FOUU THE MICHIGAN DAILY
Prof. Dowrie of Finance Department on Anglo -French Loan
i1
II I
ECONOMISTEXPLAINS
LUCIDLY NATUE OF
ANGLO-FHRENCH LOAN
PROF. G.W. DOWRIE OF ECONOMICS
DEPARTMENT GIVES REASONS
FOR RECENT ACTIONj
"SECURITY IS UNEXCELLED"
"Lack of American Enthusiasm Not
Due to Fear That Obligations
Will Not Be Met"
(By Prof. G. W. Dowrie)
Few financial, transactions have at-
tracted so wide attention as the $500,-
000,000 loan recently floated in this
country by commissioners represent-.
ing the English and French govern-
ments. Never before has an attempt
been made to float in the United States
a loan of such magnitude. In fact,
few foreign loans of this size have ever
been undertaken in any country. In
addition to the size and character of'
the loan, the fact that it encountered
the vigorous opposition of persons in
sympathy with the cause of the Teu-
tonic allies gave it unusual publicity.
In normal times European pur-
AtTh Th rS
Another strong vaudeville- bill
opened at the Majestic last night.
There is plenty of ''just what the
public wants," and comedy and song,
and the bill is one that pleases all
classes. It is headed by Tom Linton
and his "Jungle Girls."
Tom Linton comes to this city as
a well-known vaudeville comedian
and is a welcomed visitor over the
big circuits from yeah to year. His
offering this season is one with ex-
ceptional chances for novelty and com-
Missionary," offers him onderful
edy. His vehicle, the "Up-to-Date
opportunity to display nis versatile
comedy talents.-
Mr. Linton is surrounded by a com-
pany of 10 people, which is only one
of the five-act program in the "Up-te-
Date Missionary." There are four
speaking parts, besides his. odd
chorus of dainty and pretty Jungle
Girls. It is a singing and dancing
tropical oddity, with a Zulu festival of
songs, laughter aoid original dances.
A complete scenic production is car-
ried.
An extra added attraction to this
bill is the "Royal Italian Quintet," an
aggregation of start from the Lom-
bafdi Grand Opera company. The se-
:. ctions rendered come from such
well known operas as "Il Trovatore,"
"Lucia di Lammermoor," "Traviata,"
"Aida," and "Martha," both solos and
quartet numbers. This act appeals
td all classes, especially the music
lovers.
Appearing also on this bill ar
Clifford & Mack, a clever team o
aa'inty dancers, introducing society
and popular dances, interspersed with
bright sayings and well rendered vo-
cal selections.
Nadel & Rogers are billed as "Dip-
py Dope." Mr. Rogers, of this team
is a comedian of the peculiar tyr
and keeps his audience convulses
with laughter. Mr. Nadel, who doer
the straight man in the act, has a
well trained voice.
Mlle. Amoros and Mulvey appear ir
an original act that is a sensation.
They are dancers of exceptional abil-
ity and they keep the audience spell-
bound as to what they will do next.
ADDITIONL COURSES TO
BE OFFEREDIN SUMMER
thi siness (orrespondence, Semitics,
and Precious Stones Course Of-
fered For First Time
3R. Rood.
The work in the colleges of engi-
neering, law, pharmacy, architecture
and medicine will be practically the
same as in former years. A number
of men who have not taught in the
summer sessions for a number of
years will be seen here next summer.
These include Professors David Fri-I
I day, T. C. Trueblood, Leroy Water-
According to Prof. Edward H. man, H. R. Cross and Francis Kelsey.
Kraus, dean of the Summer Session, The names of prominent men of other
many advantages over previous years institutions who will give courses
will be shown in the next summer here will be announced at a later date.
session.
