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 * * * * *: k *7 %k x:. *E Arcade-Mabel Taliaferro in "The Dawn of Love." Drew com- edy. Orphemn - Marguerite Clark in "Little Lady Eileen." Also Bray cartoons. * * * * * * * , * , , ,* AT THE THEATERS TODAY Majestic-Vaudeville. * * * * * * * * * * * *1 * * * * * * * * * * * 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 I * I: * * * * * * * * * * * * 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. * * * * * * * * * * * * 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 11 EACH I .?L SUIT SUIT YOUR 11 NEEDS "Every man has his olvn style, like his olvn nose" I 11 Our clothes will please your taste, fit you, and wear well. i I 'I NICKELS ARCADE TAILOR I_ Unlucky Ball, Friday night, at Armory I Friday 13th, Unlucky Ball at Armory.