I WMICHIGAN DAILY
Aalist Hits Tight Credit
ty professor yesterday
,raining effects of tight
prices has generally
ren L. Smith of the
lepartmpent told dele-
fifth annual Confer-
momic Outlook, "The
hat the initial high
the banking system
onomic units has per-
ge increase in expend-
finianced by the ds-
been financed ,with
bed money if credit
had been easier have.
:ed instead by mean.
ation of existing mon-
ned three steps to
and improve monetary
ffecting "tight" and
ederal Reserve Board
ffectively curb capital
and fight inflation by
i selling government
the long-run as well
us and sympathetic"
a should be given to
selective credit con-
e "tight" money more'
certain segments of
a attention" should'be
given attempts to devise methods
whereby the Federal Reserve
could exercise more effective con-
trol over bank lending.
Bank Loans Factor
"Actually," Prof. Smith said,
"the greatest weakness of Federal
Reserve policy recently has been
its inability to curtail the lending
activities of the banking system.
Surely the greatest financial factor
in inflation since the end of 1954
has been the increase of over 30
per cent In bank loans..
Federal Reserve operations in
the sale and purchase of govern-
ment securities In the long-term
market probably could have
brought about a greater increase
than has occurredr'in long-term
interest rates since 1954, he said.
"This mig3t have caused a some-
what greater curtailment in capi-
tal investment with beneficial
"Properly coordinated with gen-
eral credit controls, selective cred-
it controls could widen the impact
of monetary policy by giving it In-
fluence / in those sectors of the
economy which now seem quite
immune to its effects," Prof. Smith
Policy Effects Economy
The different effects which a
tight money policy has on various
segments of the economy does not
generally reflect the pattern of
consumer preferences and indif-
ferences in the prqductivity of real
resources, he said.
"At present, these effects seem
to be due to ignorance on the part
of consumer borrowers, imperfec-
tions in both capital and com-
modity markets, and certain pecu-
liarities of our institutional struc-
ture. In the light of this, the 'im-
personal' and 'non-discriminatory'
character often attributed to gen-
eral credit controls begins to look
somewhat like an illusion."
Prof. H. A. Benrford of the de-
partment of naval architecture
and Jack Posner, member of the
staff of the David Taylor model
basin, Carderville, Md., will speak
to the Quarterdeck Society at
7:30 p.m. today in the Michigan
The commercial feasibility of
nuclear tankers will be discussed
by Prof. Benford, who has studied
a tanker on the Persian Gulf-east
coast run. This is said to' be, the
most profitable run for nuclear
powered merchant ships.
A large area of land south of
Ann Arbor is being considered for
annexation and planning is under-
way in the City Planning Depart-
ment, according to City Adminis-
trator Guy C. Larcom, Jr.
The Planning Department is at-
tempting to define the area that
would be logical for southern ex-
pansion of the city. A proposed
layout of principle streets and
plans involving a land-use pattern
is being worked out by the depart-
Much of the proposed annexa-
tion would be used for industrial
purposes if present plans ma-
The land under consideration
specifically is the area of S. In-
dustrial Highway, which runs
south from E. Stadium Blvd. and
is a short distance east of S. State
St. Some of the land along that
street. is already within the city
limits. There are at least 1,000
acres that should be annexed, ac-
cording to the city administrator.
Walter Hunt Acclaimed
By Mineralogical Society
Prof. Emeritus Walter F. Hunt
of the Mineralogy department was
awarded the Roebling Medal for
distinguished, scientific achieve-
ment at the annual meeting of the
Mineralogical Society of America
held yesterday in Atlantic City,
Prof. Hunt is the second Uni-
versity faculty member to receive
the highest award given by the
M.S.A. to its members. Prof-
Emeritus Edward H. Kraus, form-
er dean of the literary college, re-
ceived the medal in 1945.
The Roebling Medal was estab-
lished asa memorial to Washing-
ont A. Roebling, who supervised
the construction of the Brooklyn
Bridge, designed by his father.
