New York Herald from New York, New York • Page 14

if in' i 3 secui If J3L 14 4 American Light Traction Company 5-Year 6 Gold Notea Carrying warrants entitling holders to purchase Common Stock at fixed prices. Price 94i and Interatt to yield over 7J Circular on request (or AD-312 TheNationalGty Company IfilaOfrtMHtatlMMlCUrlUnkMdf. Uptown Office I Fifth Ate. ft 43rd 81. Offices In over SO Cities.

8 PER CENT. PREFERRED STOCK Extmpt rant the Normal FiJtrd In-rem Tax, Prtct 100 anJ ttcwti iltiitni. Stni far Ctrcuiat A42. Merrill, Lynch Co. Investments 'Commercial ftper 120 Broadway New-York Mcmkn A'eis Yot Sink Exxhmtt Years of Remarkable Earnings We offer on better than a 1 basis the 5 year notes or a large corporation whose net earnings for the past ten years have averaged over twelve times interest charges on this issue.

Notes carry common stock purchase warrants which should prove valuable as 10 cash dividends and 10 stock dividends have been paid regularly on this stock since 1909. Ask for Circular No. 8624. Boribright Company Incorporate 28 Naiiau Street, New York A Decidedly Attractive, Seasoned Investment Issue A. Dividends have been paid for thirty aoj consecutive years, except In 1907.

when comings and surplus were in vested in the plant. B. Preferred i os to Dividends which ore Cumulative. C. Convertible Into the Common Stock of the Company, which beaming at the rate of $41 per share.

Price $100 per share Yielding 8 Circular containing comnUtt Mormallm tent to iniestort on request. ffcwrence Chamberlain Co, Incorporated One Fifteen Broadway New York City Invest In A 50 Year Old Success THE Conley Tin Foil Company, established 50 yes its ears ago, numbers among customers American To bacco General Cigar Ford Motor Loose Wiles Biscuit and other big companies. New financing enables expansion of domestic business and extension into South America with large profits to its sharehoVisrs. We offer for investment the stock of this established enterprise. Write for circular.

IcJGQMPAHY" ffniiestmcnt Securities' 50 PINE ST. (CW FM N. Y. Ttl John 854 "sh5rt term bonds jndljw ismsorr piiuadeuwa prrrsnuEou itrivatt Wires Connectino OSfee. it LYON 7 leiMBHnaHBsnatlislMnM Tl 1 fc 1 hi ii im i i fm fmwB "i''ws mm mm i xmvnQ AP.COHHEMT Stock Market Holds Up Well in Spite of Unfavorable News Reports.

ACTIVE ISSUES ADVANCE Money Again Is Firm and Bate for Call Loans Rises to lb Per Cont. The stock market underwent yester-iv nn nMial chants from Monday's quiet seaalon so far ai the general list wan concarnea, out it was ioru iu undergo a rather Important teat or Its underlying position In the late afternoon by the cutting- of tho dividend on ono of the old line Investment railroad securities. Had It not been for this the market probably would have followed much the same courae as the Immediately preceding session. This action, however, put a damper on the growing cnthualaam In the railroad ahares and brought out conalderable selling, but It wan n. matter of favorable comment In commission house circles after the cloa- lng that stocks held up ns weu as tney did under tho circumstances.

There were a few Individual laaues which showed aomo declines at tho end of the day, but the majority of active stocks closed higher, notnlthatnndlng the fact that aomo of them sold off as much as threo points at one etago of the proceedings. The cutting of the dividend on Chicago and Northwestern was really not oa Important aa It appeared to be, Inasmuch as It had been foreshadowed for several years by the company's earning statements. But it had a sentimental effect, which, coupled with tho uncertainty over the Chicago situation and tho continued high rates for money, gave traders the opportunity they had been looking for to carry Monday's reaction further. The Street was still In a cautious framo of mind at the closing, and It Is likely to continue so until there has been a break In the deadlock at Chicago, but there was no mistaking of the fact on the other hand that tho market test furnished by Chicago and Northwestern mado a very favorablo Impression on market observers on all aides. If that was all prices could do on the down side In the face of such news, It was argued, then surely the market had turned definitely In the other direction.

