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April 17, 1963 - Image 2

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Text
Publication:
The Michigan Daily, 1963-04-17

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THE MICHIGAN DAILY

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CONSUMER LOAN ACT:
Fusfeld Says New Rates Too High

Across
Campus

College Roundup

By MARILYN KORAL
Prof. Daniel R. Fusfeld of the
economics department claimed
that it would be contrary to the
public interest for the Michigan
Legislature to pass the Consumer
Loan Act in testimony before the
Senate's State Affairs Committee
last week.
Fusfeld supported with qualifi-
cation the bill's provisions to in-
crease the maximum permissible
loan from $500 to $1500. But he
said that the proposed interest
rates are out of line with rates
charged by lenders serving the
low-middle income-borrower.
"Loan companies in Michigan
have over-expanded in light of the
relatively slow growth of the Mich-
igan economy. The State Banking
Department has in the past abet-
ted this tendency to over expand.
Higher interest rates on loan re-

turns would only encourage more
over-expansion," Fusfeld said.
Emergency Loans
He added that small loan com-
panies were originally established
to provide emergency loans to the
poor. At this time comparatively
high interest rates were necessary
to compensate for the higher inci-
dence of non-repayment.
However, Fusfeld told the legis-
lators, the average borrower from
a small loan company today
"earns $100 per week and is buy-
ing his own home. Only 16 per
cent of the loans are now in the
'emergency subsistence' category."
The high incidence of repayment
should eliminate the need for the
high interest rates proposed in the
bill.
He added that at one time high
interest rates were necessary for
the loan companies to compensate
for high non-repayment of loans.
However, the need of higher inter-
est rates as proposed in the bill
should be eliminated by the cur-
rent high incidence of repayment.
Loan Company
He called the loan companies'
request for an increase in the max-
House Democrats
Trim School Bill
Democrats on the House Educa-
tion Committee have trimmed
President John F. Kennedy's $5.3
billion school bill.
The group scrapped the Presi-
dent's $1.5 billion four-year pro-
gram for grants to public elemen-
tary and secondary schools, and
tentatively decided to separate
general college aid from the om-
nibus bill and move it separately.

imum size of loans to $1500 "prob-
ably justified" due to the increas-
ing needs of their present cus-
tomers.
But Fusfeld charged that "such
an increase is not needed if their
traditional service as emergency
lenders to the poor is to be con-
tinued. A real need for this tradi-
tional type of service still remains.
Higher interest rates are not a
solution to the problem of low
earnings," he said.
He said that loan companies
are probably justified in their de-
mand for increase in interest rates
to meet the needs of the present
customers. But high interest rates
will not solve the problem due to
the slow economic growth in the
state.
WCB N Starts
New Schedule
Recently, WCBN, the cam-
pus broadcasting network, has
completely revised its weekend
programming format.
The new concept, called "Im-
pulse," will attempt to reach more
of the student body in a more
imaginative manner. It will begin
at 3:00 p.m. with a "TG on 'CBN"
broadcast from the Club 600 in
South Quadrangle.
Throughout the weekend, using
live and taped programs, the sta-
tion will try to present many of
the special events of the campus.
Explaining the \new concept,
Larry Rutter, '65, said that "we
will try to do as many things as
we possibly can to arouse audience
interest and participation in our
programming."

Prof. William Robson of the
London School of Economics and
Political Science will discuss "Eu-
rope at the Crossroads" at 3 p.m.
today in Rm. 3B of the Union.
Esophagus...
Prof. of Surgery Philip R. Alli-
son, M.D., F.R.C.S. at Oxford Uni-
versity, England, will give the sixth
annual John Alexander Lecture at
8 p.m. in the Sixth Level Amphi-
theatre at University Hospital. Al-
lison will speak on "The Function
and Disfunction of the Esopha-
gus."
Revolt...
Leroy McRae, national organi-
zational secretary of the Young
Socialist Alliance will speak to-
day on "The Black Revolt in
America" in Rm. 3-S of the Union
at 8 p.m.
Auction...
Sculpture, clay pots, water col-
ors, wood cuts and jewelry will be
among the items for sale at the
annual art auction at 3:00 p.m. to-
day in the Architecture and De-
sign lobby. The auction will con-
tinue until all the objects which
have been donated by students
and faculty are sold.
Hillel...
Prof. David Goldberg of the so-
ciology department will speak on
"Urbanism and Jewish Styles of
Living" at 8:00 p.m. today at Hillel
Foundation.
T. S. Eliot...
Prof. Donald Hall of the English
department will be the guest of
the Honors Council Steering Com-
mittee at 8:00 p.m. tonight in the
Honors Lounge of the UGLI. He
will participate in an informal dis-
cussion of T. S. Eliot's poem, "The
Waste Land." All interested stu-
dents are invited.
Engineer...
Dr. James B. Fisk, president of
Bell Telephone Laboratories, will
speak at the Michigan Engineer-
ing Convocation at 10:30 a.m. to-
day in Rackham Aud. His topic
will be "The Responsible Engi-
neer."
Dial 5-6290
ENDS TODAY
EVERYBODY'S 'CHOICE
FOR AGOEAT BIG
WONDERFUL TIME!

