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March 05, 1933 - Image 1

Resource type:
Text
Publication:
The Michigan Daily, 1933-03-05

Disclaimer: Computer generated plain text may have errors. Read more about this.

The Weather
Partly cloudy Sunday; Mlon-
daiv fair.

Ir ig

ii

Editori
Michigan's Ec on4
Senator Vandenberg
Subs And Farth(I

ials
oiniists A
rg; Jana
iikm . .

I

,1I No. 111

ANN AROR, MICHIGAN, SUNDAY, MARCH 5, 1933

PRICE Fliv!T

4hants To

Will Play "T""" ""r"r"

Curtail Credit
For Students
Closing Of Out-State Banks
Forces Action; To Result
In Crisis This Week
Checks Held Total
Several Thousands
Local Clearing House Can
Not Clear Out-Of-Town
Checks; Caution Urged

BIt ter Fights
Foreseen Ait
rini y ole

Niany Contests Oi
licket; Fortner
Again Seeks Old

Wolves Are

C. .P
0Ilicc

d for cash by
in all of the
crisis during
he announce-
campus area
will "clamp
ats, extending
nown custom-
e Ann Arbor
need that it
on out-of-
,nts were cau-

et sec-

worth off

need that it
>articular cau-
of credit and
:s. One State
Ported that it
nts per day on
we have been
in town," the
ame establish-
aumber of the

mer,

out anytl
action, w
and natic
can't go
Somethin

per cent since the
roclamation. The
ite generally in a
proceeding with-
mbling a plan of
opefully for state
f measures. "We
this, indefinitely.
done," was the

concensus of opinion.
Drug Stores Vary
Of the several drug stores, one an-
nounced flatly that it would give no
credit and cash no checks. Another
said that it had been "liberal" but'
was planning to scale down "credit
extension." The proprietor of a cam-
pus chain store said that he would
grant credit as usual. One eating
house stated that it had established
a $1 check policy. A merchant ad-
vocated the transfer of customers'
debts to the banks in lieu of mer-
chants' debts. The idea of commer-
cial scrip is gaining ground.
Jewelry stores are not extending
credit although the proprietor of one
such establishment said that he
would repair broken glasses if the
students could be sure of ability to
pay within a very short time.
Hlouses Suffer
From'Holiday';
Some To Close,
The "bank holiday" will sound the
death knell for several of Michigan'st
fraternities, it was learned from au-1
thentic sources last night.
Fraternities, depression r i d d e n,
badly in debt as a result of last year's
deferred pledging plan, suffering
from enrollment decreases, will prob-
ably find that wholesale houses can-
not extend them credit for more than'
about two weeks, it was announced.
After this time, they will be forced
to rely on cash surpluses.
A large proportion of the individual
members will be unable to pay house
bills this month because of the bank1
holiday. With this in mind and with
the credit situation near the satura-
tion point, many houses are prepar-
ing to discontinue the serving of
meals until thebank funds are again
available.
In the meantime, initiations in sev-
eral houses have . been postponed be-
cause freshmen are unable to meet
the necessary fees. Many other,
houses are accepting part payment

