I WMICHIGAN DAILY Aalist Hits Tight Credit ty professor yesterday ,raining effects of tight nflationary pressures prices has generally ery great." 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- existing balances. xpenditures which been financed ,with bed money if credit had been easier have. :ed instead by mean. ation of existing mon- itlines Steps ned three steps to and improve monetary ffecting "tight" and y credit: ederal Reserve Board ffectively curb capital and fight inflation by i selling government the long-run as well -term market. us and sympathetic" a should be given to selective credit con- e "tight" money more' certain segments of Y. 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 anti-inflationary effects. "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 said. 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." Quarterdecks Schedule Talk 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 Union. , 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. City Plans Industrial. A nnexation 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- ment. Much of the proposed annexa- tion would be used for industrial purposes if present plans ma- terialize. 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. ROEBLING MEDAL: Walter Hunt Acclaimed By Mineralogical Society 11 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, N.J. 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 established. 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 1956. 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- eralogy. 1110 I r 44 - ,, . . . .. . . . D DAILY OFFICIAL BULLETIN -W lp, %..dP- CHANDLER: 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- imployment." :ing before the fifth an- ;onference on Economic Prof. Chandler .said will probably continue to ward in future years, but that this inflation would steady. Fighting Recessions 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 price rises. 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 labor." 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 records. 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, 1957. 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 Prod. 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- ment, 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 non-technical. Save On Your Dry Cleaning UP to 40% Se Su!aan wAI 41ua D uSca PROF. WALTER HUNT receives Roebling Medal U I PANTS SKIRTS SWEATERS SHIRTS 49c/ I SUITS DRESSES TOPCOATS 89c All laundered sport shirts and dressshirts.....28c SUN DRY CLEANERS 201 E. Washington & 4th Ave WEEKEND SPECIAL -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 submarine fleet. Naturally (or you wouldn't hear about it from us) it's a Coca-Cola machine. And not unexpectedly, re-enlistments are quite respectable. Rugged lot, those submariners, Great drink, Coke! SIGN OF GOOD TAS bottled under authority of The Coca-Cola Company by ANN ARBOR COCA-COLA 'COMPANY READ AND USE THE CLASSiF ...... -- iI FIRST BAZAAR Foods, Interior Decorations, Chinawares, Kimonos, . x' 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, Unagi-can, Sukujaki-can, SobaUdon,etc. . . Japanese Refreshment Service with minimum change. Tea, Cake (Senbei and Yokan) 0 MICHIGAN UNION WORLD.'S FAIR Visit the WIKEL-SCHURZ No, it's not where you catch the flu but where you cure it ; You will find: INTERNATIONAL WEEK. -.4,< - THERMOMETERS CORICIDIN * COLDENE * BUFFERIN * CHAP STICK * INHALERS * COUGH SYRUPS o NOSE DROPS * NOSE SPRAYS w CHEST RUBS II Speaker: I * KLEENEX BY THE TON ELEANOR, ROO'AmSEVELT WIKEL-SCHURZ DRUGS 310 South State 11 11 I Topic: Detroit Edison Co. ELECTRICAL POWER "Current Challenges To the United Nations" I CAREER OPPORTUNITIES Research and Development Plant and System Design Equipment Engineering Planning for Growth Purchase Sales Electrica l-Mecha nica l To be presented at HILL AUDITORIUM I f _ _ ..... 1.