WASHINGTON (CPS) -- The
United States Civil Service Com-
mission has blocked attempts to
turn summer government jobs for
students into political patronage.
The commission announced that
competitive examinations would be
held for the jobs starting next
year. In a statement released to
the press the CSC said "political
clearance for part-time govern-
ment jobs is illegal and cannot be
tolerated." The action came after
the commission learned of a story
in the "National College Demo-'
crat," giving detailed information
on how students could get political
clearance from the White House
for the summer jobs.
* * *
CAMBRIDGE, Md. - Three
Swarthmore students are awaiting
charges of "tending to incite to
riot," and "disorderly conduct"
for attempting to enter a roller
skating rink with 13 Negro stu-
dents last weekend.
The Swarthmore students had
joined approximately 50 demon-

strators, mostly Negro, from Phil-
adelphia, Baltimore, Maryland
State College and Cambridge in a
concentrated attack on segregated
facilities and alleged injustices in
employment.
* * *
URBANA-CHAMPAIGN - The
University of Illinois Committee
on Student Affairs decided in a
unanimous mandate to indicate to
the chairmen of the University
Senate committees their approval
of student representation on uni-
versity committees. If the Uni..
versity Senate accepts the propos.
al, student participation in uni-
versity affairs and opportunities
for student expression on univer-
sity affairs would be greatly in-
creased, according to those in fa.
vor of the motion.
* . .
WASHINGTON (CPS) -More
than $1 billion on federal funds
for colleges and universities each
year would be affected by legis-
lation currently being studied by
the House Committee on Science
and Astronautics.

OPENING NIGHT TOMORROW

THE FUNNIEST
SHOW OF
THE YEAR!
LYDIA MENDELSSOHN THEATRE
Thurs. $1.50, Fri.-Sat. $1.75'
presented by Ann Arbor Civic Theatre

THURSDAY
FRI.-SAT.
8:00 P.M.
by #
PHILIP KING
A Riot!
You will laugh
Continuously
directed by ,
DON LOVELL
BOX OFFICE
daily 10:00 A.M.
NO 8-6300

PROF. DANIEL R. FUSFELD
... comments on bill

DAILY OFFICIAL BULLETIN.
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The Daily Official Bulletin is an
official publication of The Univer-
sity of Michigan for which The
Michigan Daily assumes no editorial
responsibility. Notices should be
sent in TYPEWRITTEN form to
Room 3564 Administration Building
before 2 p.m. two days preceding
publication.
WEDNESDAY, APRIL 17
Day Calendar
10:30 a.m. - College of Engineering
Convocation Speech-Dr. James B. Fisk,
President, Bell Telephone Laboratories,
"The Responsible Engineer": Rackham
Lecture Hall.
3:00 p.m.-Dept. of Political Science
Colloquim-Prof. William Robson, Lon-
don School of Economics and Political
Science, London, England, "Europe at
the Crossroads": Room 3B, Mich. Union.
4:00 p.m.-Dept. of Zoology Seminar-
Dr. Reeve M. Bailey, Prof. of Zoology
and Curator of Fishes, "Pathways of
Dispersal of North American Freshwater
Fishes": 1400 Chemistry Bldg.
4:05 p.m.-Arnold Air Society Film-
"Catch a Falling Star" and "The Man
Behind the Badge": Multipurpose
Room, Undergrad. Lib.
4:15 p.m.-School of Music Lecture-
Edward Lowinsky, guest musicologist,
"Virtuosity and Expression in Eliza-
bethan Keyboard Music": Lane Hall
Aud.
8:30 p.m.-School of Music Doctoral
Recital-Paul Makara, violinist: Aud. A,
Angell Hall.
4:00 p.m.-Anatomy Seminar - Mr.
Raymond L. Hayes will speak on "Re-
aggregative Studies on Dissociated
Chick Myogenic Tissue In Vitro." At
4:00 p.m. in Room 2501, E. Medical Bldg.
4:00 p.m.-Speech Dept.-Speech As-
sembly, Dr. Kenneth O. Johnson, Ex-
ecutive Secretary, American Speech and
Hearing Association will speak on "The
Development of a Profession." Rackham
Lecture Hall.
8:00 p.m.-Research Club Member
Meeting will take place in the Rackham
Amphitheatre. The meeting is held
jointly with the Science Research Club,
ORGANIZATION
NOTICES
Campus Reform Political Party, Orga-
nizational Meeting, April 18, 7:30 p.m.,
3511 SAB. Meeting of all those inter-
ested in organizing a moderate political
party on campus. Everyone welcome.
Brief meeting.
Chess Club, Meeting, April 17, 7:30
p.m., Union, Rms. 3K-L. Everyone wel-
come.
Voice Political Party, Voice Step To-
ward Peace Day Forum, April 18, 4
p.m., Diagonal.
Young Democratic Club, Meeting &
Program, Today, 7:30 p.m., Union, Rm.
3D. Speaker: Mrs. Helga Orbach, spokes-
man for Woman's Strike for Peace, "Or-
ganization's History & Aims."
Wesleyan Guild, Student Coffee Hour,
4 p.m., Wesley Lounge; Holy Commun-
ion, 5:10 p.m., Chapel; Supper & Pro-
gram, 6 p.m., Pine Room; April 17.