Roebling became vice-president of
the M.S.A. and at his death left a
gift under which tlhe medals were
Prof. Hunt, the 16th recipient
of the award, served as chairman
of the department of mineralogy
from 1933 to his retirement from
the faculty in 1952.
He received his Ph.D. from the
University in 1915 and in 1922 be-
came editor of the American Me-
teorologist. He held the position
of editor for 35 years, retiring in
The American Meteorologist re-
ceives articles from, all over the
world, and is the largest profes-
sional publication of its kind.
Prof. Lewis S. Ramsdell, chairman
of the department of mineralogy,
is the present editor.
Of the M.S.A. members present
for the organizational meeting in
Dec. 1919, only four survive and
are still active in the group.
They are Prof. Hunt, Prof.
Kraus, Prof. Ransdell, and Prof.
Chester B. Slawson, all of the
University's department of min-
- ,, .
. . .. . . .
DAILY OFFICIAL BULLETIN
pert Urges Priority
ven to Price Stability
inceton University econo-4
esterday urged fiscal and
ry authorities give high
to price stability and let
rs and employes know
eir bargaining must as-
high degree of this sta-
Lester V.; Chandler said,
clined to believe that our
inflation does not differ
ly from many earlier
ne inflations. The rising
for out-put-the 'demand
as been a necessary condi-
r the large increases in'
wages that have occurred.
ion of demands for out-
inhibit cost increases, and
i be achieved without seri-
:ing before the fifth an-
;onference on Economic
Prof. Chandler .said
will probably continue to
ward in future years, but
that this inflation would
e are successful in..fight-
ssions, prices will not de-
Luch in recession periods
y probably will rise sone
sperity periocja, as they
the past, even though fis-
monetary policies seek to
is the only upward drift
of price levels that I would con-
sider desirable, - te small in-
creases that would occur during
booms despite the efforts of
monetary and fiscal authorities
to limit them.",
School Resources Lowr
Prof. Chandler, a member of the
Board of Directors of the Federal.
Researve. Bank of Philadelphia,
said the United States is putting
too little "of our. national re-
sources into our school systems.
But I do not believe that main-
taining continuously easy money
for school construction is either
an appropriate or an effective
way of achieving our ends. You
cannot maintain low interest
rates for schools without main-
taining low interest rates for ev-
erybody competing with ^ the
schools ,for credit, materials and
Commenting on the current
tight" money policy and its ef-,
fects, he said:
"Before concluding, as some do,
that we should -assume 'easy'-
nioney for everybody in order to,
bolster housing construction, we
might try the simple expedient of
removing ceilings on interest
rates applying to (government)
guaranteed miortgages, so zs to
permit builders to compete freely
for loan funds."
(Continued from Page 4)
mediate products Including plastic
synthetic resins and chemicals for the
agricultural, leather, paper, petroleum,
plywood, rubber, textile and other
chemicals, and allied industries.
Tues., Nov. 12"
Massachusetts Mutual Life Insurance
Co., Detroit, Mich. - Men with any de-
gree for Sales. Company is 106 years old.
It handles Life Insurance, Pension
Plans, Annuities, 'Prof it Sharing, etc.
Sunbeam Corp., Chicago, :Ill.
Wed., Nov. 13
Zurich-American Companies, Chicago,
Ill. - Men with B.A. In LS&A for Sales
in the Midwest.
Thurs., Nov. 14
Fidelity Mutual Life Insurance Co.,
Detroit, Mich - Men with B.A. L.L.B.,
or B.B.A. for Sales. Offices are in
washington, D.C., and 32 states includ-
ing New York.
State YMCAs of Michigan -- work in
Mich. YMCAs and/or throughout na-
tion - Men and women In Soc., Psych.,
Phys. Ed., Counseling and Guidance,
Philo., Soc. Work, for YMCA work end
men and women with B.B.A. degrees
for Business Secretary positions in pur-
chasing and in keeping financial
Bureau of the Budget, Executive of-.
fice of the President, Washington, D.C.