Horowitz Will
Ply O Choral
Union Program
Youthful Russian Pianist
Is Colleague Of Milstein,
Violinist Here Last Fall+
The appearance of Vladimir Horo- 1
witz, youthful Russian pianist, will
serve as a natural complement to the
earlier performance of Nathan Milu-
stein, Russian violinist, at 8:15 p. m.
tomorrow in Hill Auditorium, repre-1
sentatives of the University Musical
Society said yesterday.
Exponent of modern interpretation
of music, Horowitz, who will present
the ninth concert of the Choral
Union series, is ranked as one of the
three .outstanding musical products
of the Soviet regime in Russia; his
two colleagues,, the violinist Milstein
and the cellist Piatagorsky, have been
assqeiated closely with him through-
out his life. Milstein appeared here
this year in an earlier concert. :
Horowitz made his American debut
on Jan. 12, 1928, with the New York
Philharmonic Orchestra, and was?
termed "the most successful concert
artist to appear before the American
public since the debuts of Heifltz andi
Galli-Curci." Thirty-six concerts inj
88 days followed, including 19 ap-
pearaances with orchestra.
The following program has been
scheduled for tomorrow night: Bach-
Busoni, Adagio and Fugue; Haydn,
Sonata in E flat major; Brahms, Two
intermezzi, Op. 118, 119; Brahms,
Variations on a theme of Paganini;
Chopin, Barcarolle, Two mazurkas,
Etude, F major; Poulenc, "Pas-
tourelle;" Ravel, "Scarbo;" Strawin-
sky, "Danse Russe" (from "Petrouch-
ka").
A Da's Meals
For 53 Cents
Wiscon si1
Foot Is Prepared Under
Dietitians' Supervision;
Many Students Aided
MADISON, March 4.-(Big Ten)-
Three meals - breakfast, luncheon,
and dinner-at a total cost of be-
tween 53 and 58 cents a day, is the
contribution of the University of Wis-
consin Union to the campaign for
lower living costs for students at-
tending the state universitydhere.
Serving good food prepared underI
a staff of home economics dietitians,
the prices are called the lowest in
existence here at any time. The cost
of the breakfast is estimated at eight
cents, luncheon at from 20 to 25
cents, and dinner at 25 cents.
Menus for these meals are prepared
and approved by dietitians at the
university and the aim is stated to
be to give students .good, substantial
food that is needed by the human
body. ,Since the lower rates went into
effect this year it has been learned
that the saving has enabled many
students to remain in the university
who otherwise would have been
forced to drop out.
With prices for daily board at this
low level, and with room prices in
the university district ranging from
$1.50 to $2.50 a week, student living

Three IepulIicanUs
Run For City Clerk
University Professor To14
Face Present Aldermati
In Seventh Ward Race
Two city contests on the Republi-
can ticket and one major ward fight
face Ann Arbor voters when they
go to the polls in the annual spring
primary tomorrow.
Robert A. (Uncle Bob) Campbell,
former treasurer of the University,
and John Neelands, local merchant
and member of the board of educa-
tion, will oppose each other for the
Republican mayoral nomination. Mr.i
Campbell has had previous experi-
ence in the mayor's office. The win-
ner of this contest will be opposed1
by Rolla N. Frisinger, Democratic
nominee, in the April election.
A three-cornered tussle for the
G. 0. P. city clerk nomination will 9
also feature the vote. The candidates |
are Fred Perry, incumbent; Clara-
mon L. Pray, former county clerk
and the only Republican defeated in;
the county last fall; and L. L. Grif-1
fiths, secretary of the Taxpayers'
League.
The only other important contest
will be in the seventh ward where the
incumbent alderman, George Whaley,
has the opposition of Dean Walter
C. Sadler of the engineering college.
All of the contests are on the Repub-
lican ticket, complete harmony pre-
vailing in Democratic ranks. The So-
cialist party will also present a ticket
in the April vote.
Two minor Republian contests
also face the voters: 'Herbert L. Ken-
nett vs. Fred G. Moehn, 2nd ward
supervisor; and Charles N. Harmon
vs. Floyd Hamacher, third ward con-
stable. Democratic ballots are being
issued for justice of the peace since'
no petitions were filed for this office,
and Louis Gomberg has signified his
intention of running on stickers. Bal-
lots for alderman are also available
in the fifth ward Democratic pri-
mary, no candidate having been
named for the office in that ward.l
Voters will have an opportunity to
"write in" names for the nomination.
Tlai l Wate Set For
Two Ypsilana Neni
Arraigned before Judge Jay Payne
in Justice Court yesterday morning,,
Byron Meggison and Harold Shuey,,
Ypsilanti, charged with abduction,;
were placed under $2,500 bond and
ordered to appear for trial March 14.
Police say that Thursday evening
Meggison and Shuey, both of whom
are married, offered to drive Helen
Gabourae 22 years old and her sister
Gwendolyn, 18 years old, both of Yp-
silanti, to Ann Arbor. Instead of
taking the girls to their destination,
the men parked on a side road, and,
the girls claim, attempted to crim-
inally assault them. The girls escap-
ed and deputy sheriffs caught the
men Friday morning.
Prosecutor Albert J. Rapp, after a
conference with the sisters, decided
to file charges of abduction.

