THE MICHIGAN DAILY
FRIDAY, OCTOBE:
MAB I rI L
TILL GOING UP
Railroads and Other Industries Show
Enormous Profits Ranging,
From 20% to 80%
PROSPERITY ON STRONG ' BASIS
New York, Oct. 12.-The weekly re-
port of the banking house of Henry
Clews & Co., states that the past week
on the stock exchange has been one
of exceeding buoyancy, prices having
risen to still higher abnormal levels.
The stock exchange transactions, ever-
aging a million shares a day, cannot
begin to record the total activities of
the market because of the enormous
outside expansions and the Investments
in foreign government bonds and se-
curities.
Clearing House Earnings Increase.
The New York clearing house
reports showed gross earnings for the
year ending September 30 to be 147
billions, 57 billions in excess of last
year.. The quotations from industrial
concerns, especially steel companies,
show enormous profits, some of them
ranging from 20 per cent to 60 per
cent. The latter companies are flood-
ed with orders extending far into 1918,
while the railroads are placing large
orders for cars, locomotives, and rails
at high prices.
Railroads Show Great Strength.
Because of increased earnings the
railroads are displayi'g great strength
the Union Pacific showing the largest
earnings in its history, including in-
come from investments, of over 15 per-
cent against 11 per cent of last year.
The report of the Interstate Commerce
commission gave the net earnings of
126 lines as $82,000,000, compared with
$05,000,000 a year ago. War inflation
being the chief stimulus, the extra-
ordinary demand for many commodi-
ties, the actual scarcity of others, the
flood of gold, the Federal Reserve sys-
tom, and the abundance of credit pro-
vided by the last two factors give an
Irrestible upward impetus to values.
Speculafloa Excited.
Speculation is highly excited by these
conditions, as here and there may be
symptoms of overbuying of question-
able character, all of which means
that discrimination should be used in
investment or speculation. "Although
much of this prosperity depends on
the war, which, according to the best
opinion, will last at least until spring,
the present good fortune of the United
States is based upon strong founda-
tions, and is not entirely dependent
upon the continuance of the deplorable
destruction of Europe.
War of Trade to Follow?
Lloyd George's diplomatic but candid
notice to neutrals, "Hands off"; and
Lord Bryce's very sane advice against
"A war of trade to follow a war of
arms" are two of the most striking in-
cidents of the past week in relation to
the war. It will not be well to take
too seriously the talk of a tariff war
following the war, while there will un-
doubtedly be very strenuous inter-
national competition when the strug-
gle is over. Germany will endeavor
to regain lost markets, but it is quite
improbable that she will flood the
world with cheap goods, nor will the
commercial nations of the world at-
tempt to expand their commerce by
raising prohibitive tariff walls. If re-
talitatory tariffs are introduced after
the war, they will only do great harm
and their life will be precarious.
Tariff for Revenue.
Great Britain cannot prosper under a
tariff on raw materials or foodstuffs,
or should she impose a tariff on man-
ufactured articles, it will be more for
purposes of revenue than for protec-
tion as a policy. British leadership in
foreign trade after the war will likely
make great strides, while the United
States will certainly take second place,
in some instances, however, remain-
ing leader.
Russia Coming Power.
Russia must needs be taken into far
more consideration after the war than
heretofore, because of her vast re-
sources in timber, minerals, and grain.
All shortcomings of inadequate outlets,
transportation, and capital having
been rectified by the opening of the
Dardanelles, the settlement of the Bal-
kan difficulties, improved rail connec-
tions with the North Sea and on the
Pacific coast, Russia will be able to
hold a place with the leading commer-
cial countries of the world. When the
war closes, new trade routes will be
opened, which will mean a new set of
commercial activities, and the United
States, unhampered by war debts and
exhaustion, will likely invest a large
share of proceeds of current prosper-
ity. In western and southeastern Eu-
rope, Russia, Mesopotamia, South
America, and Canada there will be
constructive work and new develop-
ment, and as no country will have so
large an amount of available capital
as the United States, the war-ex-
hausted nations of Europe must strug-
gle against a load which will handi-
cap them for years to come.