-Men with degrees in Pol. Sci., Econ.,
BusAd., or Law for Budget Examiners,
and, women with degrees in Pol. Sci.,
Econ. and BusAd. for Fiscal Economists.
People interested in this department
must take the Federal Service Entrance
Exam, with the opiteiorn r anagement
Intern. The next 'exam will be given
on Jan. 11, 1958, closing date Dee, 26,
Fri., Nov. 15
Union Carbide & Carbon Co., New
York, New York - Men with B.A. or
M.A. in Economics for Management
Services, Sales,. Purchasing, or Traf-
fic; -men with B.A. or M.A. in Math.
for Scientific Computation, and men
with LLB and undergraduate degree in
Engrg. or Chem. for Patent Office.
For further information contact the
Bureau of Appointments, 3528 Admin.
Bldg., Ext. 3371.
Representatives from the following
will be at the Engrg. School:
Wed., Nov. 6
Merck & Co., Inc.,. Rahway, N.J. -
all levels in Chain. E. for Summer and
Regular Research, Development, and
MIT Lincoln Labs., Lexington, Mass.
-B.S.E. in E.. Math., and E. Physics, all
levels in Elect. and in.Physics, M.S. and
PhD in Math. for Summer and Regular
Research, and Development.
Civil Aeronautics Admin., Ind.,
Texas, Calif., New York and Alaska -
B.S. and M.. in Aero., Civil, Const.,
Elect, and Mech. for Research, Devel-
opment, and Const.
Thurs., Nov. 7
ARO Equipment Corp., Bryan, Ohio--
B.S. in Ind. and Mech. for Develop-
ment, Design of Automation Equip-
Danly Machine Specialties, Inc., Chi-
cago, 1ll. -- M.S. and PhD in Civil, B.S.
and M.S. in Metal., all levels in Elect.,
anid Mech., and B.S. In Ind. for Sum-
mer and Regular Research, Develop-
ment, Design and Prod.
For appointments contact the Engrg.
Placement Office, 347 W.E., Ext. 2182.
Summer Placement Service:
The first meeting of the Summer
Placement Service will be held on
Tues. afternoon, Dec. 3, 1957, in Room
D528 of the Student Activities Building
from 1-5 p.m. Likewise on Thurs., Dec.
5, and Fri. morning, Dec. 6, from 8:30-
12. Positions. available in Camps, Re-
sorts, and Business, both Technical and
Save On Your Dry Cleaning
UP to 40%
wAI 41ua D uSca
PROF. WALTER HUNT
receives Roebling Medal
All laundered sport shirts
SUN DRY CLEANERS
201 E. Washington & 4th Ave
-Thursday, Friday, Saturday
It's been said that the atomic submarine
"Nautilus" stays submerged so long that it
only surfaces to let the crew re-enlist.
Perhaps for this reason, the Navy has taken
valuable slace aboard the "Nautilus" for the
only soft-drink vending machine in the entire
Naturally (or you wouldn't hear about it
from us) it's a Coca-Cola machine. And not
unexpectedly, re-enlistments are quite
Rugged lot, those submariners, Great
SIGN OF GOOD TAS
bottled under authority of The Coca-Cola Company by
ANN ARBOR COCA-COLA 'COMPANY
READ AND USE THE CLASSiF
Foods, Interior Decorations,
Do r, aaese X'ms Cris
U k S' AA Aiite riortseB or to , c
NIATURE SHRINE on dispay
FOOD Shoyu, Miso, Ajinomoto
Nor, Tea, Senbei, Yokan, Sake,
SobaUdon,etc. . .
Japanese Refreshment Service
with minimum change.
Tea, Cake (Senbei and Yokan)
Visit the WIKEL-SCHURZ
No, it's not where you
catch the flu but where you
cure it ; You will find:
* CHAP STICK
* COUGH SYRUPS
o NOSE DROPS
* NOSE SPRAYS
w CHEST RUBS
* KLEENEX BY THE TON
310 South State
Detroit Edison Co.
To the United Nations"
Research and Development
Plant and System Design
Planning for Growth
Electrica l-Mecha nica l
To be presented at
f _ _