New-York Tribune from New York, New York • 10

('-. Five Opportimities in Pubiic Utiiity Bonds Puhlu L'tilitirt staad third in the cotl priority ordrr of the For! Administrator PUBLIC UTITITIES arc a powerfui factor, both directly and indirectly, in the prosecution of the war. Thcir efficiency and pros perity ate indispensable to communitics at all times. They are the arteries which feed our prescnt-day developmcnt. There arc five pubiic utiiity bond issues of unusual attrac tiveness.

yielding from 6.00% to 6.83%. to which we your special attention. nd for JJC-153 TheNationalCity Company Nalionad City Bank BuiJding New York Bandt Sherl Term AWj Acctptar.cr* The safest investment is in the obligations of your Governmcnt. The ncxt safest is in the se cunties of companies supplying a netessary demand that the tountry needs in war and peace. We suggest that you buy Gov ernnient bonds first and then in your surptus in the short term notes of a Pubiic Utiiity Company, to yield about U'rifo Ta-dajf for Ciroular V.

ITOROADWAY.N.Y Central Leather Special Letter Cnpy an Requeji Toole, Henry Co. 5 Xeio Yorfa Mock Kichangg amacra V(JU) YoHa Cotton Equilable Building New York MORGAN KANE Mexibai Nev York Exchange 66 Broadway New York Tclcphone Reclor 5741. ROBINSON GO. InTcstment Securities 26 Exdumse Plaoe New York Kew Yorlc JMT. Etxhanya.

Two-Year Secnred Notes To Yield About Write for Descripti ve Circular Spencer Trask Co. Inrestmrnt Kecnriliea 25 Broad Street, New York Bonds for Invesimenl Harris, Forbes Co. rin? Street. Comer WUlla.ro NEW YORK A. A.

Housman Co. Y. stork Exchange. )N. Y.

Cotton Exchange. Y. Coffee Sugar Ex. IS. Y.

Produco Exchange. of Trade. 20 Broad Street, New York 5 Itranrh 33d Liggett Drexel Uembeiia A'cir York Stock Exchangt Conservative Send for Current Offerings 61 York HoMon I'hiladelphiii RuiYnlo Mark A. rs'olile ThenUnre ('. orwin NOBLE CORWIIM Finance WALI, STREET OFFICE: Mills Butldinp, 15 Broad St.

Though favorable news from scv eral sources undoubtedly contributed importantly to the expansion of trad ing and sharp recovei'y oi' prices on the Stock Exchange yesterday, ono must look back of the day's develop ments to find the chief cause of the sudden improvement. It must be re membered that for some weeks the ptock market had niade practicslly no response to news of the utmost tmportance. Tho drastic and unex pected order of the Fuel Administra tor restricting industrial activity, for example, caused a rip ple. Dealings and price fluctuations alike had been flat throuphout the month and were produced by noth ing more than aimless specula tion by professional traders. But during this poriod of industrial and turmoil and extremc quiet in tho stock market one thing has been clearly established, natnely, that stocks are strongly more strongly than ever before in the sense that more of them are owned outright and fewcr on margin that only developmcnts more disturbing than any now in view could causo a renewal of the liquida i tion vrhieh terminated with the cul i mination of the year-long decline late last fall.

There have been many developments in recent -weeks that i ordinarily would have produced a rremendous wave of liquidation. But holders of securities were unmoved I and refused to be frightened into selling. A number of professional speculators displayed less wisdom by selling short in anticipation of a fall which fortunately failed to ma terialize. There was, therefore, large short interest in the market, and those who built it up paid heavy penalty when the buying movement began yesterday. the movement appeared to have its inception in short covering.

