
literary college and will consist
of one faculty member who teach-
es in the social sciences, one in
the natural sciences, one in the
humanities and one member of the
LSA Curriculum Committee.
The LSA faculty's unanimous1
resolution requesting the Univer-
sity's General Library to give pri- !
ority to acquisitions in the allo-
cation of its present and future
funds because the "present level
of support is inadequate" followed
a report from the College Library
Committee.
Library Director#
Dr. Frederick Wagman, direc-
tor of the General Library, said THIS WEEK:
that he "concurs with the resolu- Thursday, Friday
tion" and that "it will be taken

tion requirements.
At the present time, a student
must choose the course he wishes
to take on the pass-fail basis
when registering and may not re-
verse that decision later. The
newly-adopted change would allow
the student to change his mind
within the first two weeks of the
semester.
The "Concentration-at-Large"
program which would allow stu-
dents to take an inter-departmen-
tal major was deferred back to
the Curriculum Committee for
further study.

I

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YPSILANTI STATE HOSPITAL
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For information and applications, contact
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or The Rev. Donald Poskma-668-7421
or Miss Shirely Lewis-662-3580
Deadline for Applications-Tuesday, April 4
Sponsored by the Ecumenical Campus Ministry

(continued from Page 1) President John R. Fowler in a
"The bids ranged from a low of phone interview yesterday. ]
$40,100 to a high of $161,500," Mr. Mr. Stegeman also indicates
Pierpont reported to the Regents ,that he "dropped out of Stepar on
"It is recommended that the bid Friday (March 31) The corpora-
of John C. Stegeman, in behalf of tion (Stepar) is being dissolved,;
a corporation to be formed, in the presumably within a couple weeks.
amount of $161,500 be ac- I'm not a stockholder anymore."
aepted " The local developer explains
cepte bwetethat "the purpose of Stepar was
SHqwever between the time Pier- to develop and improve local real
pont's report recommending ac- estate. That has been achieved."
ceptance of the $161,500 Feb. 11 Although Mr. Parsons, a De-t
offer was mailed to the Regents troit lawyer, has been a major fig-1
and the actual Feb. 27 meeting, ure in Stepar, his name dose nott
Stegeman changed his mind. appear in the investment com-
"He told us that he couldn't go pany's latest annual report filed
,ahead with it," explains Pierpont. with' the State Treasury Depart-.t
"He couldn't'get financing." ment on Sept. 30, 1966. The report
The public notice of the bidding lists Mr. Stegeman as president
had indicated that "Withdrawal and treasurer of Stepar while his
of any proposal is prohibited for wife Lois U. Stegeman is secre-c
a period of thirty days after the tary and vice-president. Mr. and
time set for opening of proposals." Mrs. Stegeman and Loren Camp-
Stegeman withdrew his bid be- bell, an Ann Arbor attorney, are
tween- Feb. 11 and Feb. 27, Pier- all directors for the firm. Mr.c
point indicates, although the vice- Parsons was out of town and un-r
president is not certain of the available for comment last night.1
exact date. . While rumors of the details
The University did not prohibit surrounding the 325 Maynard
Stegeman from withdrawing his transaction have raised some eye-
bid. Rather- the 'high bidder for- brows in local financial circlesI
feitedhfi bid bond of abbut $8,050. there is little serious concern
Pierpont indicates this is normal voiced about the transaction in-
piactice in matters of this kind. side or outside the University. I
Because of the forfeiture, at Said Vice-President Pierpont in
the.Feb..2'7Regents meeting "The an interview yesterday, "I don't
University had to go ahead withis-apparently
the second bidder," saysPierpont. it's a Michigan corporation. We
sold the land to Parsons. I don't1
The outcome is reported in the know anything about Parsons. I1
February, 1964, Regents minutes: don't know anything about the
"On recommendation of the relationship b e t w e e n Parsons,
Vice-President of Business and Stegeman and Stepar. It's no dif-'
Finance the bid of Donald H. Par- ference to me. We sold the prop-
sons was accepted for the sale of erty legitimately."
the school of music building.' One of the Regents present and
Mr. Parsons had originally sub- voting at the Feb. 27, 1964, meet-f
mitted the second highest bid of ing, where the land was sold, in-
$121,750 for the land. He was sold dicated that while the Parsons bidc
the land at' that price. was lower than the withdrawn1
One of the Regents present at Stegeman bid, "It was still a pretty
the February meeting was W. K. good price. It was substantially I
McInally who was then secretary above the appraised value of thet
and a director of Jacobson Stores property."
Inc. Mr. McInally died in the sum- And Mr. Stegeman, who is re-
mer of 1964. spected locally for building top
Asked about Mr. Parsons in an quality, solid apartments, feels' hisc
interview yesterday, Mr. Stegeman firm has done Ann Arbor a "serv-t
said that Donald H. "Parsons and ice." Mr. Stegeman is a "minorI
r,:were 50-50 partners in Stepar partner" in the William St. Com-.
Investments Inc. The name Stepar pany which is' currently erectingr
represented Stegeman and Par- the 26-story "Tower Plaza" at5
sons." the corner of Maynard and Wil-N
On Feb. 27, 1964, the Michigan liams Streets. His Charter Realty
Corporation and Securities Com- will be managing rental agent forc
mission in Lansing filed a "cer- the 26-story building.I
tificate of amendment to the The parking ramp extensiont
articles of incorporation" of the that will provide three levels of1
Woodmere Corp., who's president parking atop Jacobson's and 278i
was 'John C. Stegeman. additional spaces, is being builtr
Woodmere's name was changed in part, to fill parking needs for
to "Stepar Investments Inc." Until the Tower Plaza.
just... last Friday.. Mr. Stegeman The William St. Corp. has
was president and treasurer of agreed to pay $2,500 annually to- -
Stepar. ward the cost of the $1,014,694
Vice-President Pierpont reports addition and would assume any
that subsequent to the sale of the t deficit up to $12,000.
land the University "approved the Despite Mr. Stegman and Vice-
transfer of the land contract from Presdeint Pierpont's assurances,
Mr. Parsons to Stepar." some officials appear concerned,
r While Pierpont is unable to re- if not over-wrought, about the 325
port exactly when the contract Maynard transaction.
was assigned to Stepar he indi- An Assistant Attorney General
cates that the property has been in Lansing indicates that normal-
largely paid off by the investment ly when a top bidder drops out of
firm. 'the running after bids are open
The University reports that the "the bidding is re-opened. That
sale was made with a down pay- protects all the bidders."
ment of about $30,400 and a land _________________
contract of $91,310. Stepar made
its final payment on the land last
week and "closed the deal with the
University on Thursday (March
30)" reports Mr. Stegeman.
Since Stepar was acquiring the
land for development by Jacob- UNION-LEAGUE
son's it then sold the prop-
erty to the Jackson based firm on
"Friday," according to Jacobson's Announce P T

