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October 18, 1933 - Image 6

Resource type:
The Michigan Daily, 1933-10-18

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[key Talks
i Banking In
MRA Lecture

Dollfuss, Austria's Little 'Man Of The Hour'

usiness Administration
Professor States Banks
Retard Recovery
In the first of a series of talks be-
tg arranged this year for the pur-
>se of considering and explaining
ae purposes and methods of the
RA, Prof. Robert G. Rodkey of the
ehoo of Business Administration
>oke Tuesday morning in the Ro-
.ance Language Building on the
:esent banking situation.
"So far as business recovery is
ncerned," he stated, "up to date,
anks have been a retarding factor
Ather than an accelerating one. The
>vernment is partly to blame for
is, as are the banks themselves.
he government did not make it
ear at the time of the bank holi-
ay that it stood behind member
anks 100 per cent, and now the
nks are maintaining such ridicu-
>usly high standards of liquidity,
sat there has been in the last three
ears a decrease of 65 per cent in
rsecured loans, which in the past
tade up a vital part of the com-
tercial world's working capital."
Act Could Be Improved
In discussing the Banking Act
assed in June, he pointed out that
has introduced some reforms, but
oat there are some aspects of it
hich could have been improved had
ae bankers themselves concentrated
ieir efforts upon it. He explained
at the Act does notbprovide for the
surance of banks but of deposits
et it requires the banks, not the
epositors, to pay for the insurance.
he temporary phase of the act,
hich will be in effect for six months
fter Jan. 1, provides for 100 per
ent guarantee of deposits up to $2,-
)0, and the permanent phase run-
ing until 1936 provides for the
sne up to $10,000. Member banks
ust subscribe, after June, 1934, one
alf of one per cent of all deposits
a the fund of the insurance cor-
oration, and should continued bank
ilures deplete the fund the banks
re liable to another assessment.
Professor Rodkey stated his belief
hat in spite of several shortcomings
he Bank Act will next June enable
anks to reverse their position and
ecomee a factor looking toward bus-
ess recovery. "Right now the banks
re handicapped," he said. "There
. still a lack of confidence in the
>undness of the average bank and
here is still considerable hoarding.
Banks Highly Liquid
"In addition, banks have been crit-
ized, somewhat justifiably, for their
estrictive credit policy. Loans have
een highly restricted for even high
rade risks. Banks have felt it nec-
ssary to maintain a high degree of
quidity to make themselves eligible
r th new insurance, and so there
La been -a race for high liquidity.
'he average liquidity for national
anks for June of this year was 50
er cent, which is a 20 per cent in-
rease in five years. Many banks
re known to have a liquidity of over
00 per cent, liquidity meaning cash,
ash items, and government bonds.
anks are still putting on the brakes
nd holding back capital.
"There is almost 100 per cent re-
stance on the part of bankers to
he insurance of deposits, but their
nenlightened ideas and opposition
:the Federal Reserve 20 years ago
iscount their present opinions. In-
urance will put banks in a better
osition both financially and psycho-
>gically to assist in recovery by re-
irning confidence to both bankers
rd depositors and allowing the freer
se of credit.dA resumption of more
xtensive credit must be preceded by
lowering of high liquidity standards
nd both of these moves will result
n greater profits for bankers, which
the ultimate motive of bankers."
Vesley Hall To Hold

First Arms Parley
Wesley Hall will hold its first dis-
ission on disarmament at 4 p. m.
>day, Gordon Halstead, student di-
ector of the hall, announced yester-
ay. With arms interest aroused to
new high by the recent withdrawal
f Germany from the League of Na-
ons and the arms parley, every
tudent interested in international
roblems is urged to attend these


: Yh
-Associated Press Photo
Austria s "man of the hour," Chancellor Engelbert Dollfuss, is
shown with his wife shortly after an attempt was made on his life.
The escape of the chancellor looms as very important now because of
the critical situation created by Germany's withdrawal from the League
of Nations and the arms parley. Dollfuss stands practically alone
against Nazi rule in Austria and an attempt at a German "Anschluss."
At the right is Rudolf Dertil, held under arrest for the shooting.