eaten 31-30
By Hoosiers
Basketball Team Loses
When Indiana Forward
Scores In Last Seconds
Shot Comes Fronm
Center Of Floor
T eams Deadlocked During
Final Minutes; Allen's
Free Throw Gives Lead
By JOHN THOMAS
Kehrt, left forward for Indiana,
only made four points during the
basketball game here last night, yet
two of them, a field goal, were made
with but two seconds to go and en-
abled the Hoosiers to eke out a vic-
tory over Michigan, 31 to 30.
Hodson, Indiana's left guard, ran
wild with 16 points to lead the scor-
ing. The blonde star of the visitors'
wore number "13" during the game
but proved definitely that he could
beat his number in scoring.
For the last three minutes of the
game the score was tied until Allen
made a foul shot and put Michigan
in the lead, only to have the winning
basket shot from the center of the1
floor.
Michigan came from behind to tie
the score with only three minutes to
play. Indiana enjoyed a 20 to 16 lead
at the first half only to see it wither
(Continued on Page 6)7
Michigan Track
Team Defeats
IllnosOhio
Wolveriu"s Sure 54. To
351/ Points For Illmi As
Armory Records Fall
CHAMPAIGN, Ill., March 4.-(P)-
Michigan's well-balanced track squad
ran up 54 points today to defeat Il-
linois and Ohio State in a triangular
meet. The Illini finished second with
35%, with the Buckeyes a point far-
ther back.
Willis Ward, Michigan's giant
Negro star, set a new armory record
of 6 feet 6 inches in the high jump,
and the Wolverine one-mile relay
team set the only other mark, win-
ning in 3:22.4. The former mark was
3:23 by Notre Dame. Michigan won
first places in four events, and the
Illini and Ohio grabbed three each.
Summaries:
Pole Vault-Tied for first, Seeley
and Lennington (Illinois); third
Jeannette, Michigan; fourth, Schlan-
sker, Illinois. Height, 13 feet 6 inches.
High Jump-Won by Ward, Michi-
gan; second, Moisio, Michigan; third,
Osty, Illinois; tied for fourth, John-
ston, Ohio State, and Swan, Illinois.
Height, 6 feet 6 inches.
Shot Put-Won by Cook, Illinois;
second, Kamm, Illinois; third, Neal,
Ohio State; fourth, Blumenfeld,
Michigan. Distance, 47 feet 1 2
inches.
75-Yard Dash-Won by Bennett,
Ohio State; second, Ward, Michigan;
third, Stapf, Ohio State; fourth, Car-
roll, Illinois. Time, :07.5.
Mile Run-Won by Woolsey, Illi-
nois; second, Howell, Michigan;
(Continued on Page 6)i

Special Congressional Ses-
sion To Work Out Na-
tion's Financial Woes
Hoover, Roosevelt
Discuss Guaranties
Enid, Oklahoma, Bank Is
Closed By. Guardsmen;
Exchanges Shut Down
(By The Associated Press)
Banks in each of the 48 states were
closed under holiday orders or were
operating under restrictions Satur-
day night as financiers, economists
and government leaders laid plans to
bring America back to financial nor-
malcy.
Predictions gained strength in
Washington that a special session of
Congress would be called promptly
to thresh out the entire situation. In-
dustrial and financial leaders every-
where expressed confidence that na-
tional legislation would overcome the
emergency.
Reports also were current in Wash-
ington that Herbert Hoover and
and Franklin D. Roosevelt had dis-
cussed a possibility of a 50 per, cent
federal guaranty of bank deposits.,
Although the restrictions prevailed
in 48 states and the District of Co-
lumbia, there were many communi-
ties-even in states having bankingJ
holidays-where financial business
was conducted as usual.
In only once instance was a bank
reported closed by force. That was
in Enid, Okla., where national
guardsmen enforced Gov. William H.
Murray's mandatory closing procl-
mation on the First National Bank.
The first thought of business in
general was to provide sufficient cash
for pay rolls and routine expense.
Although nine-tenths of business
normalcy is transacted by check-
and checking was impossible every-
where-no cities reported serious cur-
tailment in commercial and indus-
trial activities.
The New York Stock Exchange and
the Chicago Board of Trade, largest
trading organizations respectively in
securities and grain futures, were
closed and so were smaller markets
of the kind. Livestock and cash grain
markets remained open, but transac-
tions were at lower volume.
local Leaders
E xess Faith
In Roosevelt
Ann Arbor civic and religious lead-
ers yesterday expressed faith in the
incoming Roosevelt administration
and the "new deal" which has been,