For the best part or the day the market was dull and Irregular. The trading fraternity again tried to force stocks lower at the outsot, but very few came out, with the result that the bears gave It up as a bad Job around midday. Upon the failure of the professionals to make any Impression In the Industrials, the In terest turned again Into the rails. Reading had Just got started on tho top side, when the Chicago and Northwestern dividend was cut This checked the whole movement, the latter going off more than 10 points from Monday's closing, and at the samo time started a new downward movement In tho industrial stocks, which was not checked until the half hour. Then the market turned around suddenly and stocks shot upward, closing about where they nad left off on the preceding day, In some cases considerably higher.

This was particu larly true of tho active Industrial speculative stocks, such as Baldwin, the oils and somo of the motors. The money market was firm again, call money getting up to 10 per cent, nftor renewing at 7. Thero was a slightly better supply In the last hour, but bankers failed to see how there can De much change In tho situation until after the 15th of the month, when the second Federal tax Instalment Is paid. It Is understood that one of the principal reasons for the money tightness at the present time Is the large borrowing be ing done by Individuals and corporations to meet their taxes next weeK. There was nothing of Bpeclal Interest In the for eign exchange market.

Tho crop report was better as respected winter wheat, but tho spring wheat report was disap pointing. The Street, however, figures that there may be substantial Improve ment In the spring wheat before the sea. son Is over, just as there has been In winter wheat, and, therefore, did not pay as much attention to the report as usual Inasmuch aS yesterday's report on spring wheat was the first df Its kind, it la believed that there Is plenty of time for Improvement. MONEY AND EXCHANGE. CALL MONET.

Hlth 10 ILnst 10 Low Renewals 7 Year's hlxh S3 Year'i low TIME LOANS. Mixed Collateral. SO to 00 8 4 to 0 8 Commercial Paoer. All Industrials. SO to 00 day 4 to 6 months Other Names.

3 to 0 months VA 3 to 0 TUl rt.ElTllNn HOUSE STATEMENT. riartn HnujiA Mchanrej. tS0S.633.lT3: balances, 171.177,101: Bub-Treasury debit balances. 1281.748: Federal reserva credit balances, 132,283,071. CANADIAN EXCHANGE.

New York funds In Montreal, S120.8T premium per St.000; Montreal funds In New York, J112.G0 discount per ai.uw, HILVEn MAnKETB. nar silver In New York was quoted at off lOVic; In London, oft Mexican dollars, wc, oil ijic. FOREIGN EXCHANGE. GREAT BRITAIN. rrr.

To-day. Y'day. 11.8003 Demand, sterllnc S3.0114 1 1 nm, laDIOH, nirriiiib Bankers, 00 3.97V; Bankers. 00 days S.83U THE CONTINENT. 19.30 Francs, cents a franc-Demand Cables 7.71 10.30 Belgium, cents a franc-Demand 8.03 Cables 8.00 10.30 Switierland, cents a franc-Demand 18.1,1 li.OOU a.ta 3.83 7.88 7.UU 8.02 8.03 18.M 18.13 Cable 1S.23 19.30 Italy, cents a lira-Demand S.80 Cables 5.00 13.80 Germany, cents a mark-Demand 2.43 Cables 2.47 28.80 Sweden, cents a krone- B.87 S.8S 2.32 2.33 Demand 21.SS Cables 21.83 28.80 Norway, cents a krone-Demand 17,70 Cables 17.80 28.80 Denmark, cents a krone-Demand 18.03 Cables 17.03 19.30 Greece, cents a drachma-Demand 11.R3 Cables 11.

