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March 03, 1931 - Image 1

Resource type:
The Michigan Daily, 1931-03-03

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1 890


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Refinancing, Reorganization Are
Cited in Several States
of Middle-West.
Substantially Better' Banking
Conditions Pointed Out in
Omaha, Lincoln.


Mussolini Sees Naval Agreement as 'Great
International Event;' Hopes for Favorable
Influence on Economic Condition of World

(Rv Associated Pess>)
CHICAGO, Mar. 2.-The middle-
west, with shoulders squared aftei
a chaos of closed banks, is refi-
nancing itself.
Dozens of moribund banking
houses have been revived. Mergers
have strengthened the whole struc-
In Nebraska, Indiana, and Min-
nesota, this refinancing is particu-
larly noticeable.
Since late in 1929, when the Ne-
braska state guarantee fund sys-
tem virtually collapsed, 44 state
banks opened for business. One of
these, in Norfolk, had deposits of a
million dollars.
Depositor's Fund Aided.
Repeal of this guarantee fund
law was followed with a final set-
tlement act, providing for a depos-
itors fund through assessment of
daily deposits. A United States Su-
pteme Court decision last week,
upholding this act, will pour more
than $5,000,000 in back assessments
into this protecting coffer.
Omaha and Lincoln bankers said
conditions were "substantially bet-
ter in the state than a year ago."
Of th' 64 state banks closed in
Indiana, since 'last Septembei, 24
have been reopened, strengthened
by reorganization. Ten other de-
fgnct institutions have been con-
suaied by stronger banks, without
a perny's loss to depositors. Luther
F. Simons, state bank commissioner,
said several other closed banks
would be reopened soon.
Iowa Charters 14 Banks.
Iowa, whose banking structure
was severely shaken by the busi-
ness depression, reported that 14
charters have been issued for new
banks in cities where institutions
were closed. Thirty-three consolida-
tions have been affected, to the
betterment of the system. L. A.
Andrew, state superintendent of
banking, said cash reserves in the
state banks are in excess of re-
Consolidations, too, have proved
a valuable aid in banking in mak-
ing the Minnesota banking system
more powerful. In 1930, 44 mergers
were effected, compared to 30 in
1929. J. N. Peyton, banking com-
misisoner, said public confidence in
banks has increased daily.
Twelve of the 23 Wisconsin banks
closed in the past year have been
refinanced, and three more are now
being reorganized. All but four of
these were closed by directors for
protection of depositors.
State Bulletins
(Ly Associate I os)
Monday, March 2, 1931
MT. CLEMENS--Accompanied by
a group of political friends, Mayor
William Hale Thompson of Chicago,
was here today to lay plans for Chi-
cago's mayoralty election n e x t
month. Mr. Thompson, who tooka
treatments for rheumatism here
before the Chicago primary, plans
several trips to the mineral bath.
ESCANABA--Dr. William A. L-
mire, 54, former state senator and
representative, w a s electrocuted
while working with an X-ray ma-
chine in his office here this after-
noon. Dr. Lemire, who was also.
a former mayor of Escanaba, wast
elected to the state house in 1916r
and to the senate in 1920. He isI
survived by a widow and five daugh-
MACKINAW CITY-The railroad
car ferry Chief Wawatam, battled1
its way through to St. Ignace late
this afternoon after being hel for

l: rmna's Nwr:: Thie United states is credit-
ed n ilh eaeriinc a I1iichly helpful inflnce
toward the new British- Fraco Itzdltunaval ::c
cord in hfollowing statemnnt by Prmi'en
Benito AI\1 idnj, Written exclusively fir thei
As5.ocjated Press. Ilec adds that President Hoover
nitiated he present phase of the inovemen
to wa. Ueaec and(1 lso regards Italy as havi
doe fully her (hut yto the world in this at a
Premier of Italy
Copyright, 1931, by the
Associated Press
ROME. Mar. 2 (Ninth year of the
Fascist Regime) - The agreement
reached on the naval questions
which were left unsolved at the
London conference is a great inter-
national event.
It will have large and beneficial
repercussions not only on the Italo-
French relations but also on those
of the five great naval p o w e r s
which thus see consolidated the re-
sults so ardently desired by their
peoples as a means of avoiding a
ruinous armament competition.
It is reasonable to hope for fav-
orable influence on the world eco-
nomic crisis that so greatly harass-
es people with painful manifesta-
tions, of which the most evident is
For these and for other reasons
the happy results of this agreement
may be felt by all the peoples of