But! whether or not that was the case, the buying of this nature was heav- ily supplemented by purchases for long account coming from both pro? fessional traders and "outsiders." This latter was really the most sig- i nificant feature of the day, for there has been no outside participation of consequence since the market sub sided after the outburst of enthusl asm engendered by the President's railroad proclamation. The sensa tional advances of General Motors, which at one time was 15 points above the closing price on Wednes day; General Electric, which ad vanced and United. States Steel common, up about 5 points, were due largely, if not chiefly, to a scramble to cover short commitments. Wheth? er tlie buying movement which started yesterday will be sustained depends on tho extent to which an i cutside following is attracted. Ris ing prices sometimes arouse general 1 interest in the market, but it seems if that will be the case ir.

tlie present instance. There are too many restraining influences to per mit an important bull speculation at I this time. Reports of a general strike in Germany played some part in the stock market, bringing renewal of the discussion of prospects for an early peace. Foreign bonds were influenced more than stocks by peace rumofs, however, and a general ad vance in this section of the list oc curred. The French municipal loana I were especially strong, Gity of Lyons tis advancing 3 points to 90, I whilo the City of Paris Cs rosc points.

Most of the foreign govern ment issues also gained some ground, but, in contradistinction to their strength, Liberty bonds declineu sharply to new low levels. The dropped to 97.20, and rallied later to 98, whilo the second 4s fell to 95.76 i and recovered to 95.90. The selling of these bonds probably has been in duced by fears that another larg? issue will be brought out at tlie same rate of interest as the last offering. It has been reported that the Treas ury may decide to make no advance in tlie rate, but such reports are not much credited in Wall Street, where it is generally believed the next loan will bear 4J4 or 4V; per interest. Large withdrawals by the govern nicnt from its deposit account with lo cal banks were made yesterday with a minimum disturbance in the moncy market.

Rates were unchanged, as a rule, with only a moderate amount of business being transacted. At the Stock Exchange there were fairly liberal of ferings of call money, with a ruling rate of per cent for thia class of accommodation. The market for fixed date funds con tinued dull, with a few loans bcing placcd on industrial securities for sixty days at 6 cent and for thirty days at per cent. Ruling rates for money yesterday, alth conomws Telfphone: Hnnover 6514 compared with a year ago, were as fol- lows: Yesterday, Ycar ugo, Call money. Timo money (rnixed collatcral): daya.

Ninety daya. Four Fivc to six mos, Commercial This markct dis- played a flrmcr undertone, allhough rates were unchangcd at r.1- to 594 per ccnt for the best regular maturitics. Official rates of discount for each of the twelve Federal districta arc as fol-, lowr: Ovc 15 or less. Boston. 4 New York.

I'hiladclpliia. 4 4 4 Atlanta. 4 Chicago. 4 St. Louis.4 4 Kansas 4 Dallas.

4 San Francisco 4 Bank day's bank elearings at New York and other citics were: Exchanpjes. Balances. New York- $510,951,034 $48,385,756 Boston 39,015,470 in London, 4314d, un? changcd; N'ow York, unchanged; Mcxican dollars, 68MsC, an advancc of York banks fost to the Sub-Treasury $281,000. London Money Market. Jan.

was quoted at pcr ccnt. Discount rates: Short bills, 4 1-32 per cent: thrco bills, 4 1-16 per cent. C.old premium at Lis bon, 110. Bank of Jan. 31.

weekly statement of the Bank of England showed a decrease in gold holdings of The proportion of reservc to liabilities now stands at 19.37 pcr cent, against 19.33 last week. The statement, with the changes from a week ago, follows: Gold. Dec. Reserve. 31,160,000 Dec.

981,000 Notes res- 30,038,000 Dec. 972,000 45,896,000 Inc. 673,000 Pubiic 38,235,000 Dec. 3,578,000 Other 122,644.000 Dec. 1.796,000 Govt.

55,876,000 Dec. 964,000 Other 91,804,000 Dec. 3,325,000 Bank of weekly state? ment of the Bank of France, with! changes from the preceding week, fol-' lows Increase. Gold. 5,362,150,000 1.552,000 Silver.

250,502,000 574,000 .23,534,293,000 371,704,000 Gen.deposits.. 2,978,831,000 116,712,000 Treas. deposits 131.394,000 I Bills discount'd 2,134,460,000 121,844,000 I Advances. 1.214.238,000 6,254,000 Dollar in Foreign Exchange Spanish exchange displayed increas- i ing firmness yesterday on the an liouncement that the United States government had stopped the sailings of i Spanish vessela from this and other American ports. A substantial in I crease the inquiry for pesetas was reported, purchasers apparently believ ir.g that the cessation of exports to Spain by stoppage of sailings of Span ish boata would result in a contraction in the supply of exchange on Ma'drid.

