SUNDAY, OCTOBER 911955 THE MCHIlGAN DAILY SUNDAY, OCTOBER 9,1955 THE MICHIGAN DAILY STABILITY OR CHAOS? U.S. Investors Keep Eyes On Argentina By DAVID L. BOWEN Associated Press Newsfeatures Writer Always extremely sensitive to changes in government control anywhere in the world, United States financial experts are close- ly watching the efforts of Pro- visional President Eduardo Lonar- 6i to establish a democratic and stable government in.Argentina. Lonardi's task is not expected to be easy. After ten years of iron-fisted rule under Dictator John Peron, most observers pre- dict Argentina's 19 million citizens will not find it simple to solve national problems by unfamiliar free'elections. The history of Latin America abundantly shows that a period of confusion and instability usually accompanies a democracy's re- birth. There is no reason for as- suming Argentina will be able to avoid it. Confusion and Chaos Confusion and instability are two factors most likely to keep foreign investment away. Ameri- can business firms already have $400 million invested in Argentina, as in other South American coun- tries, but the size of the invest- * ment is not likely to grow until it is certain the new government will be capable of fulfilling long- range promises and maintaining order along with freedom. The uncertainty comes at an unfortunate time. For the past eight years Argentina has been short of cash to buy oil, coal, ma- chinery and other products it im- ports from the large industrial na- tions. Argentina occupies nearly the entire lower half of South Amer- ica. On the South American con- tinent ,only Brazil is larger in area or population. The country's main source of wealth is the immense central zone called the, Pampas, a gentle plain that slowly rises from the Atlantic to the foothills of the Andes This vast and fertile area is an agricultural paradise. Its abundant yield makes Argentina a strong rival of the United States, Canada and Australia in produc- tion of wheat, beef, hides and wool. Subtropical Region North of the Pampas is. the Gran Chaco, a subtropical region of grasslands and dense forests. Its principal products are lumber, rice, cotton and citrus fruits. South of the Pampas bleak Pata- gonia stretches toward the Antarc- tic. Comparable to Siberia, its wind-swept steppes support little agriculture besides sheep raising. Th e Commodoro Rivadavia oil fields, however, are located in up- per Patagonia and produce ,70 per cent of Argentina's growing crude petroleum output. Most of the population and the principal cities are located on the Pampas, where the climate is tem- perate. The greatest industrial concentration is at Buenos Aires, both the largest city of Argentina and the largest in South Amer- lea. Meat refrigeration has become the country's chief industry and flour milling ranks second. Rich in resources of all types, what Argentina needs most to realize its economic potential is a remedy for the ailment troubling its Latin American neighbors: lack of funds for capital investment. Until the new government has ac- quired a record of reliability, how- ever, the financial pipelines from the Northern Hemisphere are apt to run considerably less than full capacity. Special Rate For Series Announced A special rate on Lecture Series season tickets for college and pub- lic school students has been an- nounced by the University's Ora- torical Association. The student price for the seven attractions being offered this year is $3.00. Carlos Romulo, Philippine Am- bassador to the United States is scheduled to open the series Wed- nesday, Oct. 12, when he will de- liver an address entitled "Ameri- ca's Stake in Asia.'' Regular season tickets for the Lecture Course may also be pur- chased at a saving through Wed- nesday. Beginning Tuesday tickets for all attractions will be on sale at the Hill Auditorium boxoffice, open from 10 a.m. to 5 p.m. daily except Sundays. Also appearing during the sea- son will be Dr. Rudolph Bing, manager of the Metropolitan Opera on Oct. 18 and a debate on United States Foreign Policy be- tween Sen. Wayne Morse (D-Ore.) and Sen. Alexander Wiley (R- Wis.) on Nov. 15. Henry Hull, stage and screen actor; Clifton Fadiman, critic and television emcee; Dr. Norman Vincent Peale, prominent clergy- man; and Edith Atwater and Al- bert Dekker, theatrical artists, round out the Oratorical Associa- tion's season. Professor Blood Calls Friends Center 'Unique' By SUZANNE JESSUP "Completely unique on the cam- pus" is the way Prof. Robert O. Blood of the sociology depart- ment, described the Friends Cen- ter. The Center, 1416 Hill Street, provides living quarters for 16 students and is the location of regular Quaker meetings. Prof. Blood explained that it is run on a cooperative basis, with all residents sharing the work. The Center is a member of the Inter Co-operative purchasing plan, which means it can buy food at considerable savings. Each week Quaker meetings are held in the Center. "Approximate- ly three-fourths of the people who attend these meetings are not Quakers," Prof. Blood said. Many are foreign students, Moslems and Buddhists who find that the sim- Appointments For Seniors Bureau of Appointments senior registration meeting