New York Times Believes Grasp
of Contemporary Affairs
Essential to Student.
Questions Are to be Divided Into
Two Parts; Identification,
and Five Essays.


Literary Students Receive
Highest Honors for First
Semester Grades.

Thirty-eight students -made all
"A" records in the literary college
last semester, according to an an-
nouncement issued yesterday by
Daniel L. Rich, director of classifi-
Twenty-two men and 16 women
obtained the perfect averages; out
of the list there 'were eight fresh-
men, one sophomore, 16 juniors,
and 13 seniors.'
Those who had the straight "A"
records for last semester were:
Philip Bernstein, '32; Ada L. Black-
man, '34; Elsie J. Bliman, '31; Helen
E. Campbell, '31; Eleanor A. Cooke,
'31; Frank E. Cooper, '31; Samuel
Diener, '32; Ruth F. Duhme, '34;
Adele D. Ewell, '31; Saul B. Gusberg,
'34; Miriam L. Hall, '34; Wealtha E.
Hendriksen, '32; Max M. Isberg, '31;
Paul R. Irwin, '32; Harriet L. Jen-
nings, '34; Frances M. Jennings, '31.
Helen S. Jones, '31; Mrs. Wini-
fred A. Kammerer, '34; William W.
Knox, '32; Neil W. Macintyre, '32;
George W. Meyer, '32; Willard O.
Mishoff, '31; Robert L. Pierce, '32;
Richard F. Reynolds, '33; Jane M.
Robinson, '34; Charles A. Rogers,
'34; Carl H. Schwartz, Jr., '32; Cath-
erine W. Shannon, '31.
Herbert V. Sharlitt, '32; Albert F.
Sherry, '32; Franklin C. Smith, '31;
Alice L. Sunderland, '31; Mary A.
Swanwick, '32; Edward C. Varnum,
'32; Martin Wagner, '32; Willard I.
Wilcox, '32; Maurice J. Wilsie, '31,
and Frederick V. Wiselogle, '32.
The Weather
(fey U 00 auoife Press)
Lower Michigan: Some possibil-
ity of light local snows Tuesday,
followed by colder at night; Wed-
nesday partly. cloudy.