Pesetas closcd fractionally up Ht 24.20 cents for checks. Further rapid-fire fluctuations oe curred in Italian exchange, with ltre checks closing at 8.60, apainst S.uT'i on Wedncsday. The rest of the market was quiet, with rates showing no im portant change. So far the exchange I I market here has made no response to the peace rumors that are current in financial circles. Closing rates yesterday.

compared with a week ago, are given in the table below. American bankers have sus pended all dealings in German and Aus 1 trian exchange, so that daily quotations I for either marks or kronen are no I available. (Quotetl dollars to the pound.) Week Yesterday. atro. Sterling, Sterling, sixty 4.72 4.72 Sterling.

cablen. 4.76;'.-, 4.76,7, Sterling, ninety 4.70 4.70 (Quoted units to the dollar.) Francs, demand. 5.72 5.72 Francs, 5.70 5.70 Lirc, checks. 8.60 8.45 Lire, cables. 8.59 8.44 I Swiss, checks.

4.52 4.45v2 Swiss, cables. 4.50 2 (Quoted cents to the unit.i Guilders, checks 431 2 43 Guilders, cables 44 43' Rubles, cables.13.25 13.25 Stockholm, .33.25 33.25 Copenhagen, JG.75 Pesetas, checks.24.20 24.20 Below is given the current exchange i value of foreign money in dollars and cents, together with the intrinsic frold parity, as calculated by the United States Mint The above rates express the cost of foreign money in terms of the Ameri? can dollar. Yuu buy an English pound sterling at. say, The intrinsic parity is per pound. Thus yuu say either that pounds are at a discount or thct dollars are at a premium, which is owing to the fact that in England the demand for dollars with which to settle accounts in this country is great cr than the in this country for pounds with which to settle accounts in England.

arkets St. Paul Directors Postpone Action On Both Dividends Way Make Declarations Later, Though Earnings in 1917 Were Poor Directors of tho Chicago, Milwaukoo St. Paul Railway votod yesterday to ostpone indeflnitcly nction on the lemi-annual dividends. usually taKcn at I this time of the year. Tho payments I montlis were Ci per cent on I Lhe prcferred stock and 2 per cent.

on the common. II. K. Byram, the ncw president of the road, refused to stato whether there was nny likclihood of furthcr of the dividend question before March 1, when tlie declarations! made in January aro naynble. TIe in- timatcd, however, that if the prcsent programme for govcrnment control goes through Paul will recciv.

enough to mert. dividend requircments. Speaking of the government pro? gramme he said: "It is not as good as wo could get, but vc shall abide by whatcver the government decides." Tho company, Mr. Byram said, will issuc a statement to-day jriving the de tailed carnings of 1917. The figures, l.e asserted, will show that the pre- ferred dividend had been burely earned.

Corn t'rop Threatencd While refusing to enter into detailed discussion regarding postponement of dividends, Mr. Byram talked frecly of conditions in the West. He said this year's corn crop was in great danger of erious damage unless measurcs were soon taken to ship tho grain to large terminals, where it can be dried out and put in condition for consumption. "Approximately 65 per cent of the! 1017 corn crop of the country." he added, "is still in the hands of the farmers and the country dcalers. It is in a condition and unless stens a.re taken to have it dried out a varm spell of weathcr will cause much cf it to rot.

If enough railrocd equipment were available to ship the corn to the big terminals in tho large Wcstem cities t.he situation would not seem co 1 ad. With the Western railroads lack ing propcr equipment, duo to the con gestion in the Kast, the situation, how? ever, appears very bad." Mr. Byram said that. the recent bliz- zards in the West had done much to- I ward creating the unfavorable situa? tion in which the St. Paul road finda itself at the prcsent time.