I.
1

Mr. Stegeman, Mr. Pierpont and
Mr. Fowler of Jacobson's all in-
dicate emphatically that the
abrupt completion of the land
transaction and move to close
up Stepar bears no relationship to
reporters' inquiries.
When the University's invest-
ment office was approached March
22 for information on the 325 May-
nard transaction, investment of-
ficial Graham Conger indicated
that an official authorization from
Pierpont was necessary to release
information.
On March 23 Conger reported
some of the details surrounding
the bidding but was unable to
give out the price the land sold
for or the names of the bidders.
Mr. Conger subsequently indi-
cated he would ask for further
authorization to release the de-
tails on the actual bidding.
Mr. Conger was contacted each
day by The Daily for the infor-
mation. He reported each day that
Pierpont had not made his deci-
sion. Finally on March 30, he told
The Daily's regular caller, "Oh,
are you still interested? Mr. Pier-
pont thought that perhaps you
wouldn't still be working on the
story since the contract has been
paid off."
Stepar signed the final papers
on Thursday, March 30, with the
University.
On Mar. 31 Mr. Conger indicated
that Pierpont refused to give au-
thorization to give out the details
of the transaction.
However, in an interview yes-
terday. Pierpont did acknowledge
that the sale price had been $121,-
750 and that the winning bidder
was Parsons, after Stegeman had
dropped out.
Pierpont indicated that the sud-
den closing of the deal had no re-
lation to newspaper inquiries. He
termed the occurence "coinciden-
tal."
Mr. Stegeman concurs. "This
transaction has been going on for
weeks in an orderly fashion."
He adds, "The University is
damn lucky we bought the land,
the price was way above the ap-
praised value. It was a substantial
gain to the University. I think the
next lowest bid was at least
$30,000 under the $121,750 bid. It
worked out OK."
Asked about why he dropped out
on the $161,500 bid, Stegeman
said, "I have nothing to say about
that-no comment. Dropping out
had nothing to do with it. This
is a normal straightforward busi-
ness deal."
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