'Mllay, Great And
Authentic Figure In
Literature'-- Weaver
A woman distinguished in the lit-
erature of the races and a great and
authentic figure in American litera-
ture - that is Edna St. Vincent Mil-
lay, in the opinion of Prof. Bennett
Weaver of the English department,
director,,of the Hopwood awards.
Professor Weaver, in an interview
yesterday, said that he considers
Miss Millay's coming to this campus
Nov. 15 as the second attraction on
the Oratorical Association lecture
course "an event of primary impor-
"It is a splendid thing for all stu-
dents in any way interested in lit-
erature or in the vital experiences of
their own day to be able to hear Miss
Millay," Professor Weaver said.
He characterized Miss Millay's ap-
pearance here as of peculiar interest
because under the Hopwood awards,
he said, students are doing some ex-
tremely significant work in poetry.
"Miss Millay is always a fascinat-
ing speaker," he said, "and she has
beeh well received at other universi-
ties and colleges in the country. She
appeals to a college audience because
her work has expressed and made
articulate the yearnings of modern
Although he said it would not be
fair to draw any strict comparison
between Miss Millay and William
Butler Yeats, who was the literary
figure presented by the association
last year, he added that each is an
authentic figure in the literature of
his or her own country. Professor
Weaver also said that Miss Millay is
more significant as a poet than many
others on the lecture platform today.
Philippine-Michigan Club
To Present Entertainment
Members o the Philippine-Michi-
gan Club will present a program rep-
resentative of their native life at 8
p. m. today in Lydia Mendelssohn
Theatre. While the entertainment is
primarily intended for members of
the club, the program is open to the
A yo-yo exhibition by Sofronio
Sayet and Freddy Urian, two veter-
ans, will be featured.

BANGKOK, Siam -=500 rebel sol-
diers were reported, dead and 1,000
wounded as the remainder of the
rebel troops were put to flight by
Siamese loyal forces.
* * *
NEW YORK-Tammany Hall
awaited anxiously the decision of
former Gov. Alfred E. Smith as to
his stand on the local mayoralty
* * *
LANSING - Farmers of beans in
Michigan were urged to strike unless
their product reaches a price of at
least $3.50 a hundred.
WASHINGTON - Ferdinand Pe-
cora, investigator for the Senate
Banking Committee, announced that
he would subpoena all 1,375 members
of the New York Stock Exchange to
answer questions on exchange prac-
* * *
HAVANA - Authorities began in-
vestigation in the mysterious shoot-
ing of two Havana policemen who
were killed by shots fired from a
fleeing automobile.
LANSING - Members of the Leg-
islature appointed to draft the hard
liquor control statute awaited the
word of Governor Comstock as to its
BERLIN-The two Nazis who at-
tacked Roland Velz, an American,
were sentenced to six months' im-
* * *
WASHINGTON - A schedule of
minimum oil rates was the first price-
fixing effort of the NRA.
Prof. Hackett To Sing
At Worcester Festival
Prof. Arthur Hackett of the School
of Music, who recently sang the role
of "Elijah" at the Worcester, Mass.,
music festival, has returned to- that
city to give a full recital of songs.
Professor Hackett, a favorite in New
England, has sung on five previous
occasions at the Festival and on sev-
eral occasions in recitals.