The com? pany is greatly liandicapped in handling of the large volume of busi- ness offered it because of the lack of cars and locomotives. This situation, Mr. Byram pointcd out. is being remedied to some cx tent by the company's construction programme. The company is building about 1,000 boxcars and 2.000 coal ears.

Fifteen electric locomotives now in course of construction will release fifteen steam locomotives for that part of the system which is not yet electri fied. Action of the St. Paul directors yesterday followed a pcriod of unin terrupted payments on the preferrcd stock since 1867. Since 1897 the an r.ual rate has been 7 per cent. Pay ments on the common stock have been as follows: 1897-1900, 5 per cent; 1901.

6 per cent; 1902-1911. 7 per cent; 1912 1014, fi per cent: 1915, 4Mi per cent; 1916, 5 per cent, and 1917. 4Va per cent. Tlie rate was reduced trom 5 per cent to per cent. annually last Sharea Display Ktrength Bond experts declared that yester day's action of the board of directors does not yet.

place the road's bonds out of the where they are legal investments for savings banks. Itwas pointcd out that the dividends must have actually been passed altogether before St. Paul securtities would lose their standing in that connection. The announcement that action on both the preferrcd and common stocks had been deferred appeared aftcr the close of the stock market. Tho prc? ferred closed at up points, and the last salc of the common was at 45, a net advance of l'i.

$14.29 a Share Earned By the B. F. Goodrich Co. The B. F.

Goodrich Compafy reported yesterday net profits of $10,425,000 aftcr deduction of taxes, including $2, 250.000, the estimated allowance for in eome and excess profits taxes. This compared with profits of $9,900,000 in 1916 and $12,265,000 in 1915. Aftor allowing for dividends on the prcferred stock the balance available for the $60,000,000 of common stock was equivalent to $14.29 a share, against $12.76 a share lhe preceding year. and i English Growers Agree to Curtail Rubber Production Shortage of Tonnage Prevents Shipments From Eastern Plantations Tho Amcrican rubber manufacturing industry is much interested in the con certed effort being madc in England to bring about a reduction of about 25 per cent in the output of rubber from the Eastern plantations this year in or- der to meet lhe shortage in occan ton- nage. A meeting was rcccntly hcld in London at which representativcs of 50 per cent of the plantation intercsts of the Far East unanimously voted in favor of curtailing the rubber output.

The opinion was cxpressed hcre yester- i day that unless the codperation of the Dutch and native rubber growers in tlie Far East could also be obtained the1 plan would not likely be successful. Tlie American companies are not diroetly affected, inasmuch as their I plantation properties in the East are generally under Dutch contro! and op eration. The plan of tho English rubber grow? ers is to keep the new crop of crude rubber down to about tons, or about the same ainount as was found sufficient to meet the world's demands last year. Without curtailment of the i crop, it is cstimated that the output of the Eastern plantations will approx'. mate 260,000 tons.

For many months t'ne shortage of ship tonnage to transport the raw rub? ber to market has engaged In- atten tion of the rubber trude. Last August the English intercsts took up tho qucs tion of dealing with the surplus pro? duction. and conversations among grow? ers have centred mainly on two points, the possibility.of a general curtailment of output and the erection of ware houscs for storing the surplus tion until it was found possiblc to ship. Uecently the Rubber Growers' Associa tion sent a circular to the various Eng lish companies asking them whether i thcy were prepared to assent to a pro posal for restricting production in tlie current year to a figure represcnting a reduction of about 25 per cent. An official of the United States Rub- ber Company said yesterday that the whole thing was a matter of ocean transport.

It was stated that a cur? tailment of 25 cent in output would probably not have an effect prices, because even though that. rubbi were produccd it could not he got to mar? ket because of the lack of ships, and thereforo could not be figured in t'ne availablo supplics. Relevant Cornment Gas Dividend Mainlaincd Consolidatcd Gas stock sold from SS to yesterday, closing with a net gain of points. Holdcrs of the stock were relieved when the directori declared the regular quarterly dividend i of per cent, thereby keeping the issue on the 7 per cent basis. Friends of the management of Consolidated Gas declare that had the demands of cer tain minority interests for larger divi? dends been heeded a few back it would probably not have been possi'ble to maintain dividends at the present rat.e.