GO 19.30 Spain, cents a peseta-Demand 18.32 Cable 16.37 21.30 21.03 17.73 17.83 18.83 10.93 11.53 11.C0 16.27 16.32 nouana, cents a norm Demand S.37Vi 88.33 Cables 38.30 30.43 FAR EAST. 108,32 Shanghai, cents a tael Demand 110.00 Cables 111.00 78.00 llonxkong, cents a dollar-Demand 7H.00 Cables 79.30 49.00 Rombay, cents a rupee-Demand 42.SO Cables 43.00 49.84 Yokohama, cents a yen-Demand 81,23 Cable 31.30 SOUTH AMERICA. 112.00 113.00 ao.no 80.30 42.73 43.00 51.23 S1.30 44.42 Rio de Janeiro, cents a mllrels Demand 23.fl2Vi 23.78 Cables 23.73 23.83 42.84 Iiuenns Aires, cenis a peso-Demand 42.43 Cables 42.00 103.42 Uruxuay, cents a dollaiw Pcmnncl 98.23 Cabl 03.30 42.30 43.63 98.11 98.30 London Money Market. London. June 8.

Bar silver. 48ftd. nn ounce: bar uold, 105s. 9d. Money, 4W per cent.

Discount rates Short bills. 6 11-16 per three months bills, 6 per cent. premiums at uspoo, jtg, THE SUN HEBSHEY CHOCOLATE ISSUE. Bella 10,000,000 of Bonds to Syndicate of Bankers, i A romance of sugar and chocloata came to light yesterday when the Ilershey Chocolate Corporation sold to a syndicate of bankers 110,000,000 of Itt first lien 7K per cent, ten year sinking fund gold bonds. In advance of some of Us competitors that concern invested In sugar plantations In Cuba and It has been assured from Its properties a supply of tho commodity which has been so scarce.

With the proceeds of this financing, the corporation proposes buy the Hosarlo sugar properties In Cuba and retire notes issued for previous purchases. The new notes are to be offered to-day at 97 to yield 7.8S per cent, by the following group of bankers: Tho Na tional City Company, tho Guaranty Trust Company, the Union Trust Company of Pittsburg, Cassatt A Co. and Qrahnm Parsons A Co. of Philadelphia. With tho completion of this financing, the Hershey company will have no fixed debt obliga tions.

The company's net profits for 1919, after providing for adeauate deprecia tion but before Federal taxes, were equal to more than nine times the annual Interest requirements on these bonds and the average net Income for the last five years has been In excess of 5 times such Interest requirements. The net tangible assets, after giving effect to the present financing, amount to 130,924,159, represented by bonds and stock pledged as security for the new bonds. The Hershey corporation Is about to be Incorporated In Dolaware to acquire the stock of the Hershey Chocolate Company of Pennsylvania. The business was established In 1900 and was Incorporated as the( Pennsylvania Company In 1908. It Is 'the largest manufacturer, the bankers say, of milk chocolate In tha worm, its principal products are the Ilershey brands of milk chocolate, al mond bars and breakfast cocoa.

BELGIAN LOAN IS POPULAR, Syndicate Mnnnerera Annonnee Bnses of Allotment. J. P. Morgan St Co. and the Guaranty Trust Company, syndicate managers for the 150,000,000 of Kingdom of Belgium loan bonds, announced yesterday the basis of allotments, which Indicated how successful the laaue had been.

Subscriptions for amounts ud to and Including $25,000 bonds were allotted in full Subscriptions for more than 000 bonds will receive 75 per cent, with a minimum of $25,000 bonds. in the formal notice of allotment at tention was called to tho fact that the definitive bonds would be Issued In de nominations of 11,000 and 1500. which are not Interchangeable. The trust re ceipts to be delivered will be Inter changeable between denominations until tho last possible moment before the definitive bonds are ready, but tho defini tive bonds will be delivered only in tho same denominations aa trust receipts presented for exchange. Paris Bonne Tradlnir.

Pasts, June 8. Prices were heavy on the Bourse to-day. Three per cent rentes, 69 francs 50 centimes: exchange on London, 50 francs 72 centimes; 5 per cent loan, 88 francs; the dollar, 12 franca 99 centimes. NEW YORK STOCK EXCHANGE QUOTATIONS. TUESDAY, JUNE 8, 1920.

