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 /g -~,-- -1fi +I i i i3 1 a7 - - - Wear Hart Schaffner& Marx.Clothe s y, InaHrtShffe arxrt suitorovrcatyo'le peae heMa ritical You'll save some money and have the satisfaction of knowing that you couldn't have secured better style at any cost; and that similar quality would have cost double at a good custom tailor's. You can make a choice a few minutes before train time and -be fitted perfectly. I* LUTZ CLOTHING STORE The Home of Hart Schaffner & Marx Clothes 6h FT CARDS FURNISHED Inn.kni4' nnF11jl GIFT CARDS FURN SHED NOFFLET'S Newsstand£agazi1 UULuIIJIubsCrI tIonsR XIiasitsG 10 EAST WASH-IGTO