Friday, May 3, 1968
The Daily Nebraskan
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David B. Smith, assistant in economic education, explains economic implica
tions of increased interest rates and their affect on the University dormi
tory situation.
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1 World in review
Robert F. Kennedy, Demo
cratic candidate for presi
dent, made a whistle-stop po
litical campaign through Ne
braska. The Kennedy train
made 10 stops in Nebraska
and the tour ended at the
Civic Auditorium in Omaha
before a crowd of 8,000.
Throughout the day Kenne
dy repeated his call for the
citizens to become active in
the shaping of government
policies. Kennedy was ac
companied by his wife, Ethel,
and their cocker spaniel,
Freckles.
Lincoln Journal
Minnesota now has "the
other Minnesota Twins."
Vice-president H u b e r t H.
Humphrey announced that he
is a candidate for president
this past weekend and now
there are two Democratic
candidates from Minnesota
Humphrey and Eugene Mc
Carthy. The Christian Science
Monitor
Reverend Ralph Abernathy,
the successor of Dr. Martin
Luther King and the leader
of the Poor People's Cam
paign, is appearing before the
Senate antipoverty subcom
mittee to plead for help for
the poor, for "a chance to
hold up our heads." Many of
the nation's poor are filtering
into Washington to, back up
Abernathy's plea for a better
life.
The Lincoln Journal
The 59-year-old millionaire
governor from New York,
Nelson A. Rockefeller, has
reversed his earlier decision
and has decided to run for
the presidency. In a brief,
formal statement, Tuesday
Rockefeller said that he was
motivated to change his mind
by the "dramatic and unpre
cedented events of the p a s t
weeks" notably President
Johnson's withdrawal and Dr.
Martin Luther King's assas
sination. The Lincoln Journal
Despite fluctuating interest rates,.:
dormitory cost will be unaffected,:
. by John Dvorak
Junior Staff Writer
Despite fluctuating interest
rates nationally, the interest
on bonds financing Universi
ty dormitories, and there
fore, dormitory costs, will be
unaffected, according to the
Director of Budget and Sys
tems Planning, Glenn Smith
Smith explained Thursday
afternoon that even if the
Federal Reserve Board raises
interest rates, bonds already
issued would not be affected.
as the interest rate is fixed
for the life of the bond.
He added, however, that
high national interest rates
would definitely affect future
building projects at the Uni
versity, since the cost of is
suing bonds would then be
higher.
Recently, President Lyndon
Johnson recommended a
sharp increase in the interest
rate on college dormitory
loans which would take effect
immediately. But, while this
affects some Nebraska col
leges, the University does not
participate in the federal fi
nancing plans and is not af
fected. .
Smith listed several of the
reasons why the University
does not use federal loans.
Local financing of dormi
tory bonds was less expen
sive than using a federal pro
gram, Smith said. "Also,
some federal restrictions
would have been placed on
us," Smith said. "Although
some restrictions might not be
detrimental, the Board of Re
gents preferred to operate on ,
a local basis.
Smith explained briefly how
building projects such as dor
mitories were financed bv
NU.
"The Board of Regents
draws up plans, determines
how much the project will
cost and issues bonds. Then
a syndicate buys the entire
issue of bonds from the Uni
versity, in effect.
The syndicate later resells
the bonds to the general public.
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Campi in Review
African Day Unity Program
to feature discussion, film
An African Day Unity Pro
gram, sponsored by the Afri
can Student Association of
Nebraska, will be held at
7:30 p.m. Friday in the Ne
braska Union Ballroom, Ru
dolph Nah Roberts, president
of the association, said Thurs
day. He said all University stu
dents and faculty members
could attend the three-part
program free of charge.
A panel discussion on eco
nomic, political and cultural
developments in Africa be
tween three graduate students
begins the night's activity.
John Anaza from Biafre,
Oma Taiga from Nigeria and
Haila Teferra from Ethiopa
will form the panel moderat
ed, by Festus Obioba, an Af
rican Post Doctoratal Re
searcher. Following t h e approximate
one hour discussion,' a film
entitled "Independence of
Uganda." obtained from the
Uganda Embassy, will be
shown.