E ( Students interested in world af-
iairs of the last year will compete
in the New York Times current
events contest, at 2 o'clock this aft-
ernoon in room 2219, Angell hall.
Three cash prizes will be awarded,
$150, $75, and $25, the second of
which is given only to a sophomore.
or freshman. The winning paper
Benito Mussolini j will be submitted in competition for
the intercollegiate prize of $500.
the world, and so is made a fortu- The questions on the examina-
nate beginning of this year of pre- tion will be divided into two parts.
paration for the general disarma- The first section, which must be
ment conference. answered in an hour, deals with
Italy has not hesitated for the identification of persons, places,
sake of its high ideal to take the and events. The second comprises
initiative of considerable sacrifices, comments of not less than 250
I can affirm with a clear conscience words on each of five topics select-
that Italy in this matter has done ed from 1.5. This section will last
her duty toward civilized nations. two hours.
It pleases me to recall that the Open to All Students.
United States has always exercised, "The current events contest,"
in the interests of the agreement stated Prof. Everett S. Brown, of
that now has been reached, an af- the political science department,
fective and objective action that chairman of the local committee,
the people and the government of "is sponsored annually by the New
Italy have appreciated highly. I York Times in the belief that a
am glad also to remember that this comprehensive grasp of contempor-
new phase of world pacification was ary affairs is part of the essential
begun by the clear and firm declar-! equipment of a college c a r e e r,
ation President Hoover made in as- Michigan is one of the 20 colleges
suming office. I and universities in the United
s I cn say that the American pio States entered in the contest, which
gram for the reduction of arma- is open to all undergraduate stu-
ments is also the program of Italy, dents. No special study is necessary
and I hope firmly that Italy and as preparation other a day-by-day
the United States may co-operate reading of newspapers."
in the realization of this aim. Last year's winner was Victor
Rabinowitz, '31; Walter Knox, '32,
took second place, and Walter Nan-
C~U~ IL O SID~ son won third prize. Rabinowitz
COUNC[ TO TUO 'will be ineligible for competition
this year, according to contest rules,
stated Professor Brown.
RIUT Few Schools Entered.
1Thecommittee in charge of the
--- Icontest consists of, in addition to
[nterfraternity Organization to Professor Brown, Prof. John L.
IBrumm, of the journalism depart-
Consider Constitutional Imnt, Prof. Preston W. Slosson, of
Changes Today. the history department, Prof. Z. C.
Dickinson, of the economics depart-
Constitutional revisions designed ment, and Prof. Waldo M. Abbot, of
to give the Judiciary committee of the English department. The Uni-
the Interfraternity council larger versity of Chicago is the only other
jurisdiction will be considered for Western college entered in the
adoption at a regular meeting of competition, the other schools be-
the council at 7:30 o'clock this eve- ing Amherst, Brown, Bryn Mawr,
ning, James Ward, '31E, announced. Columbia, Cornell, Dartmouth, Har-
last night. The session will be held I vard, Mount Holyoke, Princeton,
in the council offices on the third Smith, Vassar, Wellesley, Williams,
floor of the Union. Yale, West Point, Annapolis, Uni-
"The matters coming before the versity of Virginia, and the Uni-
council at this time represent the versity of Pennsylvania.
most vital change in the govern-
ment of fraternities in many years,"
Ward stated concerning the meet- [M
ing." It is essential that every fra- TO t4J
ternity be represented by its presi-T
d(ent and other authorized dele-
gates," he said., TIL FOR TRE . S

Wagner & Company to Display
Models in Near Future.
Seniors in all schools of the
University may place orders for
senior canes at Wagner and Co.,
where they will be displayed in
the near future. - March 25 has
been set as the deadline for the
procuring of the canes.
Two types, each having a silver
band engraved with a block 'M',
class numerals, and a small en-
gineering arch, will be offered to
the graduating students of the
engineering colege. Ebony and
ebony finished canes will be
priced at six and four dollars
respectively. The latter type alone
will be offered literary seniors.
Jungle Hazards' Is Title of Talk
by Dr. Daniel Davenport
in Hill Auditorum.
Dr. Daniel Davenport will lecture
at 8 o'clock tonight in Hill auditori-
um on "Jungle Hazards" under the
auspices of the Oratorical associa-
tion. He will illustrate his lecture
with moving pictures.
Holders of season tickets will be
admitted free of charge, since Dr.
Davenport is taking the place of
Count von Luckner, seriously in-
jured in an accident, who will prob-
ably appear in Ann Arbor in May.
Individual tickets may be obtained
at the offices of the speech depart-
Several rare scenes will be shown
in the picture. Among them are
shots of several new species of ani-
mals, which were eventually cap-
tured for museums and zoos. They
include an army of driver ants,
destroying everything living that
crosses its path, lions that climb
trees,dogs that chased a rhino-
ceros, and a white rhinoceros that
stopped only a few feet away from
the camera. Dr. Davenport also
managed to obtain pictures of sev-
eral pigmy andhcannibal tribes in
rituals which have never before
been photographed.
Besides being the sole survivor of
the African expedition, on which
his other companions were killed or
died, Dr. Davenport has also ex-
plored the South Seas, and was a
member of Lord Carnarvon's expe-
dition to Egypt which later discov-
ered the tomb of Tut-Ankh-Amen.
Fenelon Boesche, '33L, president
of the Student Christian associa-
tion, will address freshman and.
sophomore tryouts on the purposes
of the organization at 4 o'clock to-
day in Lane hall. Lyle Passmore,
'33, secretary of the association, will
tell of the work of the various com-
mittees, to which the new men will
become affiliated as assistants to
the committee chairmen.
All second - semester freshmen
with no grades under C and at
least one mark above a C are eli-
gible to try out, as well as all soph-
omores. After being given a gen-
eral survey of the activities of the
organization, the men will be as-
signed to various committees which
are in charge of specific work.

