The shrewd-Yankee tradition lives on.

An enterprising group of South House students is trying to bring together free posters, records and t-shirts from Universal Studios, free beer from Anheuser Busch, and togas rented for 25 cents apiece from Harvard Student Agencies (HSA), to throw an epic Quad toga party.

And the proceeds will go to the Jimmy Fund, for cancer research.

Samuel R. Money, a visiting undergraduate and one of the party's planners, said yesterday South House will sponsor the party, planned for the night of the Yale game.

The students' plan must still be approved by Archie C. Epps III, dean of students, before it can be carried out.

Epps said yesterday he turned down the original plan several weeks ago because it called for "commercial sponsorship."

The students organizing the party plan to talk with Epps again today.

University policy forbids events "sponsored by a commercial enterprise," Epps said. "'Sponsorship' means taking full financial and ethical responsibility for the event," he said.

He said companies usually want something in return for their contribution, and "it's the return that usually presents the problem."

Money said. "There is no sponsorship going on" under the present toga plan. "We have made that clear to the beer company and the movie company," he added.

Universal Studios is willing to give up to $500 in posters, records, t-shirts and movie tickets to groups giving toga parties.

The company wants to popularize toga parties to gain publicity for its movie "Animal House," Larry Aiden, a company representative, said yesterday.

"All we ask in exchange is that you give a party," he said.

"We're not sponsoring the event, and not planning it," Aiden said. A letter from Aiden to the planning group says, "The residence hall will handle all publicity for the events."

Aiden said that Universal likes to encourage toga parties because the publicity from them is cheaper than normal advertising.

Getting Busched

Money said Anheuser Busch has offered to donate all the beer necessary for the party. He said the beer company representative agreed to donate Busch beer because raising money for the Jimmy Fund is "well worthwhile."

Ken Coleman, director of the Jimmy Fund, said yesterday his group has not helped plan the event, but is "grateful that they thought of us.