THE MiCiIIGAN DAILY ?~
Business Research Bureau
Releases New Analysis
On Methods Of Banking
"Investment Banking Under the
Securities and Exchange Commission"
is the title of the new bulletin just
issued by the Bureau of Business Re-
search. T. Kenneth Haven, formerly
research associate at the Bureau is
the author of the bulletin.
The study presents historical and
current facts relating to the functions
of the investment banker and the
compensation which he receives for
his work, and provides a basis for
judging the reasonableness of his
Although the analysis is confined
primarily to the period since 1933,
when the Securities and Exchange
Commission was established, there
are also comparisons with facts on
underwriting from the days before the
Recent developments in the invest-
ment banking field are given a pro-
minent place in the study, which de-
votes considerable attention to each
of the following subjects-competi-
tive bidding for securities, private
placements, investment bankers' op-
tions, and types of underwriting com-
mitments. A chapter entitled "Re-
turn On Invested Capital" presents
the profit figures for five prominent
investment banking firms for the
A number of significant sugges-
tions regarding possible changes and
improvements in investment banking
techniques are included in the study.
It suggests definitermethods by which
investment bankers and the SEC
might collect more accurate and com-
prehensive information on the prob-
lems and compensations of the in-
vestment banker to the end that the
important function of security distri-
bution may be more fully understood
and more intelligently criticized.
Union To Feature
Band Nears Football Season
With Spirited A ctivity Still Ahead
By S. R. WALLACE
When the University of Michigan's
blue and maize clad band marches
down the stadium field today they
will be approaching the wind-up of
only the football season portion of a
year's spirited, and exhausting, ac-
Called by Ferde Grofe, famous
American composer, and Edwin Fran-
ko Goldman, world's outstanding
bandmaster, the finest college band in
the United States, the University
Band is applauded for its perfor-
mances on the football field and at
concerts by the entire campus - but
the service they render behind-the-
scenes has often gone unsung.
Daily Rehearsals Held
For example, in preparation for
every game this season the 130 bands-
men and Prof. William D. Revelli,
conductor, have rehearsed from 4:30
to 6 p.m. every day, at the same time
rehearsing withthe concert band at
least once a week. Starting with the
first pep rally in September, the band
is continuously supporting campus af-
fairs and making out-of-town ap-
pearances until Commencement Day
Are they well-paid for their ex-
tra-curricular activity, which is really
work? No member of the band re-
ceives any stipend. However, recently
the Alumni Club of Detroit set up
a series of band scholarships which
are paid for by their presenting an
annual University of Michigan Night
in Detroit's huge Masonic Temple.
More than 5000 people congregate
each year to hear the University Band
and Varsity Men's Glee Club per-
form, as well as see other specialty
Sponsor Band Clinic
The scope of Band activity has wid-
ened in the past few years as event
after event crowds their calendar, and
finally becomes traditional. They
sponsor an annual Band Clinic for
high school bands throughout the
state. One of the four Choral Union
concerts they offer during the year
has been labeled the Spring Concert,
which is played by the 100 concert
band members in Hill Auditorium.
Part of the program is broadcast from
coast-to-coast by the Mutual Broad-
The concert band, incidentally, is
the only band here which allows wo-
men to play in it, and this year 15
are numbered among its members.
The marching bandsmen, besides be-
ing abetted by the rule which forbids
women to ,join, vociferously will add
their opinions to the effect that "there
will NEVER be a woman in the band."
This tradition is only one of many
which aid the band in bringing col-
or to Michigan's campus life. Well-
known to football fans is the tra-
ditional march up State Street to
the Union where the drum major,
who this year is Jack Sherrill, '41,
breaks the street lamps with his ba-
ton. The drum major also is expected
to catch the baton thrown over the
goalposts during a game, since tradi-
tion, or superstition, here regards the
act as a symbol of victory, if success-
ful, or defeat, if otherwise.
The enemy of the tyrant rich, the
benefactor of the poor, "Robin Hood,"
will come to the Lydia Mendelssohn
Theatre's screen 8:15 p.m. tomorrow
under the auspices of the Art Cinema
Starring the late . Douglas Fair-
banks, Sr., the film, last in the Fair-
banks series, is the original picturi-
zation of the popular English hero.
Later versions have starred more mo-
dern actors, including Errol Flynn, but
all have modeled their theatrics on
the order of the swashbuckling, ro-
mantic character of Fairbanks.
