•r€o!i<(Un Pb«to by D**» CeUmm*' NEW CHEERLEADERS: Six cheerleaders and two alternates were selected at 1 final tryouts Sunday night in Recreation Hall. Standing are. Richard Stover. John Fry (alternate), Nevin Mann and Barry Scott. Kneeling are Carol Fischer (alternate), Susan Norseen, Eileen Segal and Thea Gerber. Feingold Resigns Posts In Student Government B/ WINNIE BOYLE Allen Feingold, Elections Commission chairman, chair man of the USG Elections Code Committee and co-chair man of the Men’s Fall Orien- tation Program, formallv resigned from these three posts last night ' In resigning, Feingold said, ■•Teelirij' 1 could no longer work along 'side people who are only interested In/status, prejudiced in favor of their own' close associates and who do] not have the', interests of the [students in .mind, 1 feel I must resign/ t "THE SHOCK of current events ■ and the realization that those who \ .have Helped me during my three : years at Penn State, were playing •’ roles in a petty/ dictatorial and „ superficial world, has ■ been -a " great determinant in my actions,” : Feingold added. Upon-hearing Feingold's resig nations, USG President Dean Wharton said, “I am disappointed that Feingold resigned because his experience as Elections Com r mission chairman would have been ‘helpful in formulating the new elections'code, but regardless of his! reasons, the decision was his to [make.” Feingold also said that he would Representatives to Meet Thursday To Discuss Spring Week Board Representatives from the stu-! Whether the annual IFC-Panhel , dent governing, bodies will, meet:music festival will be included as on Thursday night to discuSs the]part of the Spring Week activities Possibility of forming an advisory'will be decided later, Sos said. ' board for the ,management of, “When I talked to the individual Spring Week ,events, Emil Sps,; fraternity presidents, a majority president of the Interfraternrty; 0 f them said that they had wanted Council, said (last night at the. a float parade as part of Spring meeting of the council. j Week." Sos said after the meet- THE BOARD would be com-| in P-..“ What we want is an equal posed of members in proportion to]v ny , deciding the events to be the number of groups participa-: ,1 l < -’’uded in Spring Week ting in Spring Week from IFC. - PanheHenic Council, Town Inde-; pgndent Men, Association of Wom-i en Students and tyfen’s Residence; Council, Sos said. , i : ! .. Sos said that the recommerfda tion that he fvill present to j the meeting on {Thursday night wiH. be that the board advjsc what' event or events be included in' . Spring Week. However.' Springs Week wotild still be under! the { .' sponsorship of the'Undergraduate Student Government, he kaitL Ibe resigning from other activities !with which he is presently af filiated. t 1 Wharton last night appointed Melvin Shulman, junior in busi ness administration from Haver straw, N.Y., chairman of next fall’s student government en campment and Donald Morabito, sophomore in arts and letters from New Castle, a USG Supreme Court member. Wharton said he will also ap point an editor of the USG Rec ord in the near future. Kurt Sim ons; editor, resigned last week because he said he "does not sup port the new USG executive." . CONCERNING the pending bill which proposes affiliation with the United States National Stu dent Association, Wharton said, “The possibility exists that no de cision will be made this week, but instead representatives may be seht to the organization's regional conference this weekend in Pitts burgh to give a report before a' vote is taken on the matter. j The bill was presented to Con gress last week by Murray Win derman, West, and Ann Tyson, West. Eugene Zagat, a NSA vice pres ident, is scheduled-to speak, to the USG Congress Thursday and to answer any questions congrcss- lion's Paw Tapping Lion's Paw,' senior men's honor society, recently lapped Morris Baker. Alan Bober, Randolph Carter, Michael Dxroniin Robert Fisher, Joseph GalardL 'Michael Greenwald. Edwin: Grinherg, George Hen ning, Arthur Per gam, Edgar Snyder, EmQ So*. Fred Wsel chil, Joseph Wells and Dean Wharton, SJlff flatlg VOL. 62. No. 125 UNIVERSITY PARK. PA Congress Begins. Securities Inquiry WASHINGTON (/P) The though Sales tactics of brokerage ject to regulations of sepafattv . * , » firms were touched on by Loomis...stock exchanges and the National lack of governnient control These will be taken up later. Association of Securities'Dealers, over individual securities ConwCU said