Special emphasis will be given to J-HOP SOUVENIR BOOK WILL
the study of Spanish, the courses be- EXCEL OTHERS IN DECORATION
ing strengthened aid made vastly
more attractive. Semitics will be Yellow Clirysanthemums, Views, and
given for the first time by Prof. LeroyM ae
Waterman. The courses will include Maize and Blue Ribbon
a, Histcry of Israel and a History of Appear
Religion. A number of additional -~
courses will be given in American His- The J-Hop book, as decided upon at
tory, Rhetoric and English literature. a general committee meeting Sunday,
A new course in Business Correspond- is to excel all previous souvenirs of
ence will be given for the first time. its character. It will contain a flash-
This course is designed especially for light photograph of the "M" formed
teachers. Prof. Kraus will give his in the grand march and a time expo-
new cultural course, in Gems and sure of the empty gym after the dec-
BOOKS WORTHREAIN
MOONBEAMS, FROM THE LARGER
LUNACY.-By Stephen Leacock.-
John Lane Company.
Stephen Leacock's reputation was
made several years ago, with his
"Nonsense Novels," and "Literary
Lapses." And that reputation has suf-
fered little with his latest book,
"Moonbeams."
The quality which should make it
appeal to some who in the past com-
plained of the never-ending sameneas
of Mr. Leacock's humor is the great
variety of the contents of the book.
He takes in samples of work such as
made up each one of his previous
volumes. Perhaps the best hit in the
book, is the "What's What,'a Com-
AtOther Colleges
Perforni Remarkable Experiments
New York, Dec. 13.-In the Colum-
bia University Cancer Laboratory,
which was established two years ago
by the George Crocker Special Re-
search Fund, a series o remarkable
experiments has just been completed.
Dr. Francis Carter Wood, director of
the Laboratory, and Dr. Frederick
Prime, Jr., have come to a determina-
tion as to the relation of the time of
exposure, the amount of radium gm-
ployed, the distance between the ra-
dium tube and the tumor issue, to the
killing effect upon a cancer cell. This
is the first time that the working out
of such quantitative tests has been
successful. Dr. Wood hastened to
dispel any illusions that the problem
Precious Stones for the first time.
The course in Library Methods has
been entirely changed and given ad-
ditional strength by the addition of a
new instructor. The course has been.
revised and will be given under the
direction of Mr. W. W. Bishop, the
new librarian. The course in Em-
balming and Sanitary Science has
ben strengthened by the addition of
a number of lectures cf Autopsy Tech-
nique by Dr. Warthin, of the pathol-
orations are completed, as well as a
photo of each party occupying a booth.
The cover will have on the right
hand side a design of yellow chrysan-
themums mingled in a blue tinted
background, leaving room on the left
for a picture of some campus view, to
be selected by the owner of the indi-
vidual book. Each sheet will contain,
together with its particular photo-
graph, a suggestion of the cover de-
sign in maize and blue, and the bookI
will be tied with ribbons of the same
colors.
panion to Who's Who." "Spoof: The of treating cancer in the body had
Thousand Guinea Novel," and the been solved, and is, in fact, not alto-
"Afternoon Adventures at My Club," gether sure that radium will prove a
are also worthy of particular men- successful remedy.
tion.("tes
All of Mr. Leacock's humor is of Wisconsin Chinese Students Protest
the obvious kind, which is enjoyed Madison, Wis., Dec. 13.-The Chi-
the more, if one reads it aloud. The nese students of the university have
reader would better read his work in voiced a protest against the reestab-
snatches, if he would appreciate it lishnioct of a monarchy in China, in a
fully. And, as we have said, this is telegram to President Yen. A. prone-
as good as Leacock has done, so if inent member of the Chinese student
you enjoy his brand of humor, and colony stated that the fact that the
what college student should not, buy monarchial movement had not been
the book and laugh with him. crushed previously proves that Pres-
It occurs to one often while read- ident Yen, who has the army in his
ing Mr. Leacock's book, to wonder power, is in reality back Of it. Many
just what his classes can be like. He of the Chinese students will go back
is a professor in political science at and fight for democracy if the occa-
McGill University in Toronto. One sion demands.
does not know whether to pity Pro-
fessor Leacock of his students. 2255 2255 2255 2255
chases of American breadstuffs, cot-
ton and manufactured articles are so
nearly offset by our indebtedness in-
curred because of importations, ex-
penditures of tourists, the borrowing
of foreign capital, the carriage of our
goods in foreign vessels and the other
so-called "nvisible items" that the
actual shipment of gold is confined to
a comparatively small movement away
from America in the first half of the
year and a similar movement towards
America during the latter half. Since
the outbreak of the war, in spite of
the heavy purchases of American se-
curities from foreigners by American
#nvestors, European claims against us
have greatly diminished in amount,
w'iIle our shipments of manufactured
articles and raw materials have as-
sumed unheard-of proportions. For
some time the monthly balances in our
favor have exceeded $100,000,000, with
the result that the demand in Europe
for New York drafts greatly exceeds
the supply. Consequently, a high pre-
Mium must be paid and the cost of our
goods to our foreign customers is cor-
respondingly higher. If such a situa-
tion were allowed to continue, prices
would reach prohibitive figures And
our lucrative foreign trade would be
cut off.