Day's sales. ask. Biles. Adams Express Advance Rumely AJax Rubber Allls Chalmers Mfg Am Agrlc Chem pf Am Bank Note Am Bosch Magneto 10 Am can Am Car A Foundry Am Cotton Oil Am Druggist Syndicate. Am Hide Leauier Am Hide A Leather pf Am International Corp.

Am France Fire Eng Am Linseed Co Am locomotive Am Locomotive pf Am Safety Razor Am Ship A Am smelt iter Am Sugar Rot Am Tel A Tel Am Tobacco of Am Tobacco Seo Am Woolen Am Woolen rts Anaconda Cornier Atch, Top A Santa Atlantlo Coast Line Atlantic Reflntmr Df 10 Atl, Gulf A I Austin Nicnois nnldwln Locomotive Wks. Baldwin Locom Baltimore A Barnsdall Corp Barnsdall corp Barrett Co BetKlehem Motors Bethlehem Steel Bethlehem Steel Hooth Fisheries 11 TVrnoklvn ItaDld Buffalo A Susq'hanna ctfs Burns Bros Butterlck Co Butte Copper A Caddo Cent California Pack Co Canadian Pacific Central Leather Central Leather pf Cerro de Pasco Copper. Certain-teed Prod Corp. Chandler Motors Chesapeake Ohio Chicago Ort Western pf. Chlcairo.

Mil A St Chicago, Mil A St Paul pf Chicago A Chicago A Northwesfn pf Chicago ineumaiic Chlcaxo. It I Chi, I A Pao Chi. I A Pao Chlio Copper Chtno Copper Clev, A St Pm-A-Pola. Columbia Gas A Electric. Columbia Graphophone Consolidated Gas Con Interstate Cal Consolidated Textile Continental Candy su Corn Products Rof Cosden A Co Crucible Steel Co Cuban Amer Sugar Cuba Cane Cuba Cane Sugar Delaware ft Del, Lack A Denver A Rio Denver A Rio Grande pf, Detroit Edison Co Detroit Edison Co Dome Mines Elk Hom Coal Corp Endlcott Johnson pf Erls it Erie 1st pf Erie 2d pf Famous Players.Lasky Federal Mln A Smelt pf Flak Rubber Freeport Texas Gaston A Wlgmore.

numeral Chemical General Cigar oeneral Electric General Motor Corp General Motor rts. Goodrich (B F) pr Gray A Davis Great Northern Great Northern ore cxis, Hendee Manufacturing Haskell A Barker Illinois Central 60c Indlahoma. Ret Inter boro Con Corp Int Agrl Corp pf int Harvester to Int Mer Marine Int Mer Marine Internafl Motor tnt Mot Truck 26 Inter Motor Truck International Mckrl International Paper Iron Products Corp Jewel Tea i.0JlKBM City. Southern -'AND NEW YOEK HERALD, WEDNESDAY, JUNE- 9, 1920. NORTHWESTERN HAS CUTS IN DIVIDENDS Common and Preferred Dis-burtementa Reduced.

Ons of the premier railroad companies the United States, which had previously been assailed only by the panlo of 1873 and which weathered the panlo of 1907 without altering Its dividend rates, sprang a surprise In Wall Street yesterday when the Chicago and Northwestern Hallway reduced Its preferred dividends from an 8 per cent annual basis to 7 and Its common dividends from a 7 per cent annual basis to S. The dividend reductions were ascribed by the board to the uncertainties of the present railroad situation and to the belief that the guarantees of earnings afforded by provisions of law had not been converted Into cash. In banking circles the action of the Northwestern board was looked upon ns ultraconaervatlve, and It was said that the road really was borrowing money from Its stockholders rather than pay the 8 per cent or more demanded by present credit conditions. Its dividend rates, which had been unaltered since '1902, were revised 'downward and the first Important step toward conservation of cash by withholding dlvldenda since tho return of the railroads to private ownership was Initiated yesterday. The payments' on Its preferred stock were begun In 1864 and have been paid ever alnce, with tho exception of 1874 and 1876, following the panic of 1873.

