tj
THlE MiC"HIGAN DAILY
To Address Press Club
(Continued from Page 1)
encouraged to expand their work in
this necessary direction.?
William Brownrigg, director, State
Civil Service Commission, followed
the Governor on the platform and I
observed that to improve the stand-
ards of state personnel, qualification
tests are now being developed and will Pictured above is Prof Preston
be given to all employees by the first W. Slosson of the history depart-
of the year. These tests, Director ment who will address the meeting
3rownrigg said, will demarcate the of the University Press Club today
basic qualifications of a given job in the Union. He will address a
and indicate what persons now em- symposium considering world peace
ployed are competent to hold their and the press.
positions.
George C. S. Benson, associte pro- status as a departmer, in its own
fessor of public administratiofil, stated right in 1929.
that efficiency in government is now Slides of France, Switzerland, Bel-
based not only on economy, but also gium, Holland and Italy were shown
on humanitarianism. "Efficiency in at a smoker after the dinner by
government," the research investiga George Averill, president of the Club
tor in the Bureau of Government and publisher of the Birmingham Ec-
said, "is the greatest utilization of I centric, who traveled through nine
,available resources. Michigan is 11tl European countries last summer.
on the list of state efficiency, whereas The program for the remainder of
it is seventh in population and the sessions is as follows:
wealth." Prof. Benson concluded At 9:30 a.m. today, a symposium on
therefore, that Michigan is not tak- "World Peace and the Press" will be
ing full advantage of its resources held in the ballroom. Prof. Preston
Pollock On The Long Ballot W. Slosson of the history department
Prof. James K. Pollack, of the polit- will be the first speaker. Prof. Law-
ical science department, speaking on rence Preuss of the political science
"Democracy and the Short Ballot," department will then speak on "The
asserted that the long ballot defeats American Neutrality Policy and the
its purpose of insuring democracy in News," and Louis Weil, editor of the
elections. "The natural competence Port Huron Times-Herald will talk on
of citizens to do well in a democracy "Foreign News Dispatches." General
is overrated," the former Saar pleb- discussion will follow.
iscite commissioner stated. "The no- Press Luncheons To Be Held
tion that you must elect everybody Press luncheons for the Associated
to get competent service is a fallacy." Press and Michigan Press Association
In England they do not attempt to will be held from 12 noon to 2 p.m.,
elect everybody in office. Only the at which time a symposium on "Free-
legislators are elected. But in this dom of Speech and Press" will be con-
c untry most public offices must be ducted in the ballroom. Prof. Hobart
put on the ballot. The "fatigue curve" R. Coffey of the Law School will speak
manifests itself in the long ballot, on "Some Legal Trends in Free
Professor Pollock explained. "People Speech Issues"; Prof. John F. Shep-
get tired of making crosses. This ard of the psychology department on
doesn't make for a Simon-pure de- "Academic Issues in Freedom of
mocracy, on the contrary, it negates Speech"; Prof. Roy W. Sellars of the
democrac.y by wearing the voters philosophy department on "The Phil-
out." As an approach to improving osophical Concept of Freedom";
the system, Professor Pollock suggest- Stuart Perry, editor of the Adrian
ed that there should be as few elective Telegram, on "Publicity and Court
offices as possible and only those of- Proceedings" and the Rev. Charles
fces that are important should be W. Brashares of the Methodist-Epis-
placed on -the ballot. As a further copal Church, on "Free Speech and
suggestion, only policy offices on a the Pulpit." General discussion will
long tenure should be established. Fi- follow.
nally, historyic or useless offices At 6 p.m. the Press Club Banquet
should be abolished and where there will be held, with George Averill pre-
is no contest for the office, it should siding. Philip A. Adler, staff corre-
be removed from the ballot. Npondent of the Detroit News, will
Harold D. Smith, state budget di- speak on "Observations Abroad." W.
rector, concluded the session by com- S. Gilmore, editor of the News, will
menting on financial planning in introduce the speaker.
state government and noted that the Faculty Receptional League
administrative branch of the state At 8:15 p.m. a theatre party will be
organization, is in many instances given club members at the Lydia
more qualified to assume the task Mendelssohn Theatre, where Play
of government than are local units. Production, under the direction of
Ruthven Sees Educational Interest Frederic O. Crandall, will present,
At the dinner-meeting last night "Puppets," a three-act drama written
President Ruthven outlined a pro- for the occasion.
gram for adult education and urged A reception for members of the
newspapermen to support this project Club and faculty will be given at
and help in the training of mature 10:30 p.m. in the lobby of the League.
citizens to face present-day problems. A business meeting will be held at
Pointing to the fact that state 10 a.m., Saturday, followed by a club
educational institutions have been luncheon at 12 noon. At 2 p.m. the
"under fire,"'President Ruthven said group will attend the football game at
that, although much of the criticism the Stadium, as guests of the Ath-
has been merely destructive, it does letic Association.
indicate an interest in high educa-
tional standards.
The adult education plan suggest-
ed by the President envisaged the es-
tablishment of off-campus colleges T
under the direction of university
teachers, local boards and alumni.
_The history of the journalism de- A En E
partment was traced by Dean Edward
, Kraus of the literary college from
its beginning as a single course in
newspaper writing 46 years ago to its
Bill Guerrica's The overcoat of the
year. Do not be mis-
R I D I N G lead by imitations
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Wherein The Dc
Of Short-Selli
0
(Continued fromn Page 1)
stock back to the lending broker and
then gets his cash percentage backI
intact.