-Associated Press Photo
Mayor James M. Curley of Boston
is reported as being considered by
President Roosevelt for an import-
ant administrative office under the
new reform process of the Federal
government.
City Churches
1 Will Observe
LentT o day
Guest Speakers To Fill
-Many Pulpits; Series Of
Lenten Sermons Begin
The .first Sunday of Lent offers
to church-goers a variety of pro-
grams. Guest speakers will occupy
the pulpits of several churches, while
in others, the regular pastors will
commence their special series of ser-
mons.
Dr, James King, president of Olivet
College, will give an address at the
morning .service of the Congrega-
tional Church on "The World's
Greatest Asset." After the regular
weekly supper of the Congregational
Student Fellowship at 6 p. in., the
University Salon Orchestra, under
the direction of J. Chrisian Pfohl,
'34SM, will present a program of
classical music. Solos by several stu-
dents from the University Music
School will be included. Dr. King will
then give his evening address, the
subject of which is "The Glory of the
Paradox."
In the address "Alternatives to Sui-
cide" to be given this morning at the
Unitarian Church, Mr. Marley will
discuss the reasons of the mounting
suicide rate, distinguish between the
varying causes of suicide-organic,

May Recoive Office

Congress To Convene Soonz
Senators Approve Cabinet;
Bank Holidays In All State

Democratic Chiefs Meet To
Aid New President In
Selecting Session Date
Woodin Summons
Banking Officials
Justice Cardozo Swears
In Cabinet Members;
'Strictly Family Party'
BULLETIN
WASHINGTON, D. C., March 4.-
(A") -President Roosevelt tonight
summoned Democratic congressional
leaders to meet with him tomorrow
to determine a date for extra session
of the new Congress. A very early
session is believed certain.
WASHINGTON, March 4.-(P)--
Another precedented shattering move
by President Roosevelt t o n i g h t
brought his cabinet into full com-
mand of the government just a few
hours after he himself had taken the
oath.
Moving with a bold strike, the new
chief executive sent his nominations
to the Senate and they were confirm-
ed at once, despite some discussion of
the private stockholdings of Williaii
H. Woodin and references to Harold
L. Ickes, for affiliations with the Re-
publican. party.
Calls Ministers
Then, immediately after he left
his place in the court of honor re-
viewing the inaugural parade, Mr.
Roosevelt called his 10 ministers to
his side and had them sworn in. Jus-
tic- enaminCardoof~a ,9u,-
preme Court administered the oath.
"This is a strictly family party,"
the President said as the solemn
ceremony began. "I am glad all mem-
bers are present and that the Senate
confirmed you without question. This
is a new custom which we have In-
augurated today."
As each cabinet member vowed to
support the constitution and hi:;
chiefs in seeking to uplift the nation
he was handed his certificate by Mr
Roosevelt, who sat his desk.
A few minutes after he took offilee,
Secretary Woodin of the treasiry
called federal reserve bank officiah
and business leaders to meet with
him tomorrow morning for a confeer-
ence on the banking situation.
Roosevelt May
Seek War-Time
Power Soon

