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October 01, 1935 - Image 2

Resource type:
The Michigan Daily, 1935-10-01

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


"r+w"- - TI-E- M Vc H l 9 Lam. N fixity



Treasury Must
Obtain Sum Of
Officials Do Not Anticipate
Trouble In Getting Fund
For New Budget
WASHINGTON, Sept. 30. - (P) -
The job of borrowing $5,000,000,000
in the next nine months was handed
the treasury today by President
Roosevelt's new spending and tax col-
lection schedules.
Asserting they expected no difli-
culty in finding lenders, officers were
gratified nevertheless that increased
revenue and decreased expenses, out-
lined in their revised budget, made
the total to be raised from $665,000,-
000 less than had been estimated in
the original budget of last January.
Studying the new estimates pre-
sented by the chief executive, fiscal
observers noted that while that Jan-
uary budget called for total borrow-
ing of $3,788,623,782 in new money to
meet running expenses, the new sum-
mary set the figure at $3,123,726,-
WASHINGTON, Sept. 30. - The
Reconstruction Finance Corp. is con-
sidering a proposal for an additional
payoff of 15 per cent to depositors of
the First National Bank at Detroit,
itdwas learned, on reliable authority
Chairman Jesse H. Jones, of the
RFC said that he had discussed the
First National's condition with execu-
tives of the Corporation on Monday
morning, but that he could not give
out further details at this time. Jones
was also understood to have discussed
the further payoff with representa-
tive Detroit bankers during the past
several days.
The First National already has paid
off 70 per cent, and all small depos-
itors have been paid in full.
Details Made Public
For the first time since the bank
was closed in February, 1933, Jones
made public today the details of the
assistance given to the institution
after it was thrown into bankruptcy.
Jones' figures cast new light upon the
condition of the bank assets at the
time they were pledged for loans
made through the RFC.
The RFC advanced $143,209,000 to
the conservator and receiver of the
First National, of which sum $90,-
309,09 has been repaid to the cor-
poration. The balance due on loans
remains now at $52,900,000, after two
and one-half years of liquidation.
Persons and interested groups that
carried on a campaign to prevent the
bank from opening after t\e National
holiday of March, 1933, have ex-
plairped the heavy loans made by the
RFC on the basis of the government
advancing funds far beyond actual
worth- of collateral pledged. This
contention is absolutely refuted by
Jones today, when he gave the details
of all three loans made.
The first loan, his report disclosed,
was made to the conservator of the
bank in April, 1933, and amounted
to $35,000,000. The appraised value'
of the collateral pledged to secure
that loan was $48,000,000. The val-
uation was fixed by appraisers of
the RFC.
First Receiver's Loan
After the receiver had replaced the
conservator a loan of $48,000,000
was made to permit distribution of
funds to the depositors. This was
known as the "first receiver's loan,"
and the collateral pledged for it was
$165,00,0 00.
Thus the figures reveal that the
government held collateral of $213,-
000,000 at one time for loans aggre-
gating but $83,000,000. The valua-
tion was fixed by the RFC appraisers.

Then came the "second receiver's
loan," calling for $91,000,000. This
loan was made at the time of the last
payoff and after part of the previous
debt to the RFC had been paid off.
At the time this loan was made all
collateral then in possession of the
RFC was lumped for a total net value
of $181,000,000.
If the total debt of the First Na-
tional to the RFC reached $143,209,-
000 at that time, then the lowest
amount of collateral behind that loan
was $184,000,000. Chairman Jones'
figures disclosed. The RFC at no
time considered the book value of.
the collateral offered, but in all in-
stances had its own examiners and
appraisers fix the value of the secur-
ities offered as guarantee of pay-
CHICAGO, Sept. 30. - (P) -Two
gunmen robbing Harry Wood, twenty-
seven-year-old hotel clerk, fled today
when the telephone rang. It was a
wrong number.

Roosevelt Defends Farm Program In Nebraska Talk

Classaied Directory

-Associated Press Photo.
In an address that unfurled his first issue of the 1936 reelection campaign, President Roosevelt defended
the New Deal agricultural program before a crowd of thousands of farm folks gathered to honor him as his
special train stopped at Fremont, Neb. The President (left) is shown delivering his address, the first of
several scheduled during his vacation trip, and at right is part of the crowd that heard and cheered him.