Crippen Renominated City Assessor; Newkirk,
McDonald Get Republican Nominations
for Mayor, Council President.
Ann Arbor's three times defeated water bond issue was passed
yesterday by the citizens of the city by more than 500 votes over
the required 60 per cent majority. The count was 2,519 for the issue
and 872 against the proposal.
The passage of this bonding issue will grant to the water board
of the city sufficient funds to complete several needed improvements,
including the construction of a modern concrete reservoir for the
city's water supply.
A light vote was recorded at the polls during the day, less than
600 persons casting their ballots before noon, but 3,391 ballots were

Congress Has Recess
as Tribute-to Cooper
(By Associated Press)
WASHINGTON, Mar. 2. -- Con
gross paid tribute today to Repre,
sentative Henry Allen Cooper, of
Both Senate and House mourned
the death of the House Representa-
tive, recessed for an hour to mani-
fest respect, and then unanimously
adopted a resolution providing Mrs.
Cooper with $10,000.
Mahatma Gandhi, Lord Irwin
May Determine Compromise
Soon, Reports Show.
(By Associated Press)
NEW DELHI, India, Mar. 2.--All
signs indicated tonight that Ma-
hatma Gandhi and Viceroy Lord
Irwin would sign a truce tomorrow.
thus bringing an era of peace to
distracted India. The strife and
bitterness which has torn the coun-
try intermittently for 20 years -
and especially the last year-cost-
ing thousands of lives, millions of
dollars, and untold misery, will, it
is believed, cease at last.
Gandhi and his host of national-
ist rebels will be free to devote
themselves to the task of construct-
ing a new and united India.
This turn of events, following in-
dications Saturday that there wa,
little hope for the vicero and Gand-
hi agreeing, tonight was regarded
as the most momentous period in
India's history since Great Britain
took possession of the great penin-
sula 150 years ago.
Things looked black Saturday
after the working committee of thE
all-India nationalist congress voted
to reject the viceroy's offer for a
compromise. The viceroy was said
to be determined not to meet the
nationalist's demands that Indian:
be permitted to manufacture theii
own salt or that Indians be per-
mitted to boycott British goods.
The nationalists threatened tc
quit the conference and that ww~
said to have decided Lord Irwin or
further meetings yesterday. A con-
ference was held, and prospect,,
grew brighter, gaining still furthei