Museum Head
To Speak Here
On Bible Topic
Dr. Roeder Will Consider
Egyptian Cosmogony
And Genesis Record
Dr. Gunther Roeder, director of
the Pelizaeus Museum, of Hildes-
heim, Germany, will lecture on
"Egyptian Cosmogony Compared
with the Genesis Record," at 4:15
p. m. tomorrow, in Natural Science
Dr. Roeder, who was formerly on
the staff of the Egyptian Antiquities
Department, and who is widely
known for his publications in the
field of Egyptology, is at present the
director of the museum's archaeolo-
gical work in Egypt, where the an-
cient city of Hermopolis, one of the
most important centers of the an-
cient Egyptian religion, is being ex-
The speaker is now on a lecture
tour of the 'United States in the:
course of which he has delivered a
series of talks at the University of
California, the University of Wash-
ington, and the Oriental Institute of
Chicago. From Ann Arbor, he will
go to the University of Cincinnati.
His lecture here will be a discus-
sion of the Egyptian ideas concern-
ing the origin of the world and its
relation to the Hebrew version as ex-
pressed in the Old Testament. The
lecture will be in English, and will
be illustrated with slides.
Jackson Band
Will Pflay :Here
In Musical Day
The Michigan State Prison's Band
of nearly 100 persons, along with the
prison drum and bugle corps and the
"Brown Buddies" dance team, com-
posed of negro inmates of the Jack-
son penal institution, will arrive in
the city today to help celebrate
the Ann Arbor First Festival Musical
Gala Day.
The visitors will be met by the
Drum and Bugle Corps of the Erwin
Prieschorn Post of the American
Legion, which will form a local es-
cort. The post corps does not plan
to participate in the affair musically,
but will appear in full dress uni-
form. ,.
Other entertainers who will be in
the city for the celebration will be
the "mystery organist of CKLW" and
the "mystery tenor of CKLW." Eli
Gallup, superintendent of parks, will
erect a band stand at the southwest
corner of County Building Square to
serve as the center of the enter-
Members of the prison band and
the drum and bugle corps are all in-
mates of the Jackson institution.
They cannot become members of the
musical organization until they have
proved themselves capable in the
performance of their duties and have
proved also that they may be trusted.
The entertainment is scheduled to
last for more than two hours. The
line of march and the schedule of
events has not been completely ar-
,ranged yet and will be announced
Engineers To Hear
Talk On NRA Aims
R. 0. Briggs, of the economics de-

partment, will speak to the student
branch of the American Society of
Mechanical Engineers at 7:30 to-
night in the Union, Fred Kohl, '35,
announced yesterday. He will speak
on the National Recovery Program.
Mr. Briggs used this topic for an
address two weeks ago at the local
Y.W.C.A., but recent developments
in the recovery situation in Detroit
have provided material for further
comment on the subject.

Turns In Blue Eagle

-Associated Press Photo
Maurice Rapoport, manager of a3
market at New Rochelle, N. Y.,
turned in his Blue Eagle for alleged,
violation of industrial code agree-
ments, but expressed confidence that
it would be returned to him.
Achievement In
Science Is .Result
OfArduous Work;
The "romance of science" is pop-
pycock. Romance and science arer
two non-correlative terms, with both1
different connotation and denota-
tion. Dwight Williams will vouch for
Williams is a graduate student
working for his doctorate in analyti-
cal chemistry. He labors in the elec-{
tro-chemical laboratory on the firstt
floor of the Chemistry Building, sur-
rounded by reams of paper coveredt
with,, to a neophyte, meaningless fig-~
Not Dramatic
"I'm figuring out a new method
of quantitative analysis," he said.
"To be able to figure out a new
method of quantitative analysis is a
Gargantuan task. Even to use the
old method makes students shud-
He was asked whether it was a
dramatic and world-startling discov-
"I should say not! I work here ev-
ery day from early in the morning
until late at night, just putting down
figures. I suppose it seems rather
prosaic to you newspaper men who
are continually trying to make an
exciting drama of science. But here's
the layout: I am trying to perfect a
process for quantitative titrations by
the use of conductivity through the
solutions, using these tables I'm try-
ing to compile."
"All Very Dreary"
His apparatus consisted of several
resistance boxes, ammeters, voltme-
ters, and a beaker with two elec-
trodes. Certainly there is nothing
romantic about that. But he de-
clared that he works like a Trojan
and all he has to show for it is a
column of figures. He was asked
about the actual work involved in
observing this data.
"Well," he said, "I put the solution
of unknown concentration into this
beaker and turn on the current
Then I read from this instrument
how easily the current will pass
through it. When I have done this
and taken readings for a great many
different concentrations, I'm ready
to start on the known solution of
unknown concentration. It's all very
It was evident that it was. And
most science - real science, not the
drawing-room variety of the motion
pictures -is just asdreary. It's not
romantic, as the beauty advertise-
ments would have a credulous pub-
lic believe.
Foot of Cedar Street
on Huron River

