THE DAITLY' lF'.:.a'F TnPrf THE MiCiIIGAN DAILY ?~ Kenneth Haven Writes Bulletin On Investments 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 compensation. 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 SEC. 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 years 1935-39. 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 _... 's End 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- tivity. 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 in June. 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 acts. 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- casting System. 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. Art Cinema Will Present 'Robin Hood' 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 League. 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- tempted before. Rabbi Kaplan Will Address Hillel Forum 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 Series. "The Jewish Religion for Tomor-1 row" will be the subject of Iiis lecture at 4:15 p.m. Tuesday in the Rack-' ham Amphitheatre. 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- structionist Movement."+ 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 since 1922. 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 Second Gathering For 'BlackFriday' 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 Theatre. 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 and McArtor. 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 Golz, violoncellist. 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, by Strauss-Christian. 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 instruction. 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. I Bl a Io the dor By GLORIA NIS HON and DAVE LACHENBRUCH- Traveler Service 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 be served. 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 manners ... 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 __ YOUR DRINKING WATER is tested- why not your LIGHTING? 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- fessional lecturers. 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 N_____-_ 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 warden's place. 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. I- After the Game- You'll want to celebrate this Saturday night- for fun, entertainment, and real college at- mosphere, come to the . . wCLUB WOLVERINE 8:30--12:00 e-- 54c minimum per couple 209 S. State I I1 Take a Number I Whiskers tkee oin9 I I LL So does the -Hot Water Coil in Your Furnace r } __-- . 4 t . Instead of supplying you with hot water free, it uses up to one-fifth of all the fuel you burn in heating the; water passing through the coil. Moreover, your wasteful furnace coil can't be depended on to furnish enough hot water this time of the year. And why bother running up and down stairs to light an old-fashioned heater. There's no waiting for yater to heat when you have a GAS automatic water heater. 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