The joker comes when, instead of
falling, the stock rises after the short
seller has sold the stock which he
borrowed. There is much hair tear-
ing at this juncture on the part of the
"bear," as the short seller is called. He
is being stripped more and more as
the stock rises higher. Should he buy
now before it gets higher or should1
he wait and hope that the rising mar-1
ket will hit an air-pocket and fall 1
before the date on which he has to
pay the stocktback? This is one of
the reasons why many short-sellers
wind up as drooling idiots.(
Short-selling is justified economi-
cally, because it is supposed to provide
a "cushion" to stop security prices
from falling more than they would if
there were no short-selling, and be-'
cause it is supposed to help provide1
a check to keep security prices from
rising too high, Professor Waterman
said.
According to the "cushion" theory,I
the short-sellers in a time when
stocks are falling lower and lower
check this decline by buying the
stock to pay back the loan of the
shares which they sold when the
market was high. This demand or
order to buy stocks at a time when'
nearly everyone else is unloading his
Next Hampstead
Play Abolishes
Curtain Drops
Reviving that ancient custom of
the French medieval drama, simul-
taneous stage setting, the Hampstead
Players will present the early French
farce "Comical Adventures of Master
Peter Panthelin" in the Lydia Men-
delssohn Theatre, November 17 and
18. Tickets will be sold at the box-
office starting Friday, November 15.
"The play will mark an attempt
to capture the flavor of the medieval
French drama with the seasoning of:
modern lighting and property tech-
nique, commented Oren Parker,
Art Director of Play Production, who
is acting as technical adviser for the
play. To capture this medieval "fla-
vor," a simultaneous indoor stage is
to be used for the first time in the
history of University drama.
By simultaneous stage setting, Par-
ker explained, is meant a stage in
which there are no changes of scen-
ery or curtain drops to indicate lapses
of place or time. Instead all the set-
tings for the various scenes occupy
separate portions of the stage, and
as the action of the players shifts
from one set to another, the attention
of the audience naturally focuses
upon the particular set where the ac-
tion is taking place.
DAILY OFFICIAL
BULLETIN
(Continued from Page 4)
dinner meeting. Phone Robert Coop-
er for details.
Graduate Outing Club will meet at
Lane Hall on Sunday, Nov. 7 at 2:30
p.m. All graduate students are cor-
dially invited.
_._...__. -II
ark Intricacy I
ing Is Explained;
stock or wishes to before the prices
go even lower acts to absorb the ever-,
increasing supply at that price and
keep the price from falling lower.
The other theory holds that short-]
sellers, by selling borrowed stock in a;
rising market when almost everyone i
else wants to buy, will tend to make 1
the supply at the existing prices ade-
quate for the demand at those prices.
Stud nts WillVist S ph C i~.. IConn, Zelda Davis, Kathryn Maclvor
Students WillVisit Soph Cabaret and Doris Cranmore.
Pharmaceutic Labs . Ella Stowe, entertainment chair-
Com m itteem en man, will have' on hex committee
Forty students and faculty mem- Helen Brady, Dorothy Glass, Barbara
bers interested in pharmacy will A Are nnounced Guest, Jane Hart. Lucille Kauer,
leave Sunday for a tour of the phar- __Frances McLaughlin, Jean Thompson
maceutical and biological laborator- and Lois Verner.
ies of the Eli Lilly Co., Indianapolis. (Continued from Page 5) Committee Names Continue
The Eli Lilly Co. is the second larg- Kahrs, Norah Kennedy, Jane Mow- Included in the music committee
est of its kind in the world.memnBtyHlBthORkad
This trip is one of several to be merman, Betty Hell, Beth O'Roke and are Betty Bibber, Phyllis Cannon,
taken this year by pharmacy stu- Dorothy Boyer. Jean Clemmons, Grace Foote, Susan
dents. It is under the supervision of, Miss Sharkey Lists Helpers Kerr, Miss Kauer, Harriet Levy, An-
Prof. Clifford Glover of the pharmacy Harriet Sharkey heads the pro-i geline Roknich, Frances Small, Helen
college. gram committee composed of Anna- Stockbridge, Barbara Telling, Jane
The annual fall road tripto study belle Avery, Jane Bisbee, Martha Nussbaum and Maxine Nelson.
lar ge labor atoiries and plants con-Th pulctcomteead
nected with pharmacy will be under Clise, Ruth Coler, Martha Cook, Sally! The publicity committee, headed
the supervision of Director Howard Connery, Marian Ferguson, Grace by Suzanne Potter, inclues Barbara
B. Lewis and Prof. Charles H. Stock- Jones, Meribah Leach, Lois Longan, mermnt, Be tHy Sadelan, eJane
ing of the pharmacy college this year.I Nina McLellan, Mary Meloche, Ruth Shore, Miss MacIvor, Margaret Ford,
Pollock, Jean Rutherford, Harriet Ann Vicary, .Betty Hill, Joanne Wes-
MICHIGAN ALUMNI MEET Phon, Katherine Ziff, Rosline Fell- terman, Sally Mustard and Esther
A joint dinner meeting of Michigan man, Miss Jacobson, Miss Clark, Miss Dye.
In other words it is argued ,that if.
there were no short selling stock
prices would, in times of optimism,
soar beyond sine heights because
there would be a greater demand for
stock at existing prices than there
would be supply at those prices.
Because prices did rise higher, more
buyers would come into the field
boosting securities into the ether be-
yond reason and economic health.
The catch is, Professor Waterman'
s
(1
7
and Pennsylvania alumni was held
yesterday in Schnectady, N.Y. It was
explained, that most short sellers sponsored by the University of Michi-
do not always behave according to gan Club of Schnectady, and the guest
the theory but are carried away with speakers were ex-footballers Peter
the rest of the speculators and do Miller, '18, Cornell, and Stanley Put-
as the others do. nam, '19, Northwestern.
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