LOUIS HOMIER'S YOIE
ICAPTIVATS AUDIENCE
Contralto Responds torApplause
Giving Several
Encores.
by
BUT FOR MO iES,
Film Drama of Ann Arbor Introduces
Another Chapter in Daily
Life of Students.
TO TAKE CONVOCATION PICTURES
A crowd of students, evidently up-
perclassmen, rushed two freshmen
down North University avenue at 3
o'clock yesterday afternoon. Coming
toward them was another student
heavily laden with bundles. He stopped
a moment to talk with three women.
The next moment he was engulfed
by the crowd, his bundles sent flying
through the air, and shoved into a
clothing store. Soon he reappeared
with a fresh cap on his head and ran
madly down the street pursued by the
crowd.
It was only'another scene in the
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Arcade-Mabel Taliaferro in
"The Dawn of Love." Drew com-
edy.
Orphemn - Marguerite Clark
in "Little Lady Eileen." Also
Bray cartoons.
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AT THE THEATERS
TODAY
Majestic-Vaudeville.
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NEW CLASS FOR COSMOPOLITAN
Committees Chosen to Conduct Work
for the Coming Year.
One of the innovations to the Cos-
mopolitan club for the present season
will be the class in international rela-
tions to be held every two weeks. Prof.
J. A. C. Hildner of the German de-
partment is to be in charge of the
class, although he will be assisted at
various times by men of the camp
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BISHOP OF LONDON SAYS
CLERGY NOT SHIRKING
London, Oct. 13.--One thou-
sand ministers to 4,000,000 peo-
ple, or one to 4,000 is none too
many to keep up spiritual life,
visit the sick and conduct in-
tercession services, the bishop
of London told an audience in
reply to the charge that minis-
ters were shirking field duty.
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BOOK REVIEWS.
AT THlE MAJIESTIC
With her rich contralto voice, charm-
ing personality and splendid inter-
pretations, Madame Louise Homer
captivated her audience in Hill
auditorium last evening. Her voice,
which has won her a well-de-
served place among the artists of the.
Metropolitan Opera company, is of
pleasing quality, rich and full, and of
unusual range. Her enunciation was
excellent, which added much to the
effectiveness of the songs from the
point of view of the audience, at least.
The German songs, following the
opening song by Bach, were sung with
feeling and in an artistic man-
ner, but the numbers which perhaps
were the best received were the songs
written by Sidney Homer, husband of
the distinguished singer. Of this
group, "Sing to Me, Sing," "Cuddle
Doon," and "The Song of the Shirt"
were especially pleasing. Saint-saens'
well-known aria, "My Heart at Thy
Sweet Voice," which critics have
termed the most beautiful solo for
contralto voice ever written, was sung
in an effective manner and showed to
good advantage the dramatic qualities
of Mme. Homer's voice. A group of
old} Irish songs, which were filled
with lightness and movement, brought
the program to a fitting close.
Mme. Homer was unusually gener-
ous, and during the program, respond-
ed to several encores, among which
were "Calm as the Night," and "Com-
ing Through the Rye."
Much credit for the effectiveness of
this recital is due to Mrs. Edwin N.
Lapham, whose accompaniments
formed a perfect background for the
singer's voice.