and the Womens Research Club. Wives
or husbands of members are invited
to attend. Council will meet at 7:15
p.m. in E. Conference Rm. Prof. W. H.
Graves will present first paper on
"Henry Ford-the Initiative Man."
Prof. Paul W. McCracken will take on
"Ford and the Role of the Inovator--
Economic Progress."
4:00 p.m.-High Energy and Theoret-
ical Physics Series - The Insti. of
Science and Technology will sponsor a
lecture by Prof. George Uhlenbeck, en-
titled "The Theory of the Critical
Point," 2038 Randall Lab.
Doctoral Recital: Paul Makara, violin-
ist, will present his third and final
recital in partial fulfillment of the
requirements for the degree Doctor of
Musical Arts, Horace H. Rackham School
of Graduate Studies today at 8:30 p.m..
in Aud. A, Angell Hall. His accompan-
ist will, be Robert Chapman, pianist.
Compositions Mr. Makara will play .are,
by Beethoven, Leon Kirchner, Bach, and
Schubert. The chairman of his doctoral,
committee is Gilbert Ross. His recital
is open to the public.
Doctoral Examination for Stephen
Clark Moore, English Language & Lit.;
thesis: "Variations on a Theme: The
Poetry and Criticism of John Peale
Bishop," today, E. Council Room, Rack-
ham Bldg., at 1:00 p.m. Chairman, J.
R. Squires.
General Notices
Student Tea at the home of Presi-
dent and Mrs. Hatcher will be held
today from 4 to 6:00 p.m.
Hopwood Contest: Manuscripts must
be in the Hopwood Room, 1006 Angell
Hall, by 4:30 Wed. afternoon, April 17.
Applicants for the Joint Program in
Liberal Arts and Medicine or Dentistry:
Juniors or seniors planning to apply
for admission to the Joint Program
in Liberal Arts and Medicine or Den-
tistry must submit their formal appli-
cation to 1220 Angell Hall before Fri.,
April 19.
Final Payment of Spring Semester
Fees is due and payable on or before
April 22.
If fees are not paid by this date:
1) A $10.00 delinquent penalty will be
charged.
2) A "Hold Credit" will be placed
against you. This means that until pay-
ment is received and "Hold Credit" is
cancelled :
(1) Grades will not be mailed.
(2) Transcripts will not be furnished.
(3) You may not register for future
semesters.

(4) A Senior may not graduate with
his class at the close of the current
semester.
3) The Dean of your school or college
will be given a list of delinquent ac-
counts.
Payments may be made in person, or
mailed to the Cashier's Office, 1015 Ad-
min. Bldg., before 4:30 p.m., April 22.
Mail Payments postmarked after due
date, April 22, are late and subject to
penalty. Identify mail payment as tui-
tion and show student number and
name.
The Annual Meeting of the Women's
Research Club with the Research Club
and the Science Research Club of the
Univ. will be held on Wed., April 17,
at 8:00 p.m. in the Rackham Amphi-
theatre. The program on the social-
economic and technological significance
of the work of Henry Ford will be pre-
sented by Professors Paul W. McCrack-
en of the School of Bus. Admin. and
William H. Graves of the Dept. of Auto-
motive Engrg.
Phillips Prize Exam in Latin and
Greek: Open to Freshmen and Sopho-
mores. Thurs., April 18 from 7-9 p.m.
in Rm. 25 Angell Hall. Competitors
must sign up not later than Tues.,
April 16, in the Departmental Office,
Rm. 2026 AH.
May Festival Ushers must pick up
their usher tickets at the Box Office of
Hill Aud. today from 5 p.m. to 6 p.m.
Please consult list in Tuesday's Daily.
(Continued on Page 5)
*HOOT
Collegiate a n d professional
folksingers and groups from
UM, WSU, OBERLIN, CHI-
CAGO, WISCONSIN, etc.
AN EVENING OF
UNPARALLELED FOLK
ENTERTAINMENT
THIS SATURDAY EVE.
Trueblood Aud., 8:30 P.M.

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- EXTRA -
"DEVIL'S FOOD CAKE"
Color Cartoon
THURSDAY
"TO KILL A
MOCKINGBIRD"

$1.50 $2.00 $2.50

.

1 i

The Intefraternity Council Presents the Annual

r

DR. JUDAH GOLDIN, Professor of Classical Judaica
at Yale University

I

TONIGHT

at 7:30

Featuring:

11

III Ir- !- -jIr..6 f

I

11

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