1S75 the rate has never been be low 7 per cent per annum, and It has been reduced only to that level by yesterday's action. Tho payments on tho common stock were started In 1868, and although no dividends were paid In 1873 to 1877, dividends have been paid ever since. The road began to pay 7 per cent per annum on tho common on June 2, 1902, and for eighteen years that rate has been maintained The directors of the Chicago and Northwestern Issued no official statement following the meeting with reference to the reduction In dividends, but an officer at that time said that the rate of dividends on Its common and preferred stocks had been reduced because In the Judgment of the board the uncertainties of the preient railroad situation made such a course advisable Referring to the revenue sections of the" transportation act of 1920 tho officer said that such guarantees as were afforded the railroads by those provisions of law were at least not yet of tho sort out of which cash dividends could be paid. In some quarters it was believed that the motives which actuated tho board In cutting down tho dividend payments were more or less political and with the view of bringing pressure on the Interstate Commerce Commission to take early action on rate Increases. If this were the case bankers thought that the action taken was an unwise one.

Those more Intimately In touch with the men on tho Northwestern directorate, however, said that the board had been dominated by an Impulse toward ultra-conservatism and had given no thought to the effect of such action on the general railroad credit situation. Offer nearer Board Preferred. Imbrle A Co. and A. Chambers Co.

are offering to-day 11,000,000 of 7 per cent cumulative first preferred stock of the Beaver Board Companies. 1920. 881.012 1919. 1,882,130 1918. 367.861 Net Pilar.

is Closing. est est 96? Works pf 2 tool 6 pf. 7 pf Louis pf. 1 1 Co co Hi ss Mid. 2d pr.

8. TO PAY $50,000,000, Will Disburse Interest on Liberty and Certificates Tuesday. In addition to the Federal Income and excess profits taxes, the second Instalment of which falla due on next Tuesday, will be paid on that date coupons of first Liberty bonds and Victory notes and coupons from certain series of tax Treasury certificates of Indebtedneaa. The Interest payments In the Becond Federal Reserve district are expected to approximate 160,000,000. In conntctlon with the Interest payments the Federal Reserve Bank of New York laaued yesterday the following statement: "As fiscal agent of the United States the Federal Reserve Bank of New York Is now prepared to receive, In advance of the payment date, coupons due on Tuesday next, June 16, detached from first Liberty Loan bonds and Victory Liberty Loan notes.

Interest coupons payable on June 16, 1920, will also be received detached from tax certificates of Indebtedness of series TJ 192D, dated December 15, 1919, due June 15, 1920, and of series TD 1920, dated January 2, 1920, and materlng on December 15, 1920. "Checks In payment of coupons thus deposited In advance will be ready for delivery at 10 A. M. on Juno 15, 1920, or membor banks, If they so desire, may have the proceeds credited to their reserve accounts upon request" BUY MANITOBA BONDS. Minneapolis Bankers Parchaae Issue to Put on Market.

The Provlnco of Manitoba has sold to Minneapolis bankers a block of Ave year 8 per cent gold bonds and the Wells-Dickey Company are offering them at 93.84 and Interest to yield 7.60 per cent, payable In United Stntes funds. Man), toba Is the oldest western Canadian Province and has an area of 261,832 square miles, which exceeds the area of any State of the United States except Texas, being five times greater than New York and as large as tho combined areas of Montana, North Dakota and Minnesota. The Province Is noted for the pro. ductlon of the highest grade wheat In the world, the crop of 1918 amounting to 65,947,900 bushels and being valued at Ull. 895,800.

A financial statement for the Province shows the following statistics: Estimated value of property municipally assessed, $080,000,000. Total funded debt (Including preient issue), $46,400,000. Less, sinking fund, $1,033,000. Revenue produclnj-and self-supporting debt (public utilities, telephones, elevators), $20,108,000. Net funded debt, 819,230,000.