There are severgl possible means of
offsetting the balance against Europe
sufficiently to stabilize the rates of ex-
change and reduce accordingly the
prices paid for our goods. The cus-
tomary method, that of shipping gold,
has been employed to an unusual ex-
tent, but has made little impression
upon exchange rates. It is not to the
interest of either America or Europe
that a considerable portion of the bal-
ance be paid in this way. Europe can-
not spare the gold from her reserves
at this time, and America would be ex-
posed to all of the ills which arise
from having a disproportionate share
of the world's gold. It was early sug-
g'ested that pressure be brought to
bear upon holders of American se-
curities in the various, countries af-.
fected by the exchange situation
with a view to coaxing or compelling,
if necessary, the sale of these hold-
ings on the New Yrk market. A
considerable volume of such securi-
ties has been disposed of by Euro-
peans who were actuated by patriot-
ism or by the less lofty motive of the
superior attractiveness of govern-
ment war loans, but unless coercion
is applied In the form of a prohibitive
tax, the future sale of American se-
curities by foreign holders is not
likely to have any material effect
upon the exchange market. There re-
mains to be considered one other
means of stabilizing exchange, viz.,
the borrowing in this country of the
funds with which to pay for "ship-
ments abroad. It was to this means
that the governments of France and
England turned, when they dis-
patched a commission to America, a
few weeks ago, in search of a loan.
The Anglo-French representatives
came prepared to ask for a loan of a .
billion dollars, but after a conference
with New York bankers, the amount
was cut in half. It was the opinion
(Continued on Page Five)
ogy department, and
tures on the points
a number of lec-
of law by Prof.
One of the most fascinating tome-
dies ever presented will be seen at
the Whitney theatre on Thursday, De-
cember 16, when Henry Miller and
Ruth Chatterton appear in Jean Web-
ster's "Daddy Long Legs." "Daddy
Long Legs" was first written as a
series of letters in a magazine and at
once attained wide popularity. Henry
Miller, the famous actor, read the book
one day, and in the role of Juddy Ab-
bott, he at once saw a wonderful part
for Ruth Chatterton, the brilliant youn"
girl who had become famous over
night when she appeared with Mr. Mil-
ler in, "The Rainbow." Miss Chatter-
ton scored an instantaneous hit in the
role, playing in both Chicago and
New York City. During this time
Mr. Miller had found a most con-
genial role in the part of "Daddy Long
Legs" himself, headed another com-
pany and toured the country with
tremendous success. This season Klaw
and Erlanger present Mr. Miller and
Miss Chatterton as co-stars with an
ideal supporting company.
NORTHWESTERN CLUB TO GIVE
CHRISTMIAS ]A-TY WED-ESD-Y
Students from the states of Wash-
ington, Idaho and Oregon will give
their first dance of the year Wednes-
day evening at Packard academy.
Western features will be on the pro-
gram. The orchestra will be under
the direction of George Olson, ex-'16,
of Portland, Ore, and the chaperones
will be Mr. M. C. Wier and Mrs.
Wier. Mr. Wier, before coming to
Michigan. resided at Spokane, Wash.
The Christmas party is given un-
der the auspices of the Northwestern
club, composed of students from the
three far western states. The com-
mittee in charge is H. C. Kahn, '17D;
C. L. Muller, '16L, and John Stewart,
'19E.
Students, for the most safe, speedy,
reliable economical Parcel and Mes-
senger service, call 2023. nov3tf
We can do your papering, painting,3
tinting, etc., at once. C. H. Major &
Co. Phone 237. edtdec2l
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The Home of Hart Schaffner & Marx Clothes
6h
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