cast in the water bond vote by the
time the polls closed at 8 o'clock
last night. Officials predicted a
larger vote in the final elections
later in the spring.
In the Third ward, storm center
of the water bond issue, where the
proposal has been heavily defeated
on the previous occasions, the vote
was reversed and 374 cast their
ballots for the issue while only 133
voted against it.
Crippen Wins Assessor Race.
Harry Reading, '06L, a member of
the law firm of Reading and Read-
ing, won the hotly contested race
for the Republican nomination for
Justice of the Peace with a total
vote of 1,015. His nearest opponent,
Bert E. Fry, incumbent, who sprang
into prominence at the time of the
recent liquor raids on the campus,
polled only 818.
In the race for Republican nom-
ination for the post of city assessor;
Herbert Crippen, incumbent, who
boasts 16 years continuous service
in this office, polled an overwhelm-
ing majority of 2,156 as against 719
for his opponent, Philip O'Hara.
The above were the only two nom-
ination races for city offices.
The total vote in tne race for
Justice of the Peace was as follows.
Harry Reading, 1,015; Bert E. Fry,
818; Capt. Charles J. Rash, 596;
Dewey Forshee, 307; Andrew Gib-
son, Fry's predecessor in office, 279;
and Leo Wohlwend, 41.
Reading Polls 1,015.
In the ward nomination races,
John F. Wagner defeated Prof.
Orlando W. Stephenson, of the edu-
,ation school, for Democratic nom-
ination for supervisor, 56 to 51 in
the Second ward.
In the Third ward, with races for
Republican nominations for both
supervisor and alderman, Fred
Sodt defeated Charles Pardon for
che former office by a vote of 243
to 220, while E. H. Lucas, incumbent
alderman, polled 286 against 184
(Continued on Page 2)
Senate Committee Recommends
Probe of Corporations
by Federal Body.
(Byv Associated Press)
WASHINGTON, Mar. 2.-Investi
Iations by the federal trade com-
mission and the justice department
>f "tendencies to monopolistic con-
trol of the nation's food supply"
were recommended to the Senate
today by its food price investigating
Reporting on its inquiry into the
prices of bread, meat, sugar, milk
and other foods, the committee
headed by Senator Capper, Republi-
pan, Kansas, said it had found "an
a1 a r mi n g tendency toward the
monopolistic control of the food of
the nation by a small group of
powerful corporations and combi-
It said this tendency was "parti-
cularly true" in regard to bread
and milk and recommended a com-
plete and exhaustive investigation
of the distribution of milk and

The changes under consideration
were drafted by a committee of ten
elected for that purpose at a re-
cent meeting of fraternity presi-
dents. The alterations if approved
will give the Judiciary committee
primary jurisdiction, in addition to
a larger scopec of duties, in the
regulation of fraternities.


By D. M. N.
Do students drink?
It will be easy to answer this
very pertinent question after the
appearance of the March number
of the Gargoyle, student humor
magazine, which will be on sale to-
morrow on the diagonal and in the
various University buildings.
For it is under this title that Gar-
goyle's lead article appears and it
is accompanied by statistics in sup-
port of the answer which may, on
first thought, seem rather strange.
The cover of the issue is also

One of the features of the num-
ber is the story of the alleged sec-
ret raid on the sororities which was
carried on while the interest of the
public was focused on the frater-
nities of the campus. John Mar-
shall, '32, writes an account of this
under the title, "The Big Secret
Sorority Raid."
"The University of Michigan is a,
Big Pansy," contains an inventory
of the knowledge which the author,
Powers Moulton, '33, accumulated
during the semester which has just
closed, while Denton Kunze, '33,

Counter-Revolutionists Trial Is
Carried on Under Apathetic
Conditions in Court.
MOSCOW, March 2.-Moscow ac-
cepted with apathy today the trial
of 14 of Soviet Russia's most wide-
ly known and clever economists on
charges of counter-revolutionary
activity, an offense punishable as
high treason in this Communist
Almost an empty gallery heard
the 14 defendants Sunday night as
they stood up one by one and
pleaded guilty to counts which, it
the court is so minded, can lead to
There was none of the glamor4
about the opening of the trial
which accompanied the trial of the
eight engineers on similar charges
of sabotaging the five-year plan
and plotting foreign intervention
a few months ago. The Kleig lights,
movie cameras, and amplifiers were
missing, and the parades staged

Ask any of Ann Arbor's oldest broad sound on the "a." Early white
inhabitants how the town happen- settlers, taking the Indian name.
ed to get its name, and you will slightly corrupted the pronuncIa-
tion and blundered upon the pres-
always get the same wrong answer. ent spelling.
An immigrant family, they will say, "Had there been fact in the cov-
traveling by covered wagon toward ered wagon tradition," The Argo-
the West, was forced to stop here naut says, "the spelling would have
because of illness of one of their been Ann's Arbor, having both
group named AnnI. For her com- sense and meaning."
fort and shelter they built a rustic The paper quotes a Col. D. W. H
arbor under which she recovered. Howard, who was a fur trader for
Thus the location became known many years before moving to Ann
by this name. Arbor in 1823, and who was famil-
"This story," according to the iar with many tribal dialects as

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