the mutual fund But there is no general-test of salesmen and their tactics was busmes 'i has mushroomed .from.qyahficution for mutual fund salesmen ana ineir tactics was ,$7.9-biuj 0 n investment in late-salesmen. Conwcll said. pointed up yesterday as the 1955 to a $31.8-bi)lion giant by the i He added that there is no su* ifirst broad* innuirv-*'into the cn< * year. Most of the i n *pervksion whatsoever for cfeptive urst proaa inquiry into tne v tors smd> opcrate on a small” alcs organizations that specialize securities business since 1934 got scale—the average account being , n a particular mutual fund or Un .?x?r" '£ ay ‘ ’ j 53,800, With 75 per cent of the in- funds of specialized companies. ■ We have practically no powerlvestors having incomes of $lO,OOO Those firms Cnnwrll eiid maku over salesmen" of mutual funds, a year pr less. « big poim'of seThng reroiatm nll WHE*E AN individual sales-ttnves. cunties Commis- |man * esc,a ‘ ms 10 s^- ' ,n .*? : i Loomis testified that some sup curuies ana rsxcnange uommis {mutual I funds Conwell said, an iposed , y respectable brokerage ___ ... __SE({. can do is act against his,houses use “boiler room” tactics THE DIRECTOR of'the SEC s parent firm. But this, he said, lsialthough he said this high-pres- Division of Trading and Exchang- an impractical way of getting ati Hurc niethod through long es, Philip A. Loomis, Jr., said the an individual -salesman. Idistance phone calls has generally agency is powerless to deal with! Where a salesman deals in reg-Jdied out in the past five years, some brokerage abuses because it u i ar .brokerage business in addi- It is still used-by small firms on can bar only salesmen found vio- jjon to mutual funds, he is sub-;a limited scale, he said. lating securities laws. I 1 , . z... r ? The SEC investigation ordered; [ by Congress last year, which I "T - A. * J expected to run two weeks, I I 1(^11 .. I MV %f\ Icused first on mutual funds VI lUI Vlv IVI #«IVl May Net $412,240 Higher than expected receiptslseveral attempts to raise Governor from the state’s corporate net m-j David L. Lawrence's $2O milltop come tax have potentially earned recommendation had failed, the University $412,240, the Com-' A wee kdßCt ° ffiCC rC ' ed an' amendment to InwTiv of all forms of rev- ‘ r '^ ,in « a surplv.s.n enue in the Commonwealth havoi^ l^^ . x *} e rtni^nr reached $5,153,000 more than was!^' I'* 1 '* ‘ *?* ha j Juv anticipated. The University is duel* , / y ** to receive eight per cent of thisi"f T bc surplus as the result of an act of " a * Tc? ntr t * S the General Assembly. | Hay! ’’ THi' SURPLUS is not cumu-' of Ihe lativej however, and an econom ically (poor month, such as Febru- '.f,.. ; . a k nnn* 1 !^ arv dould witx? out thi* mrolus* approve $300»000 in and the eißht per l^ v "‘: b, \ u f l X' P^ t :"\ h P7, < - n f ' cent qlong with it. In that eventjj?/ ntw bul,t * in * s at tbo Univer the appropriation, which is', $4 suy ‘ 3 , million less than' the University! Budget Office officials who requested, would stand as the helped to prepare the state’s total j state contribution to the,buagut originally foresaw a sur- University’s operating budget. Iplus in collections of $8.7 million. During the University’s appro- This was figured into the regular priatibn hassle earlier in the year, budget. The funds the Univen/ity a compromise was reached after may share are over that surplus. men may have about the organ ization. Wharton said although he has not cjone so yet. he plans to! ask administrators known to be; opposed to affiliating with NSA to| appear before the Congress along 1 with Zagat. Rain, Thundershowers Forecast for Tonight Increasing and thickening cloud iness is expected today in advance; of: an intensifying storm that is! moving eastward from the mid-j west Rain and thunderstorms are; [indicated for tonight and tornor-. row morning as the storm moves, through Pennsylvania. ! i Today’s high should be about 62 degrees, and a low of 48 is j indicated for tonight. PROF SHARP BALLOTING: Students 'roled mo:t money will become Prof Snarl. The pro for their favorite professors yesterday a;i the ceeds will support the WU3 project of helping World University Service's Prof Snarl ccnlcst students in underdeveloped countries. Balloting got underway. Ballots are cast in the fcim of will continue until Friday, donations and the professor who draw i the t (ttoibgtan BETTER PENN STATE . TUESDAY MORNING. MAY 8. 1952 FIVE CENTS -a /
Significant historical Pennsylvania newspapers