METHOD DEVELOPED TO USE
WASTE TANBARK FOR ROOFING
Vaudeville is again on the boards
at the Majestic theatre with a college
specialty as the headliner. It
is call-
Product Successfully Replaces
Stock Say Forest Service
Experts
RagI
Washington, Oct. 12.-A method for
using waste hemlock tanbark to part-
ially replace expensive rag stock in
the manufacture of felt roofing has
been developed at the Forest Productsj
laboratory atid is now being used com-
mercially by co-operating mills, ac-
cording to an announcement made by
the forest service. It is stated that, in
these mills, from 20 to 30 percent of
the rags is being replaced by waste
bark and that the quality of the finish-
ed product is equal to that manufact-
ured solely from rags. Members of
the forest service who have been con-
ducting the experiments say that the
utilization of the bark will make it
possible to effect a considerable sav-
%ing in the manufacture of felt roof-
ing.
The extent of the savings rendered
possible by the new methods is point-
ed out by the fact that the roofing
mills of the United States have a
total estimated annual production of
237,000 tons of finished roofing of all
kinds, equal to about 11,300,000
"squares." By a "square" of roofing
is meant 100 square feet. The utiliza-
tion of the waste bark in this industry
should, it is said, enable the mills to
reduce their manufacturing costs ap-
preciably.
In addition to the use of the bark
for roofing, papers made at the Forest
Products' laboratory on the basis of
80 percent of waste tanbark, have been
successfully printed on a commercial
twelve-color wall paper printing ma-
chine, and give promise of being en-,
tirely satisfactory.
Other possible uses of waste bark
suggest themselves, say forest service
paper experts, are the use of bark
mixed with ground wood for the pro-
duction of wall board, or with sulphite
screenings in the manufacture of car
liners. Studies already made at the
Forest Products laboratory indicate
that it may be possible to use waste
hemlock and oak tanbark in making
sheathing paper, carpet liners, bottle
wrappers, deadening felt, and the like.
Colgate Has Increased Enrollment
Colgate University has a total enroll-
ment of 576 students, an increase of 12
over last year.
Woodward rents typewriters. 8-9 A.
A. Sav. Bnk. Bldg. Tel. 866-F1.
moving picture drama which is being1
filmed under the auspices of the Annt
Arbor Civic association.1
Under the direction of Prof. H. A.
Kenyon, of the French and Spanish
departments, considerable progress
was made in the drama yesterday.
The range of the pictures taken ex-
tended from the Huron river to FerryI
field. Some very pretty and artistic1
scenes were secured along the upperf
Huron where a canoeing expedition
was filmed.
Neither Miss Miriam E. Hubbard,
graduate, nor J. R. St. Clair, 'SE, the
leads for the pture, have been
coached for their roles. If any re-
hearsals are necessary they are done
on the spot. In some of the scenes
supes are necessary and these are im-
pressed from among the spectators. A
gray-haired lady yesterday gave an ex-
cellent impromptu exhibition of the
typical Ann Arbor landlady.
This afternoon the Convocation ex-
ercises will be filmed; and some scenes
of the ground-breaking at the Union
secured. An attempt will also be
made to get scenes at the Martha Cook
residence, and some of the local manu-
facturies. By Monday all scenes will
have been filmed with the exception of
the pictures of the M. A. C. game.
The complete picture will probably
be used at alumni gatherings, and is
the first moving picture of Ann Arbor
to be taken under the joint co-opera-
tion of the city and university.
WILL U.So FINANCE SETTLERS?
This Question Will Be Discussed at
Irrigation Congress Meet.
El Paso, Oct. 12.-Whether it is
within the province of the national
government to furnish funds for set-
tlers on the unsettled lands of the
United States will be one of the vital
questions discussed when the Inter-
national Irrigation Congress meets
here tomorrow.
It has been held that if the reclam-
ation act of 1902, under the operation
of which most of the work throughout
the United States is being done, is to
be made really effective, something
more must be done under its operation
than the mere building of dams and
the digging of ditches. In the early
days of the reclamation of arid lands
by means of irrigation under direction
of the United States reclamation serv-
ice, it was believed sufficient to build
the dams, dig the ditches and provide
the water. It has since been found
that this has not been enough to in-
sure the success of the settler. Too
many of the settlers attracted to the
reclaimed lands have failed through
lack of capital. It is now believed that
it is necessary not only to provide
moisture for crops but to finance the
settler on irrigated lands until he can
earn his living and pay for his land
while it is being brought under culti-
vation
ADVOCATES STRONG MEASURES
Episcopal Deputies Want Prohibition
of Marriage for the Divorced.