The film, although silent, will be
accompanied by a musical score ar-
ranged by a student, and will be
supplemented by selected short sub-
jects. Filmed in the 1920's, the pic-
ture was produced on a lavish scale
with a greater number of 'extras,'
the supporting players, than ever at-
Dynamic Religious Leader
To Conduct DiscussiQn
On Future Of Judaism '
Rabbi Mordecai M. Kaplan, one of
the most significant figures in con-
temporary Jewish life, will be the
second speaker on the Hillel Forum
"The Jewish Religion for Tomor-1
row" will be the subject of Iiis lecture
at 4:15 p.m. Tuesday in the Rack-'
Rabbi Kaplan, who is journeying
from New York to appear in the
Forum, has long been recognized as
the leader of the new "Jewish Recon-
This dynamic 70 year old character
has attracted the most brilliant of
the young rabbis and scholars around
him in this movement to simplify and'
modernize the Jewish religion.
Rabbi Kaplan is also well known
as an author. Among the books he'
has written are "Judaism as a Civili-
zation" and "Judaism in Transition."
Rabbi Kaplan has been the Dean
of the Teachers' Insitute of the Jew-
ish Theological Seminary of America
since 1931, and the leader of the Soci-
ety for the Advancement of Judaism
The Hillel Forum Series plans to
bring many outstanding figures to
the campus. The initial lecture was
delivered by Waldo Frank, the author.'
The Series, which is open to the
public, has been made possible
through the Hillel Foundation's af-
filiate membership plan.
Freshmen To Hold
Not content with merely one "Black
Friday" gathering, members of the
Class of '44 will hold a second meeting
at 6:30 p.m. Monday in the Natural
Science Auditorium to discuss plans
for the anuual frosh-soph battle clas-
sic, scheduled this year for Nov. 22.
At their last meeting a Committee
of Five was elected to work with Bob
Samuels, '42, of the Union staff, on
a plan of battle. Prerequisites for elec-
tion to the Committee were a height
of more than six feet and a weight
of more than 180 pounds.
The sophomores selected a group
of three men to work with Jack Stov-
er, '42, of the Interfraternity Coun-
cil and reports which have been re-
ceived reveal that real activity is
taking place in that quarter.
Two Soloists To Be Presented
At Faculty Concert Tomorrow
Theysecond recital in the 1940-41
Faculty Concert Series, featuring
Prof. Arthur Hackett, tenor, and John
Kollen, pianist, as soloists and Prof.
Joseph Brinkman, pianist, as accom-
panist, will be presented at 4:15 p.m.
tomorrow in the Lydia Mendelssohn
Among the selections which will be
heard are Mozart's "Sonata in C ma-
jor," Chopin's "Barcarolle" and De-
bussy's "Les collines d'Anacapri," "Re-
flets dans l'eau" and "Feux d'Arti-
fice" played by Mr. Kollen and six
songs by Santoliquido and Giulia,
Receli by Professor Hackett.
At 4:15 p.m. Tuesday in the Lydia
Mendelssohn Theatre, the 15-piece
Little Symphony Orchestra, under the
direction of Prof. Thor Johnson, will
present their first concert of the
year playing selections by Mozart,
Lekeu, Strawinsky, Rossini and three
orchestra transcriptions by Debussy
The complete membership of the
Orchestra was announced yesterday
by Professor Johnson. It comprises
violinists Italo Frajola, Grad.S.M.;
Thomas Wheatley, '42SM, and Mar-
jorie Mellott, '43SM; Sam Kirland-
sky, Grad, and Edward Ormond, '42
SM, playing the violas and William
Others are Clyde Thompson, '42SM,
at the string bass; Jean Jeffrey, '43,
flute; Kenneth Van Der Heuvel, '42
SM, oboe; William Stubbins, clarinet;
Gail Rector, bassoon; Dudley Howe,
'44, and Joseph White, Grad. SM.,
french horn, and Alfred Burt, '42SM,
trumpet and celeste.
Two concerts are scheduled for
Wednesday, Prof. Palmer Christian
will present an organ recital at 4:15
p.m. in Hill Auditorium and Pro-
fessor Brinkman will present another
FacultyConcert at ,8:30sp.m. in the
Lydia Mendelssohn Thecatre,
Th organ reital will comprise
Bach's "Prelude and Fugue in E min-
or," tanley's "Gavotte and Varia-
tions," Zipoli's "Sarahanda and Giga."
Noble's "Solemn Prelude," Jepson's
"Sonata No. 3 for Organ," Andries-
sen's "Toccata." "Fantasie Triom-
phale" by Dubois and "Traumerei,
Skaters Will Hold
First Class Monday
The Ann Arbor Figure Skating
Club will hold its first class from 6
to 8 p.m. Monday in the Michigan
Skating Rink with J. C. Lowden, for-
merly of the Sonja Heine troupe,
serving as instructor.