Guarantees (fully secured), $30,300,000. Population, 1011, 455,614. Preient population, estimated, 613,000. Area, square miles, 231,832. Annual production (field cnjps, live stock, dairy products, fisheries, manufactures, minerals, lumber), $318,000,000.

GEN. STOKES NEW BANK HEAD. Rlected. President of Mnnhnttnri nviiiH Aii.iiiuiiun, At yesterday's meeting of the trustees of the Manhattan Savings Institution Gen. Walter C.

Stokes was olected president to succeed the late Constant M. Bird. Gen. Stokes's father, the late Henry Stokes, was one of the organizers of the bank moro than seventy years ago. For mora than thirty years Gen.

Stokes has been head of tho Stock Exchange firm of Wilter C. Stokes from which he will retire on July 1, He assumes his new duties at onco. Year to date dTtT Bld. Ail. Sties.

21 400 Kennerott CoDDor 1.20 300 Keystono Tiro A 6 600 500 1200 200 LacKawanna uteei Liggett A Myers Tob Loews. Ino Loft, Ino Louisville A Nashville. 7 7 2 10 2 200 100 200 Manhattan Elevated Martin-Parry Corp 3500 10 Mexican retroieum Miami Conner 1.60 3600 Middle States Oil 4 200 300 600 2100 2200 8000 400 8600 600 300 500 Mldvale Steel A Mtnneano lis A St Minn, St A nan a Missouri Pacific Missouri Pacific pf Montana Power Mont Ward A Co National Aniline A Chem. National Anl A Chem Nevada Con Copper New York Air Brak New York Central 3 1 7 1 10 100 6 7 4 7 5 4 2000 2200 600 100 4400 800 1200 New York. Norfolk A Western Norfolk A Western Northern Pacific Nova Scot a Ohio Cities Gas Oklahoma Prod A Ontario Sliver Otis Elevator Otis Steel 40c 1000 300 100 100 400 Pacific Development Pacific Gas A Pan Am Petrol A 100 12800 1000 100 8100 100 400 1700 200 200 400 1400 Pan Am Petrol 33 89 26 38 24 45 37 PnrrlBh A Bingham Pennsylvania Penn Seaboard People's Gas, Pers Marquette Pere Marquette pf Philadelphia Co Phillips Petroleum Pierce Arrow Motor Pierce Oil Corp Pierre OH Cora of 800 200 100 100 75 68 Pitts, ft St Pittsburg Coal of Plttsbursr A West 800 as 111 101 171 100 100 2400 Pressed Steel Car Pullman Co l'unti Allegre Sugar Ray Consol Copper 200 60000 Reading 44 44 64 DC 200 nending 1st pr Reading 2d pf Remington Typewriter Replogle Steel Republic Motor Tfcnnhltn Iron 300 200 100 400 2800 OS 74 43 9U 96 100 6500 Republic Iron A Royal Dutch Co 5.20 1 100 8200 100 st Joseph Lena St Louis A San St Louis A San 34 13W 300 St Louis 300 St Louis Southwest 10 76 31 93 22 68 100 200 Saxon Motor Seaboard Air Line 74c 800 Shell Trans A 6500 Sinclair Consol Oil 8200 2800 Southern Pacific southern Railway Southern Railway Standard Oil of Standard Oil of Htnnr1.irrt Oil of 200 10 670 670 2 6249 1900 1100 11000 100 4400 8600 2200 600 100 Standard Oil of Stromberg Carburetor Btudebaker Corp Temtor Com A Fruit Texas Co Texas A Pacific Tobacco Products Transcontinental 100 Twin City it pr Union Bag A Paper Union Oil Union Pacific Union Pacific pf 200 600 3700 200 400 100 800 200 800 7300 1300 1200 10 2200 200 200 13200 1900 100 1900 100 2700 United Drug United Dyewood pi United Fruit United Ry United Ry Investment pf.