In his annual report President Cortelyou told the stockholdcrs that "the elfect of the war upon the cost of producing and distributing gas and electrical energy has already been very disastrous and will be much greatcr during the prcsent year than it was "in 1917." At its present level the market price of Gas stock shows a recovery of points from ttie low record of made on the December slump. The Foreign Exchange Foreign exchange brokers say that their market, so far as the day to day fluctuations of rates are concerned, has been little affected by peace talk. This is importaht and perhaps significant, for it is generally acknowledged that the foreign exchange market is pc culiarly sensitivc to international de velopnients. It recalled in Wall Street that for many months prior the war the foreign exchange market was giving s'tgns of imp'ending develop ments of farreaching importance, but no one then krlew how to interpret them. In tho opinion of many experts, the first etrect of peace on the foreign exchanges would be a drop in the rates on neutral countries and a rise in rates on the belligerents.

But no permanent readjustment could be effected inside of many months; in fact, not until the movement of goods between the various countries had become somewhere ncar normal. U. S. Steel Workers' Pensiom-, Retired employes of tlie United States Steel Corporation and iis sub sidiary properties received $712,507 in pensions last vear accoiding to the i.nnual report of the United States Significant Relations Money and Pric.es: N'ow. resr Stock of money gold in the country.

$3,040,439,343 "0 191- Nearest perlod Loans of all national banks. $9,535,000,000 Bills discounted and bought by Fed- r.aat eral Reserve Banks. $901,674,000 $1 Federal Reserve notes in 1,234,934,000 259.768000 Total gold reserve. 1,726,507,000 Averagc price of 15 railroad stocks. 92.62 90.87^ 112 98 Average price of 12 industrial stocks.

S6111 S3.16 91 '33 Food eost of living (Annaiist index l.ast weeS i weel; number) 233.37 278.69 General commodity price level (Dun's 1 1 index number) 222.17 220.17 Production: Vk ntilled U. S. Stcel orders, tons. 9,387,718 8,897,106 l'ig iron (daily average), tons. 92,997 293 Whe.il crop.

bushels. T636 318 0OO lorn crop, bushels. 3,159.494,000 2 566 9270OO Oats crop, bushels. 1,587,286,000 Cotton crop, bales. 10,949,000 Distribution: -increase or uecrcasa rear? Motitii of (20wllii.) V'V (jros3 railroad earnings.

10.0% 11 or ctecrea-io from relr Lastweelt. Ttio week bffore yiirin bank elearings. 3.6% 4.9% 3.6% General: Actlve cotton spindles.33.649.078 33.604,650 Commerciai failurcs (Dun's): DeccroK- Number 1,055 981 Liabilities $14,043,716 $13,635,605 held by Reserve arents against circulation included in general fund beginning June 23, 1917. For purposes of comparison it is inclnded in the 1916 Sgures. m.

Steel and Carncgio Pension Fund. Fn all, 2,033 formor workers received pen sions, the averr.ge of which was $21.10 a month. The minimum paid per month was $12 and the maximum $100. The fund is derived from trust funds amounting to approximately $12,000, 000, and was established by the Stce! Corporation und Andrew' Carnegie. London Buys French Bills Short-term securities are in active demand in the Lonnon money market at the present.

time aeeording to ad vices from Etigland. Ileeent.lv an issue of $40,000,000 of French Treasury bills was Bubscribcd in the equivalent of one working dav. This particular issue was put out on a per cent basis, a reduction of Vz per cent from the rate on the bills sold in that mar? ket. a year ago. Japanese to Expand Shipping Directors of tho Xippon Vusen i Kaisha, the greatest of Japan'a ship pitig corporations, propoaed to increase the capital stock of the concern from approximately $22,500,000 to $40,000, 000 by the issue of 1,120,000 newshare According to japanese Weekly I Mail," the reason for this increase of capital is said to l.e lhe worid-wide I cqmpetition which is expectcd to occur after lhe war.