(By Associated Press)
An answer to the problem of liq-
uor control has been sought in many
ways by many countries.
Their experiences are being stud-
ied closely in this country by indi-
viduals, groups and governmental
units as offering valuable sugges-
tions for regulatory laws should na-
tional prohibition be repealed.
Here, in brief form, are the sys-
tems obtaining in some countries
widely known for their efforts at
Sweden's Way
Under the Bratt system this coun-1
try approaches control as primarily a
social problem.
The state places emphasis on the
responsibility and character of the
person who makes the purchase.
A card index of the purchasers is
kept, and into this index goes infor-
mation on the quantity of liquor pur-
chased, personal information such
as sex, marital status and number of
children, to which is added court rec-
ords, if any.
Producers and distributors are
controlled by the state, and, although
private capital is allowed to enter the
business, excess profits go to the
The quantity of liquor purchased
over the counter for home consump-
tion and in restaurants for consump-
tion with meals is regulated carefully.
England's Way
General laws apply to the entire
country, but in one section compos-
ing a great part of Cumberland
county there is a state monopoly,
which in the fiscal year 1931-32 net-
ted about $250,000 for the exche-
A comprehensive system of licenses
controls the traffic in all other parts
of the country.
An investigation of the English li-
quor system was made by a royal
commission, which in 1932 recom-
mended a national licensing commit-
tee for England and another for
Scotland, reduction in the number of
licenses and other changes.
Canada's Way
Here can be found almost every
system or variation that has been
proposed by organizations seeking
modern control laws in the United
States in the event of national pro-
hibition repeal.
The province of Quebec has a lib-
eral system of control. Government
liquor stores sell hard liquor over the
counter to all. Restaurants and tav-
erns sell beer and wine.
But in the province of Ontario the
laws governing the sale and con-
sumption of hard liquor are more

No intoxicating liquor may be con-
sumed outside a private residence or
a hotel room used as a residence.
All individual purchases are made
with a permit, each purchase being
recorded on the permit. The result
is a record which is used in court
cases if necessary.
Prince Edward Island has prohibi-
tion, and the other six provinces have
control systems based on the two
central provinces and varying in
Profits in all provinces from liq-
uor sales are counted on to contrib-
ute a substantial part of the state
Holland's Way
A license system is used to control
the liquor traffic. The state issues'
permits to hotels, casinos and clubs,
and communal authorities issue li-
censes for cafes, public bars and sim-
ilar places.
Licenses can be suspended for vio-
lation of regulations.
Lawyer File s
In sanity Plea
In Dunn Trial
Charged with the murder of John
Reinhart, aged recluse, Brent H.
Dunn, of this city, will enter a plea
of not guilty on grounds of tempor-
ary insanity, according to the no-
tice filed yesterday in the office of
the County Clerk by George Meader,
attorney for the defense.
Meader also filed a request that
the body of the victim be examined
at the expense of the county,
Dunn, who is held without bond
in County Jail, will be brought up
for trial the latter part of the pres-
ent term of court. His accomplice,
George Weimer, who pleaded guilty
to attempted robbery and murder,
is being held until after Dunn's trial.
Weimer was sentenced to life at hard
labor and solitary' confinement in
Marquette Branch Prison.
Dunn and Weimer, in attempting
to rob Reinhart, caused his death
by suffocation when they gagged him
with a handkerchief.
PRINTING-Lowest City Prices
Downtown - 206 North Main
Next to Main Post Office Dial 2-1013

Widely Differing.Systems Used
In RegulatingLiquor Problem

-With quality food
and reasonbie prices..
Wednesday Dinner Features
Fried Spring Chicken, Country Gravy. .15c
Grilled Tenderloin Steak...... ..15c
Enjoy lunch or dinner at this clean cafeteria
Today.. soda fountain and sandwich service
Clean lines


338 Maynard Street

mike fingerle, prop.



Hamilton Business College
State and William St. Approved, State Department of Public Instruction

I! 'i'1it

Representative JERRY COAN



j . .

.ird of a series of teas de-
acquaint Episcopal fresh-
1 Harris Hall will be given
today. Informal entertain-
1 be furnished.

Do you desire a Good Position?
If so- Affix to your Applica-
tion Blank a Good Photograph.


The Trend Is Back to
Men who haven't purchased Rosenberg
clothes in a year or two are placing

lOOKS-- $10 EACH
- The Fountain Van Doran - The World's Best Poems
er - The Human Mind Pritchard - The World's Best Essays
- The Adams Family Bowers - The Tragic Era
_ c - Ma ri ksofAn eA Man Melville - Mohv Dick


orders again.

They tell us that cheap


clothes at 'so-called "low" prices have
failed to satisfy and that there is no sub-
stitute for fine custom made garments.





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