United Kotall Food Prod Corp IT a Tnd Alcohol Ind Alcohol pf Rubber Rubber i Smelting. Steel Steel pf Utah Copper Vanadium Corp Va-Carollna Chem pf Vlvaudou Wabash Wabaah pf A Western Pacific Western Union Tel 300 700 300 600 300 400 500 2500 200 100 100 700 Westlnghouse A Wheeling A Lake White Motor Wlllva Overland Willys Ovrrland pf wuson to (F'W) Worthlngton Pump ebdd lots. ATLANTIC REFINING BUYS INTO SUPERIOR Standard Oil Concern Takes Over Large Interett. Details of the purchase by the At. lantlo Refining Company, one of the blggeat of tha Standard Oil group, of a largo Interest In the Buperior Oil Corporation ware announced yesterday.

The need for Increased sources of oil was given as the reason for the purchase, and It was announced that tha Atlantic Refln-lng would direct the management of iu new subsidiary, tho properties of which are principally In Kentucky. Tho Atlantic Refining has contracted to purchase for ten years for prices current on delivery the Buperior Corporation's output sub-Ject to the capacity pf the Cumberland Pipe Lino, which owns and operates a pipe line ayatem In Kentucky and has a capacity considerably in excess of wells feeding It To obtsln additional oil production and provldo working capital the Superior Oil Corporation has authorised an increase In Its stock of 2,200,000 ahares, of which 1,018,178 shares will be used for those purposes. From that block of stock Atlantlo Refining has made Its purchase, and that stock, It was art-nounced, and an additional 527i600 shares will be deposited with Atlantlo Refining for two years under restrictions as to sale. The remamder, shares, has been taken by a syndicate composed of Brown Bros. A White, Weld A Oraham, Parsons A Co.

and Frailer A Co. of Philadelphia, which Is offering It at $19 aahare. The stock pays' dividends of $2 a year, and It was said yesterday that the company contemplates the continuance of those dividends on the enlarged capitalization. The directors of the Superior Oil Corporation, a majority of which are to bo nominated for three years from the present management of the Atlantic Re-fining, will Include E. H.

Blum, James C. Brown, Robert M. Catts, W. P. Cutler.

G. A. Evalonko, Howard S. Graham, B. J.

Henry, Albert Hill, W. M. Irish, John H. Stone and Francis M. WeloV For tho twelve months following the proposed consolidation the net earnings of the Superior Oil ore expected to exceed $10,000,000, or more than $8 a share on the capital stock.

More than 90 per cent of tho estimated earnings of those proportles will be derived from Kentucky fields. In that State tho Su-perlor Oil Corporation has 1.900 proved drilling locations. Its consolidated proportles will Include In that State 33,661 acres of leaseholds and royal-ties and 21,000 ncres of undeveloped leaseholds, and from them It haa an average dally production of 6.J58 barrels. Conley Tin Foil Pays DlTlflenfl. An Initial dividend of 50 cents a share has been declared by the Conley Tin Foil Corporation on Its capital etock.

The dividend Is payable on July 1 to stock of record on June 15. The company was formed to take over the old Conley Tin Foil Company on the basis of twelve new shares for an old share. More than 97 per cent of the old stoek has been turned In and the Interests Identified with the new corporation have put In new capital to the amount, of $830,000 and are developing a programme of ex. panslon. 1020.

.1919. 120.949.383 1911. 65.249,810 116,240,255 HijbT TSt Quote- Ord 1 '2 new. tox. II pf.

26 Louis ctfs Steel pf it Fran pf. pi. Oil -I? 1054 74 107H 8 51 .1 10" 5i 18K, 734 lOfili 66H pf. 106 6774 It 66 li GOSSIP OF WALL STREET. FlKhtlnar IJnfuTorsible Fieors.