Dean Griffin Advocates Federal
Guarantee Of Bank Deposits

By JOHN PRITCHARD
Necessity for an unequivocal 100
per cent guarantee of bank deposits
made by the Federal government, and
for all banks, state or national, in
the United States, was emphasized
yesterday by Dean Clare E. Griffin of
'the School of Business Administra-
tion, in an interview wherein he re-
iterated and clarified the plan which
was recently drawn up by a commit-
tee of five University economists and
sent to Washington.
It was ' stressed by Dean Griffin
that the plan is meant merely as a
temporary measure, designed to con-
tinue only as long as it may be nec-
essary to lift banking credit out of
its present straits. It was further

"We consider this a alternative to
inflation. Nevertheless, such a plan
might lead to a rise in the price.
level, because it will make the banks
more free to lend money."
Asked how large a fund would be
needed in order to guarantee bank
deposits -to the amount of 100 per
cent, Dean Griffin said, "Nobody can'
answer that, but our theory is that
not a great deal of money will be
necessary. The people will not create
a run on the banks if they know that
they can get their money any time
they want it. There has been no run,
for example ,on the Postal Savings
Banks.

promised by the new president, al- 1
though a few indicated a skepticism
of how the promised reforms would
be carried out. A majority of those
interviewed praised the inaugural ad-
dress for its courage and indication
of sincerity.
Dr. Frederick B. Fisher, pastor of
the Methodist Episcopal church, ex-
pressed the general opinion in the
following words: "I thought the ad-
dress especially fine. It indicated a
real grasp of the present crisis, espe-
cially of national issues. I didn't feel
that he had a full grasp, however, of
international problems. The address
dealt mainly with national problems.
I thought that it was really great.
Fr. Thomas R. Carey, pastor of St.
Thomas Catholic church, said: "If
we are to get out of the present wil-
derness of indecision and despair,
President Roosevelt must lead the{
way. His inaugural address has
struck a hopeful note. We should all
earnestly pray God to give him the
vision and courage that he will sorely
need for this stupendous task."
A doubt as to what line President
Roosevelt's reforms would follow was
expressed by Mayor H. Wirt Newkirk.
"Nobody can tell what his plans are.,
He will do the best he can but he
has outlined no plan. He doesn't
know what he will do and I don't

functional and social-and suggest
alternatives. The historic relation-1
ship of suicide and religion will be
treated, together with the possible
influence of the modern skepticism
of a life after death.
At the student discussion group
held at 7:30 p. m. Professor Arthur
Wood of the department of sociology,
recently returned from Europe, will
discuss the political and social issues
of modern Germany.
After an absence of a month, Dr.
Frederick Fisher of the First Meth-
(Continued on Page 6)
Michigan Grapplers
Down Chicago, 16-14
CHICAGO, March 4.-(AP)-A pin
fall won by Spoden of Michigan over
Rapp, University of Chicago heavy-
weight wrestler, in the final event
gave the Wolverines a 16 to 14 team
victory here tonight.
Summaries :
118-pound class: Bernstien (C) de-
feated Landrum (M); 2:54.
126 pounds: Oakley (M) defeated
Zukowski (C); 5:30.
135 pounds: Thomas (M) defeated
Howard (C); 3:45.
145 pounds: Bargeman (C) defeat-
ed Friedman (M); 3:24.

WASHINGTON, March 4.-VP)-
President Roosevelt, in a momentous
inaugural address immediately after
taking his oath today, told the Na-
tion he would. ask for war-time pow-
ers if necessary to meet the national
emergency.
The newly inaugurated .President
said he would call the new Congress
into special session to carry out his
planned attack on the crisis, saying
"we must act quickly,"b ut he did
not reveal when the session would
be called.
Among the policies" outlined by the
Nation's new leader was that "there
must be provision for an adequate
but sound currency."
Even as the inaugural ceremonies
were beginning, the new President
was applying all his energy to a re-
construction of the banking situation
with a prospect of far-reaching ac-
tion before his Administration was
many hours old.
As he conferred with his chosen
advisers at his hotel suite this morn-
ing, Herbert Hoover, a half mile away
in the White House, was ending his
four troubled years of office at grips
with the same problem. The whole
inaugural scene was overcast with a
feeling of suspense and tense expec-
tancy.
Homer S. Cummings Is
New Attorney General

"Whatever money is necessary to
be spent can be wholly or partially

.i

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