A social event, with re
freshments and dancing con
eludes the program, he added
Roberts said the program
was established by the Or
ganization of African Unity
to dramatize the cause of Af
rican unity across the world.
Although the international
day was originally slated for
April 15, Nebraska officials
decided to hold the event Fri
day since the original date
3
SUPPER
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. LINCOLN. NUM.
i 11
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conflicted with the Universi
ty's spring Vacation.
"As much as we as Afri
cans feel we came here to ac
quire an education, we be
lieve that part of this process
is to establish a basis of com
munication with Americans,"
he explained.
He added that the African
Day program would form
part of this desire to effec
tively communicate with
Americans.
The College of liberal Arts
and Sciences at the Universi
ty of Kansas in a faculty
meeting passed a proposal to
allow students to select one
course per semester to be
graded on the pass-fail sys
tem. The proposal must still
be adopted by the University
Senate.
J.. A.
7-t U M
Students at the University
of Illinois held a study-in in
the undergraduate library
from midnight until noon to
ask for an extension of the
library hours until 2 a.m. and
the opening of the graduate
stacks to undergrads.
j,.
Key privileges will be ex
tended to sophomore coeds at
the University of Missouri be
ginning with the summer session.-
The program is admin
istered by the individual liv
ing units and all women un
der 21 must have parental
permission in order to par
ticipate. The key system has been
discontinued at the Universi
ty, of Colorado. The front
doors of women's dorms will
be left open all night with a
male guard on duty. Fresh
men women under twenty
one with less than two semes
ters of college work will still
be subjected to hours regulation.
Students at Iowa State Uni
versity at Ames are holding
a 24-hour peace vigil and
fast protesting the war in
Vietnam. The vigil will take
place opposite the flag pole
that is being guarded by
ROTC men on the central
campus.
ft '
A record number of. stu
dents voted in the campus
elections at the University of
Minnesota but they did not
elect a president. They d i d
elect 28 students to various
position, but none of the three
presidential candidates re
ceived 45 per cent of the vote
of 15 per cent of the student
body. The president will be
elected bv the student assembly.
U.S. Banking Committee
rejects loan interest hike
Washington (CPS) -.The
Senate Banking Committee
had rejected President John
son's recommendation to
sharply increase the interest
rate on college dormitory
loans.
Education officials had es
timated the President's pro
posal would cost each student
about $100 more per year in
dormitory fees.
Under the Administration's
proposal, the present three
per cent interest ceiling on
the loans would have been
substituted by a sliding rate
based on the average market
yield of comparable govern-
Iment obligations. This could
have raised the rate to more
than five per cent.
In rejecting the Administra
tion's proposal, the Banking
Committee recommend
ed that Congress pass a plan
under which the government
would pay the difference be
tween the interest colleges
would have to pay on borrow
ings from private sources
and the present government
rate of three per cent.
The bonds are payed olf bv-
a set payment eacn year
Smith reported. He com pari
ed the issuim; oi Donas ?q.a,
home mortagr.ge. If the bon:is
are issued for a long perigiC'
of time, the annual cost is
less, but in the long run. Mie. .
bonds cost more.
Smith continued. "Donv)
tory charges take into acmij"'"
the cost of food, services .-i n I
general management of f1""'.
building. But also, enour'fi"'
money must be collected co
the bonds are payed off f3y'
the designated date.
The present dormitory cost'
is $800 annually. Smith said
that next year's dorm rate
would probably be the sam'e."'
Even when the bonds we1"
retired, dormitory costs woflld" '
not be altered mucn, brnftn
theorized. He pointed out that
after 30 or 40 years, substaW" ;
tial remodeling and upgrading v '
is necessary annually to keep
the buildings in good repairr -Most
of the bonds issoftd,"
Dy me university win noi me
retired until the 1990's. One
issue will not be retired un
til 2001. .:
Smith noted that as of June 4
30, 1967, the University had
$28,475,000 in outstnading dor
mitory bonds.
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McCarthy would have gone ahead to campaign in
Wisconsin. It makes a difference."
Irving Howe, in April 18
Now York Review of Books
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