will be held at 4 p.m. Oct. 12, in Rackham au- ditorium, Rackham building. All 1956 graduates are eligible to register. The Bureau can provide intro- ductions to employers and infor- mation about available jobs. It also compiles a complete perman- ent file of the student's course, grades, activities and job exper- ience. ple, flexible Quaker program ful- fills their religious needs, he add- ed. The Center residents are also very hetrogenous, including stu- dents from the Netherlands, Japan, China and India. Ameri- can students who are Protestant, Jewish and Catholic also live there. Prof. Blood is chairman of the Friends Center committee. This group purchased the house this summer and selected the resi- dents. "At present the entire program seems to be working quite satis- factorily," he concluded. New Hillel Chorus Will Meet Today The first meeting of the new Hillel Chorus will be held at 7:30 p.m. Sunday at Hillel. The Chorus will be a mixed group and will perform at con- certs and services. Stationery for Every Occasion M. Paper. . . 90c-$1.50 Quantity boxes, 100 sheets, 50 envelopes ... $1.00 PROFESSOR VIEWS '56: McCracken Sees Boom Continuing Notes Invitations Greeting Cards In 1956, for the first time in its history, the American economy will achieve a 400 billion dollar gross national product, according to Prof. Paul W. McCracken of the business administration school. But in the same year the boom- ing output 'of the auto industry will recede by about 1 per cent from 1955's record high of about 7.5 million cars, he predicts. Prof. McCracken said "it will be a good year for the automobile in- dustry, although the exceptionally high production in 1955, and the fact that most new models will ap- parently represent a face-lifting rather than a fundamentally new design, suggest the possibility that production in 1958 will not quite equal 1955." His prediction is con- trary to the claims currently ad- Vanced by the automobile manu- facturers. Business Level High In contrast to the auto in- dustry, the general level of busi- ness activity will be higher in 1956 than it was in 1955, he-comment- ed. The forward momentum of of the boom has slowed down, as full employment has b e e n achieved, he said, but "the minus elements in the picture are not yet strong enough to cause a re- versal." Prof. McCracken said, "How- ever, danger signs are always pre- sent," citing two: "1. While the stiffening of mon- etary and credit policy has been quite appropriate, the line be- tween a necessary tightening and a money and capital market so congested as to threaten a reces- sion is a fine one-as we found in' 1953. "2. There is some concern about business inventories. Some further build-up can occur before inven- tories become too heavy, but toe current rate of build-up is roughly 50 per cent in excess of what can be sustained. "Red Flag" "An important red flag would be a combination of a more rapid in- ventory build-up and a rapidly tightening money market." Prof. McCracken predicted that machinery, equipment and service industries plus consumer goods would all benefit from the rising volume of capital outlays in 1956, reflecting enlarging pay envelopes. "The year 1956, being what it is in politics, will more than likely also produce a tax reduction with a corresponding increase in take- home pay," he said, adding that Try FOLLETT'S First USED BOOKS at BARGAIN PRICES "the pressure of demand against capacity will be the single most important 'bullish' factor in the capital goods industries." Prices Stable He also predicts that the con- sumer price level would be rela- tively stable, though slightly high- er than in 1955, with price indexes pushed up fractionally by con- tinuing high demand plus increas- ing costs. And business profit should be slightly higher in 1956 reflecting generally a somewhat higher vol- ume of business activities, he con- cluded. OVERBECK BOOK STORE 1216 South niversity Avenue o Nowonder this is the finest fitting bra ever! The wonder is In the wire....supple and padded, underscoring each cup to give you new definition, dimension and a new high broadcloth, A 8 C cups 3.95-5.95. D cup, 5.00-7.50 /7 its u> .,. f /2 Elizabeth Arden DEODORANT STICK Blue Grass So fresh! So fragrant! So wonderfully sure! So easy to apply, so superlatively safe, so pure ... Elizabeth Arden's new Deodorant Stick is anti-allergic, controls perspiration and deodorizes. And it is the only liquid deodorant solidified into stick form that vanishes on contact with the skin-and leaves you not only completely protected but gives a light clean scent as well-Blue Grass! 'if it's unexpected, expect it from OA z " t '= t Anne Fogarty oJ Margos lest "< of-show jersey d ss that tends itself to every time, place, and occasion. Hurdle rib and plain jersey combined with all the newness of this , fall season. In 3 95 9 I a fashion hit., I the' $ 95 9$ s ketched cardigan in 100% MAZET ORLON Perfectly stunning... this cardigan sweater with mock.fashion details ... and so beautifully knit in cloud-soft MAZET 100% ORLON. Exquisite colors in sizes 34 to 40. I , SWEATERS Kashameres ............... 8.95 up Cashmere .......... ......17.95 up W ool .. .......... ... . 4.98 up I i .. ,. , . s ... I