It jr, also reported I that the schemoi the company pro vidc for tho construction of fifty ves sels, mainly caj'go sleamcrs, represent ing about 100,000 toi and also for an cxtension of the European and Ameri can passenger serviccs. The latter plan is said l.e based on a perma nent subsidy from iho Japanese gov ernment, while th-; Xippon Yusen Kaisha authorities credited with the intention of operating passenger steamers superior to any maintained by shipping companies before the war. Industrial AJcohol Declares $4 Quarterly Dividend Directors of lhe United States Indus? trial Aleohol Company declared a divi? dend of $-1 a share on the common stock for tlu- (irst quarter of the currcnt year. It was announced after the rn.ee'. that the dividend will be paid from the Rccumulated surplus as of Decem ber 31.

The disburscment will be made March 15, to stoek of record February 20. oreign frish Securities Show StrenRtb. LOXDOX. Jan. 31.

The u-ual light Irading prevailed on the Stock Ex? change to-day, with some irregularity in liome varicd by an improvc ment Irish stocks based on political bopes. Scandinavian nnd Russian bonds were lirmer on light purchases. Spec ulative minc and oil shares had a sxood tonc, but rubbers were weak with the lower price of lhe commodity. Tiu shares were strong. Paris Bourse.

PARiS, Jan. Trading was quiet on lhe Hourse to day. Thrcc per cent rcntes, 57 francs 75 ccntimes for cash. Exchange on London, 27 francs 15 ccntimes. Five per cent loati, 8S francs 70 ccntimes.

New York Fxpulsion of K. FI. Fiero Announced. The Stock Exchange yesterday for mally announced the expulsion of Ray mond II. Fiero following the sctting asidc by the State Suprcme Court o' the temporary injunction preventing lhe announcement of the broker's ex pulsion.

Fiero f-till has a suit nendiiv.r to forcc the exchange authorities to reinstatc hini as member. I-Ic said that this suit will be continucd. Elections U. ilough has been elected a di rcctor of the H. F.

Goodrich Company, and 1''. C. Van Cleaf was elected secre succceding Guy Xorwood, reccnt ly elected president of lhe Republic Rubber Company. Bank to Change Xamo. An order has been signed Supreme Court Judgc Edward Finch authorizing the Germania Bank of this city to change its riame on April 15 to the Commonwealth Corporation Returns Savage Arms Corporation.

lhe Sav age Arms Corporation reports total earnings of for the quarter c-nded December 31. compared with for the prev'ous quarter. The balance available for dividends on tho common stock was S.S07.579. which is equal to $9.14 a share on 88.355 shares of common stock. Wafoash Railroad 1917 1016 Derember stross $3,313,770 Net 705,167 1.127.833 Twelve months' 37.721.102 Net 12.373.574 Maine Ccntral 1917 I Dccember gros? 528 Net 51.447 154.724 Twelve months' gros .14.125.577 12.324.676 Net 2.722.379 3.402.597 New York Dock December jrross $435,685 $391,394 Net.

18G.979 213.711 Surplus 94.229 137.312 Twelve months" uross. 4.866.777 3.432.'48 Net 2.342.570 1.683.902 Surplus 1.181.907 7S2.517 Dividends Declared American Roda Fountain Co. Renrular nuartci'ly dividend of 1': per cent, payable Februury 15 to stock of record February 1. H. Co.

Refrular quarterly dividends of per cent on the preferred stock. 1 per cent on tlie common Ktock due at this time and 1:4 per cent oa the preferred stock due in the next quarter. Consolidated Smeltinp. Dividend of I per -jont. payuble March 1 to stock of record February 15.

Company. Rejrular semi-an nual dividend of per cent on the pre ferred stock, payah'e Februury 20 to stock of record February 10. Coulincntal Paper Hajr Co. Reprular quar? terly dividends of 1 per cent on the pre? ferred and common stocks. both payable February 15 to'stock of record February S.