0. J. Campbell Returns From
Work In Renaissance Library

Prof. O. J. Campbell of the English
department, one of the leading au-
thorities on Shakespeare in this
country, has returned recently from
the Huntington Library in San Ma-
rino, Calif., where he has been en-
gaged since last February in the in-
vestigation of satirical drama in the
English Renaissance.
The Huntington Library is the only
institution in the world which is de-
voted solely to research in the field
of the humanities, and it is limited
in scope to the period of the English
Renaissance. Founded by Henry E.
Huntington, nephew of Collis P. Hun-
tington, the great railroad builder
and financier, the treasures in this
library have been made available to
scholars only within the last few
The research work of the Hunting-
ton Library is maintained by scholars
from all parts of the country who are
James F. Cool
Will Address
Music School'
Has Edited Etude Since
1907 And Is Noted As
Teacher Of Music
Dr. James Francis Cooke of Phila-
delphia, internationally noted music
teacher and for many years editor of
the Etude, music magazine, will speak
at 4 p.m. today in the School of
Music auditorium.
Dr. Charles A. Sink, president of
the music school, in announcing Dr.
Cooke's lecture, urged particularly
all School of Music students to at-
tend, but said it was open to the
public. The School of Music audi-
torium is in the School of Music
building on Maynard Street.
Dr. Cooke, who had edited the
Etude since 1907, writes regularly
in German for European journals.
He taught piano and voice for many
years in New York City where he
was assistant to Prof. Franklin W.
Hooper of the Brooklyn Institute of
Arts and Sciences.
He is the author of many literary
and dramatic works, mostly dealing
with music, and is widely known as
a composer.
Dr. Cooke is the recipient of hon-
orary degrees from many American
colleges- and universities, and in
1930 was decorated by the French
government with .the Chevalier Legion
of Honor.
Dr. Cooke was born at Bay City in

invited to the Library to carry on
investigations in their own particular
phase of the Renaissance.
This is the second half-year of
study at the Huntington Library for
Professor Campbell, who was on leave
during a similar period from February
to September in 1934. His research
on the satirical drama is part of a
wider research into the whole sub-
ject of Shakespearean drama, about
which Professor Campbell intends
finally to write a book.
The satirical drama of the English
Renaissance had the rather definite
birth date of June 1, 1599. Accord-
ing to Professor Campbell, on this day
the Bishop of London and the Arch-
bishop of Canterbury jointly issued
a decree banning the publication of
any poetical satires or epigrams, and
ordering those already written to be
burned by the public hangman. It
seems that these satires were becom-
ing altogether too vituperative and
too indecent for the literary censors
of the day.
As is always the case in which an
attempt is made to check creative
effort, some new outlet for its expres-
sion was found, Professor Campbell
said. This outlet proved to be the
satirical comedy, regarded at that
time as sufficiently 'different from
the poetical satire to evade the bann.
The first satirical comedy was writ-
ten by Ben Jonson, who called the
new medium of literature "comical
satire." The title of his drama is
"Every Man Out of His Humor."
The influence of this literary move-
ment on Shakespeare, Professor
Campbell pointed out, is to be found
most evident in three of his com-
edies, which are definitely classified
as satirical drama. They are "Mea-
sure for Measure," "All's Well That
Ends Well," and "Troilus and Cres-
sida." Other writers of the period
who took up the satirical comedy were
Marston, Dekker, Chapman and Mid-
Although no definite plans for a
return to the Library have been made,
Professor Campbell expects to com-
plete his research at the Huntington
Library some time in the near fu-
Change Time Limit For
Choice Of Chaperons
Forty-eight hour notice on the
choice of chaperons for dances and
house parties will no longer be per-
mitted, according to a statement from
the Office of the Dean of Students.
Under the new arrangement social
chairmen must turn in their selec-
tions of chaperons on the Monday of
the week in which the party will be
DAILY 1:30 to 11 P.M.
15c to 6 P.M. - 25c after 6