St. Louis, Oct. 12.-Absolute pro-
hibition of marriage of divorced per-
sons of the Protestant Episcopal
church without special permission of
the diocesan bishop was urged by a
special committee of the church this
afternoon at the opening session of
the house of deputies, the legislative
body of the church.
The divorce amendment is consid-
ered the most drastic ever considered
by the church. Other proposed changes
were the shortening of the Lord's
prayer, and the Ten Commandments,
and the changing of the name of the
church to the Catholic church of Amer-
ica. The latter proposed change it
was thought would bring on lengthy
debates.
SNAPPY MUSIC
BEST HITS
LETS
GO "
O
DANCING 9-1
PACKARD ACADEMY
ADMISSION $1.25
TO-NIGHT
ed "The Freshman." Bud Ross plays
the title part, while Miss Fritzie Fritz
also plays an important part. They
are assisted by six chorus girls. j
The songs are new and were es-
pecially written for this act. Among
theme are "I Try To Be Modest About
It," "Shiddy Mi Rink," and "Play That
Old Fashioned Waltz For Me." There
is also a bathing suit specialty and
dance.
Frank Bush gives a dialect and char-
acter sketch. Ergotti's Lilliputions
present an athletic novelty while Mil-
ler and Mulford are blackface com-
cdians who do a bit of eccentric danc-
ing.
Lew Fitzgibbons rounds up the bill]
with melodies on the xylophone.
and elsewhere who are informed of the
world's diplomatic affairs. This course
is expected to prove interesting and
instructive not only to the memhrs,
but also to students of modern history.
Discussions on countries, such as In-
dia, Turkey, and Japan will also be
held.
The committees who will conduct
the work for the coming year are as
follows: Membership--Clifton Maree,
'17D, chairman; R. J. Bonnell, '19P;1
H. W. Rosenheim, '18. Meetings-The
Rev. L. C. Douglas, chairman; A. C.
Haigh, '18; Sotokiche Katsuizumi, '17.
Finance-George Fong, '18, chairman;
M. K. Kiyohars, '17. Loan fund-Dr.
N. S. Hardikar, chairman; Otto Kreu-
ser, '17. Play production-H. G. King,
'19, chairman; A. A. Seele, '18D; Car-
los Zanelli, '19E.
The two men appointed to the
board of directors in order to fill the
vacancies created by Rodger Sylvester,
'17, and William Robertson, '16D, are
Clifton Maree, '17D, and H. G. King,
'19.
ROY
p.
HENRY
"The Pananma Canal, an Engineerin,
Treatise," by George W. Goethals, ma
jor general United States army. (Mc
Graw Hill Book company, New York.
Two volumes.
This book contains a series of pa
pers on the technical problems con
nected with the construction of th
canal, the geology and minerology c
the country, and the special problem
of mechanical engineering. The pa
pers were prepared under the direc
tion of General Goethals and by the
engineers and otheraspecialists i
charge of the various branches of th
work and presented at the Interna
tional Engineering Congress at Sa
Francisco in 1915.
Harvard Has Many Baseball Candidate
More than 75 men have reported t
Coach Mitchell of Harvard Universit
this fall for baseball practice. Thi
is the largest number to appear fo
fall practice in a number of years.
MAKES
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EACH
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SUIT
SUIT
YOUR
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NEEDS
"Every man has his olvn style, like his olvn nose"
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Our clothes will please your
taste, fit you, and wear well.
i
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NICKELS
ARCADE
TAILOR
I_
Unlucky Ball, Friday night, at Armory I Friday 13th, Unlucky Ball at Armory.