Mobilo quarterly divi dend of per cent on the preferred stock. payab'e February 15 to stock oi' record Jan uary 31. Natiinal Lead quarterly divi dend of 1 1 per cent on the preferred stock, payable March 15 to stock record Febru? ary -J1. f'itt burch S'teel Co. Refrular quarterly dividend of per cent on the preferred stock.

payable March 1 to stock of record February 10 Standard Sanitary Regru lar quarterly dividends of 1'- per cent on the common and per cent on the pre? ferred stocks, both payable February 9 to stock 01 record February C. Whcolinjr Steel Iron -The company ha declared a stock dividend of '25 per cent. Consolidated l.as. Reftular quarterly divi dend of 1 per cent. payable March 15 to stock reci rd Febi uary S.

l.issvu Myers Tobacco quarterly dividend of per cent, payable March 1 to stoik of record February 15. Bond ci Mortgajre Co. Reiru quarterly dividend of i per cent. payable February 15 to stock of record February 8. I'iltsburgh West Regular quarterly dividend of IV per cent on the preferred ptock, payable Slarch 1 to stock of record February 8.

Southern Fipo l.ine. Rejrular quarterly dividend of 56 a share, payable March 1 to stock of record February 15. Decrease in Gold Output Disturbs London Bankers Government Subsidy to Stimulate Mining Opera tions Is Propoaed Concern is felt in financial circies in London over the fact that the gold out? put of the va, ous British gold mining colonies is showing a steady decrease. In 1 17 in the Rand district of South Africa, the principal source of the world's supply of the meta), the output amounted to a decrease ol compared with 1916. In Rhodesia gold produced dccreased about from 1916.

In the Aus tralian and fields there was also a substafntial diminution in out? put. Recognition of the nccd of fresh supplies of gold to broadcn the basis of credit ha brought about the -ug gestion in London that action should be taken to check the fallingproduction of the metal, possibly through govern? ment subsidy of the gold mincs. "The London Timcs" in discussing the situ ation says "The difficulty lies in the fact that the pric" of goid is fixed. Whilc the companies havc to pay a great dcal more for the commodities they uso, t'ney receive no corresponding increase for tho commodity which they producc, Under normal eonditions gold the basis of and it. will he so agnin when peace returns.

Although we no longer use gold for domestic ox changes, the demand for it. for the scttlemapt of international balanccs is greater than the supply. We own the sources of tho larger proportion of the world's production, a fact which has been of inestimable benelit during the war, but there is a danger of the (output the empire will still further decrease iwing to 1 shuting down i of the low-gradc mines unless soinc thing is donc io makc possible for theni to continuc operations. Since the need for gold is very urgcnl in order to broaden the basis on which rests the enornious credit structurc which the war has erected, there is a growing conviction in circles conver sant with the position thal is dc sirable that iomething should be done, by a subsidy otherwise, production of gold to be main tained it- maximum levcl." Scarcity of labor and t-io difficulty of obtaining adequatc supplies of min? ing materials have bampered opera in tho gold (ields and I prevented Lhe mincs from bcing oper atcd to full capacity. The increase in costs particularly r.fFects the low-gradc mines by causing them to exclude from treatment ore which i'! no longer capa ble of being at a profit.

American gold mining interests have been confronted vith similar problem While the of gold has remained unchanged, the price of labor and ma terials has soared. In some instances low-grado gold 'es in thi coun try and Canadi have been compelled to close down becati they could not producc gold at a roiit. Manchuria Going On Gokl Basis Chinese Merchants Protest Against Suspension of Silver Quotations Under an agreepicnt between the Yokohama Specic Bank and the Bank of Chosen, which beeame effectivc Dc cember 1 last, gold notes of the lattcr institution, accor.l to a report from Commer-ia! Agent Fevrin, Peking, are being paid out in exchange for thi silver notes formerly issued by the Yokohama Specic Bank, and the Bank of Chosen is replacing the Yokohama Specic Bank as the central iinancing institution of South Manchuria. Mos! of the Yokohama branches have already been taken over by the Bank 1 of Chosen. Whilc it has not been officiallv an nounced that ihe Jnpanese government of the leased territory of Kwan-tung i which is supreme along the linc of the South Manchuria Railway) intends to put Manchuria on a gold basis, the quotation of silver exchange was of ficially abolished in Dairen Decembei 1.