At the meeting of the class the
pupils will be divided into several
groups according to individual pro-
ficiency and each will receive separate
Students, members of the faculty
and townspeople interested in figure
skating are all invited to participate.
the only prerequisites being dues, an
active desire to learn and skates.
Bl a Io the dor
By GLORIA NIS HON and DAVE LACHENBRUCH-
Whether you're going back to a
Thanksgiving feast at home or travel-
ing down to Columbus to see the
game next weekend it will be worth
your while to take a look at the
Travel Board located in the Union
Lobby, Robert Sibley,''42, Union ex-
ecutive, declared yesterday.
The Travel Board is designed to
facilitate those who have or wish
rides to get together. If you're in
either category just come over to
the Student Offices and fill out a
card with a detail of your needs and
it will be placed on the board. The
law, of supply and demand will take
care of the rest, Sibley asserted.
Those boys in the East Quad have
been entertaining royalty. . . .Felix,
Archduke of Austria had lunch in the
Prescott-Tyler Dining Room Tuesday.
After lunch he met the boys and they
had quite a conversation.
Omitted in yesterday's list of op-
en houses Iwas Adelia Cheever,
which, according to co-chairmen
Jean Groves and Erica Moeckle, '43,
will be open for inspection after the
game. Oh, yes -- refreshments will
And on Monday night the East
Quad will have important "company"
to dinner. The Board of Governors
of Residence Halls will be guests.
Here's hoping the boys watch their
Residents who are graduates of high
schools in Michigan had an opportun-
ity to see their principals and super-
intendents again at Helen Newberry
Thursday. Contrary to the popular
opinion that people don't care to see'
their principals /again, the tea was a
great success, according to reports
from President Helen Culley, '41,
Treasurer Bettye Jane Mueller, '41,
and Social Chairman Helen Breed, '41.
all of whom poured. The gracious
atmosphere was due in no small part
to the presence of Deans Lloyd, Bach-
er and Perry ..,
All the West Quad sportsmen are
talking about the Rod and Gun
Club, now being formed under the
sponsorship of Malcolm Dolbee,
staff. assistant at Winchell House.
Meetings will feature demonstra-
tions in arrow-making, archery,
taxidermy, fly-casting and talks on
various aspects of hunting by well-
known sportsmen such as Ben East
and Jack Van Coevering.
Forty-eight Newberry residents will
be formally taken into dorm member-
ship at annual initiation ceremonies
tomorrow night after a buffet supper.
Lecture Series Postponements
Create Problems For Director
why not your
It is easy to "test" the lighting in
your home and make sure that
it is adequate for safe seeing.
Phone today for a Light Meter
checkup without charge. Call
your Detroit Edison office.
Mrs. Henry B. rJoy, of Detroit, who
presented the dormitory to the Uni-
versity in memory of her mother,
Helen Newberry, will be present as
guest of honor.
"On the basis of what has hap-
pened in past years, officials of the
Lecture Series had been led to ex-
pect at least one lecture postpone-
ment in this year's Series," said
Prof. Carl Brandt, business manager
of the Oratorical Association, "but
it is unfortunate that both Leland
Stowe and Warden Lawes were un-
able to appear at the scheduled time."
The problem which faces the di-
rector of a lecture series is quite
apart from that which confronts
the musical or concerts series, he
said, because the people engaged to
appear here are not in all cases pro-
Usually the men or women sche-
duled to speak are important people
in some professional field, Brandt
pointed out, and, like the rest of us,
never know when some emergency
will arise to prevent them from car-
rying out their plans.
Leland Stowe had no way of know-
ing that the war in the Balkans
would break out at the time of his
scheduled lecture, in spite of the
fact that he expected it. The same
held true for Warden Lewis Lawes;
he did not know that at the last min-
ute an important meeting would de-
tain him at Sing Sing.
A tentative date has been set for
the appearance of Leland Stowe some
time in February, but official con-
firmation has not yet been received
from Stowe. Lawes expressed the
desire to appear here during this
school year, but an exact date has
not yet been decided upon.
It was only by chance, stated Prof.
Brandt, that His Imperial Highness,
the Archduke Felix of Austria, had
planned a visit to this campus with
his younger brother at the same time
Lawes was to appear here. When he
heard of the unfortunate delay, he
readily consented to speak in the
The next lecturer will be Miss Doro-
thy Thompson, well known journal-
ist, who will speak on "Current Prob-
lems" Tuesday, Nov. 19. Others
scheduled to appear in the Series
are: Wendell Chapman, Julien Bry-
an, Dr. William Beebe, Admiral Har-
ry E. Yarnell.
After the Game-
You'll want to celebrate this Saturday night-
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