Italians Point
To Selassie As
'New Menace'
Claim Ethiopian's Army+
Outnumbers Italians In
African Service, 4-1
ROME, Sept. 30 - (P) - Italians
seized tonight upon Ethiopia's forth-
coming call to arms as proof that
Emperor Haile Selassie, not Il Duce,
is the "aggressor."
Selassie's warning to the League of
Nations that he may soon be forced
to order general mobilization over-
shadowed mingled joy and anger at
news of the British note to France,
placing Britain behind "steady and
collective resistance to all acts of un-
provoked aggression."
On the other hand, it was reasoned
that the note of Sir Samuel Hoare,
the British foreign secretary, supports
several Italian arguments. However,
some anger was expressed because
"London's reply (to France) contra-
dicts British League policy."
Selassie's prase concerning "The
Italian Menace" was answered today
by Virginio Gayda in an inspired edi-
torial in the Giornale d'Italia. He
called the threatened mobilization
"The Ethiopian Menace."
Sir Samuel's phases regarding "de-
grees of aggression" and his reference
to "negative acts" of non-fulfillment
of treaties not calling for sanctions
caused La Tribuna to argue that the
Ethiopian expedition comes under the
latter head.
Thus, the newspaper contended, the
punitive article of the League Cov-
enant does not apply to Italy.
Some well-informed sources said
that the British reply would draw
Italy and France closer. It was be-
lieved here that France would be in-
clined to rate more highly than ever
the massing of Italian forces for war
games along the Brenner Pass a few
weeks ago.
ADIS ABABA, Sept. 30. -(P) -
Emperor Haile Selassie tonight await-
ed only a signal from his League of
Nations envoys to start the drum-
beats that will call approximately
2,000,000 eager warriors to arms.
He made intensive preparations for
this general mobilization - to start
at the first news that the League had
failed to stave off an attack. Author-

Place advetisemen wit ( w 'i (laified
6dvertising Department. Phone 2-1214.
The classified columns close at five
Yclock previous to day of insertion.
Box numbers may e secured at no
extra charge.
Cash in advance Ile per reading line
(on basis of five average words to
line) for one or two insertions.
10c per reading line for three or more
Minimum 3 lines per insertion.
Telephone rate -- 15c per reading line
for two or more insertions.]
10fr discount if paid within ten clays
Minimum three lines per insertion.
from the date of last insertion.
By contract, per line - 2 lines daily, one
4 lines E.O.D., 2 months...........3c
2 lines daily. college year........7c
4 lines E.O.D., college year........7c
100 lines used as desired ..........9c
300 lines used as dested..........8c
1,000 lines used as desired.........7c
2,000 lines used as desired ........6c
The above rates are per reading line,
based on eight reading lines per inch.
Ionic type., upper and lower case. Add
5c per line to above rates for all capital
letters. Add 6c per line to above for
bold face, upper and lower case. Add 100
Per line to above rates for bold face
capital letters.
The above rates are for 7 point
STATIONERY: Printed with your
name and address. 100 sheets, 100
envelopes, $1.00. Many styles. Craft
Press, 305 Maynard. 9x
TEACHER of popular and classical
piano music. Helen Louise Barnes.
Call 8469. 2x
ities said the fateful signal might
come within a few days.
The Ethiopian government denied
emphatically today that the general
mobilization had been set arbitrarily
for Tuesday or Wednesday. They
denied also that Italy had begun hos-
tilities in the north, that Italian pilots
were flying over Ethiopian territory or
that Italian ground forces were firing
machine guns and heavier weapons
in the hope of provoking an Ethio-
pian response.
Another report spiked by authori-
ties was one that two shipments of
Japanese munitions had arrived.
GENEVA, Sept. 30 -(/P) -League
of Nations peacemakers went to work
on a new series of recommendations
for settlement of the Italo-Ethiopian
Information indicated that the new
plan will be even less favorable to
Italy than the projeca of the "Big
Five" committee which Premier
Mussolini turned down, at least in the
sense that il will be less specific and
less calculated to weaken the sover-
eignty of Ethiopia.
Something may be inserted, it also
was intimated, to recommend that
the two nations cease their conce>-
tration of military forces.
In addition, the plan may embody
the suggestion of Sir Samuel Hoare,
the British foreign secretary, for a
more equitable distribution of the
world's raw materials.
TOKIO, Sept. 30.--(A)-The news-
paper Asahi reported today that a
Japanese lieutenant and 12 soldiers
had been killed and four wounded,
when 300 bandits ambushed a small
Japanese column along the Sungari
river, southeast of Yushukuo on the
Harbin-Hsinking railway.