This proclamatioii however, had to be rescinded becau'-'e of the practical unauunous opposition of the Chi? nese merchants there. The Dairen Chamber of Comir.erce has indor.sed the gold standard, hut with the tip i lation that it shail be everywhere adopted at the same time. and tried oui first in alone. International Nickel Sets $3,680,741 Aside for War Tax After estabiishing a war tax reserv i of the International Nickel Company earned net of $7,987,967 the nine months ended December 31 last, compared with $1 1.849,924 in the corresponding period of 1916, according to a statement issued yesterday. Total income of the company amounted to 812,121.463.

against 512,844 820 in the corresponding months of 191G. After allowing for the dividends on the pre ferred stock the balancc avr.i'.able the $41,834,600 of common stock equal to $3.10 a share, $5 94 a share in the same period of last year. Thomas F. Woodlock Sells Stock Exchange Membership Thomas F. Woodlock.

former news paperman, who has been a member of the Stock Exchange since January 25, has sold his scat for to Joseph D. Gengler, who Lroes to the "big board" from the Curb market, where he has been a trader for the last four years. The last previjus iale of an exchange seat was at $55 J00. Mr. Woodlock paid.

above for his membership in the boom period twelve years ago. He has retired from the brokerage firni of S. N. Warren i- Co. The tirm, however, will contir.ue in the ivest ment business.

Mr. Woodlock stated that he intended to enter another line of business, but refused to divulge ita nature. Before he beeame member of the Stock Exchange he was editor cf "The Wall Street Journal." He considered one of the best informed men in Wall Street on exchange prae-i tices. iOOYears of Commercial Banking THE CHATHAM BanK of tAO tt' New Yor'c (apita! Surplus, Resources, $80,003,009 Charter MemberN. Y.

Hout Member Federal Reserve Bank i'nitei Statis 149 Broadway Hlilg.t Cor. Libertv.St. rancnes Greenwicfa and Warren Sls. Bowery nnd Grand St. Ninth Avenu? and 14lh St.

Broadway and 18th St. 2 West 33d Street. 57th Strect and Third Ave. Broadway and 61st St. fiGth St.

and Lexington Avc. Broadway and 105th St. Lenox Avrnue and 116th St. 67 West 125th St. near Lenox Av.

Broadway and 144th St. We Invite nur Account Bcnjamtn franMin says: Many a little makcs nickle. Tour Pcrsonal Check pay your pcrsonal bills by Ciic is noi only convenient and businessli bul it givcs you a seose oi rjnancial soliditv. takc pcrsonai interest in the growth vi small account and mvitc nccounts of and ovcr. i our booklct Sp3 Franklin TRUST co.

iSSS' 46 Wall NCw York iho Montague Brouldvn ulton Strret, Brook 1 cific Ooal Stock J.K.E!ce,Jr.&Co. STANDARD VTEBKM Wlf.i. rr SUMMAUV MAH.KJ) TO Oil ESTOR9 ON KEQUEST CARLH.PFO!?ZHE!MER&COl M-2-3-1 Broa I 5 Broad American Tlireao" Phelps Botfge Nafional Sugar FREOERIG HATCH CO, Plione licctor OSJO. :4 B'way, New York. i tour Funds epobited with this Compan ill eai beral interes Metropolitan Trust Co REPUBLiC OF CUBA luiir and Onr-half IVr Cent.

BondH llue 1949 I I paid at otBo? SPEYER CO. COUPOXS Winslow, Lanier 59 Cedar Street NEW YORK THE FOLLOWtXG COUPOXS AND DIVIDENDS ARE PATABbB AT OUR RANKINti HOUSE DUBINO THS MONTB OE FEBIU akv 1. Clawiand, Akron By.Co.Owil Wm Cleveluid A Pitttburgh RRCu SJg County. BrMga Boodf Mauilioo Ctofdaad it. tx.

murttrtj Wheellaj Tcnninia Co..