WANTED: Student and family laun-I
dry. Reasonable rates. Will call
for and deliver. Phone 2-3669.
EXPERIENCED laundress, doing stu-
dents' laundry. Will call for and
deliver. Telephone 4863. 7x
reasonable. Free delivery. Phone
3006. 6x
- - - -- -....-...-. - - - - - - - - -
LAUNDRY 2-1044. Sox darned.
Careful work at low price. 1x
LAUNDRY Wanted. Student and
Co-ed. Men's shirts loc. Silks,
wools our specialty. All bundles
done separately --no markings.
Personal satisfaction guaranteed.
Call for and deliver. Phone 5594
anytime until 7:00. Silver Laundry
607 E. Hoover. 4x
CHEF, male, white, local references.
Wants fraternity position. Can
take full charge. Reply 11151/2 S. U.
Streamlined bicycles. Speedometers,
electric lights, chromium finish,
Baltimore Lunch on State, 6 to 9
p.m. 8
UNDERWOOD Standard Typewriter
and Underwood portable. Both in
good condition. Each $25. Phone
Mr. Eckert, 8686 or call at 706 W.
Liberty. 4
LOST: Saturday night, yellow gold
woman's Hamilton wrist watch.
Finder please call 3718. Ample re-
ward. 6
Ask Students Not
1-p red To Report
All students who passed through
the registration line during the pe-
riod when the cameras were out of
order and who consequently did not
have their pictures taken, are asked
by the Dean of Students to report
during the hours 8:30 to 12 noon and
1 to 4:30 p.m. to Room 1, Angell Hall
any day this week or next. Since
these pictures are to be used on iden-
tification cards for athletics and other
events, it is important that they be
taken soon.
EMPIRE, Sept. 30. - (A) - John
Nowak, 31-year-old Detroit flyer,
established an official state record of
three hours, 15 minutes and 53 sec-
onds with a motorless plane here yes-
The very latest in perfect comfort
Matinees at 2 and 3:30
Evening Shows at 7 and 9
Matinees & Bal. Evenings 25c
Main Floor Eve. 35c - Children loc
....... NOW..........


FOR RENT: To faculty member or
man student highly desirable first
floor suite. Private bath. Phone
3280.- 17
ROOMS: 411 N. State. One double
room on second floor at $2.50 per
person. Another double on third
floor at $1.50 per person. Also a
single at $3.00. Phone 4742. 14
SINGLE ROOM: Quiet .urroundings
overlooking city. Garage available.
900 Spring St. 12
SINGLE ROOM: Three blocks from
campus. Mrs. Justice, 1338 Wash-
tenaw. Apt. 6. 10
2 SINGLE ROOMS: Clean, comfort-
able, $2 and $2.50. Parking space
A. F. Phornburg. 1230 Broadway.
Dial 2-2849. 7
graduate women. Call 2-2057. 16
FOR RENT: Single rooms: Garage.
Graduate students or business peo-
ple. 1009 West Huron. Less than
a mile from State Street. 5
VOICE building and singing. Pri-
vate and class lessons for juniors
and advanced students. Coaching
for voice students. Grace Johnson
Konold, 1908 Austin. Phone 4855.
Formerly voice instructor in School
of Music.. 5x
Call the Kempf Music Studios for
artistic piano tuning. Terms rea-
sonable. Phone 6328. 15
MAC'S TAXI - 4289. Try our effi-
cient service. All new cabs. 3x
cial Mondays only: Shampoo, finger
waveaandwmanicure, 75c. Open
Monday, Wednesday, Friday eve-
nings by appointment. Raggedy
Ann Beauty Shop. 1115 S. Univer-
sity Ave. Dial 7561. 8x
and Delicatessen. Lunches, teas,
and dinners. 605 Forest Ave. 18
MARRIED COUPLE to earn room
and board in private family. Must
have car. Phone 2-2704. 9
Wtches *.
1121 S. University Ave.





Last Times Today
"Call Of The Wild"
"McFadden's Flats"
- Wednesday - Thursday

Students' Needs

For Men:

Welcome Back to
Michigan and
the home of good clothing
and furnishings
Walky A Few Steps



Gay or Conservative Patterns
and Quality Materials.
Shorts and Shirts..

For Women.
New Neckwear
Many becoming collars in dain-
ty neckwear fabrics with fresh
new style touches.
Rayon Taffeta Slips
4 styles .......59c
Two-way Stretch
Girdles .......41c
New Brassieres. 25c
Rayon Pajamas 1.00
Sweaters .... $1.00


Service.. .
Quality.. .




witfh F REFP DI E
(o4f "DAVID CDPFPFIEI fl L.n.,.'



Polo Shirts.

... 25c

SnT nu e ip . Tn

Gong Sleeves, Colorful Patterns





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