Tha market had to fight Its way against, the tide of five distinct unfavorable factors yesterday and that It did as well as It did was the subject of a great deal of favorable comment about tha Street last night With a few exceptions there was no foroed liquidation at all and stocks appeared to be in exceptionally strong hands. The days outstanding unsettling factor was the unexpected reduotlon of Its dividends by the Chicago and Northwestern. Added to that was a Government crop report that holds out but slim hope for a rtcora breaking crop this fall, repetition of the advance In call money to 10 per ossit. a figure established on Monday, and uncertainty attendant on the outcome of the Republican convention In Chicago. Finally another break of 10 cents In silver In the New York market was added as the last disturbing factor.

There was a sharp rally In the final hour of trading, when the call rate for money again started down the scale and deollntd 2 per cent from tho day's high beforo the close, The Market and Politics. The stock market," remarked a veteran trader yesterday, "has never yet failed to express Its approval or dlsap-nrnvnl nt a nolltlcal event of such Im portance aa tho Republican convention at Chicago. You can bet your bottom dollar It will follow precodent Wis lime. Let a conservative Republican bo nom inated and you will see a robust rauy. But If il ramnaRlnsr radical Is success ful a decline of considerable proportions may bo anticipated.

That Is why tho msrkot haa fairly marked time for tho last weok, merely awaiting develop ments. Wall Street Is ready to jump either way. Silver Drops Violently. Assurance that the United States Gov ernment will not peg tho price of stiver and heavy liquidation of silver contracts In tho London market by far Eostorn traders and cessation of demand for ths metal In tha far East have served 10 bring about a wide decllno In sliver prices In the last two days In London and sympathetically In New York. Stiver In London dropped 8d.

to 48 d. an ounco, which, added to the decline or 2Hd. an ounce on Monday, brings sliver In London to Us lowest mark since March, 1919. In F-sbruary It touched a high of 89 cents, silver aecnnea approximately 10 cents an ounce In New York to 84085 cents an ounco, tho lowest figure alnce August. 1917.

which contrasts sharply with a high of $1.37 Mi, which the metal brought in this marnei ir. November. ITorthTrestern Cuts Dividend. A smashing decline In the selling price of the common and the preferred Issues of Chicago and Northwestern ac companied yesterday's cutting of the dividends on Its common from a 7 per cent to a 6 per cent basis and on Its preferred from an 8 per cent to a 7 per cent basis. The reaction carried its common stock down 6 points and Its preferred 10 points In endeavors to adjust themselves to, the new earning basis.

Because of Its reputation as an Investment security and because It had been generally believed that a dividend cut would not bo made at this time the action of the company's directors threw a cold damper on not only Northwestern, but on the rail market as a whole. No direct statement was mads by any officials of the road. It was stated, however, that although the Government guarantees are In fact guarantees they do not mean cash In hand at tho present time, and the company's directors thought It best to be guarded by cash resources. In the first four months of 1920 the road took In $46,233,000 gross and had $314,000 net operating Income left after paying operating expenses and taxes. Inside Information.

Although the directors of the Chicago and Northwestern met yesterday In New York and decided on their cut In its dividend and to announce It at 1:45 o'clock, Chicago speculators knew of the coming-action, and started hammering the atock the moment that the market opened yesterday morning. The long string of at the market selling orders In Northwestern which rolled In from Chicago caused the floor traders to suspect an Ethiopian In the wood pile and they too jumped In and sold tho stock, A decline of 5 points had boen recorded before announcement of the cut In tho dividend was made by the company's directors. The balanco of tho decllno was brought nbout by local selling after tho announcement and several of those sales were to poople In Chicago who earlier In the day had evidently owned a piece of very valuable Inside Information. Famona Players. The advance of 2 points In Famous Players to 79 yesterday stood out rather conspicuously, because the balance of the market was going no place In particular at the time.

It has been reported that stockholders of the corporation may anticipate Increased dividends, but no official announcement from the company has lent color to that report The company paid $1.50 a share on April 1, 1919, and $2 a share on July 1, 1919. They were the first payments since October 1, 1917, when $2.50 was paid. Officials of the company havo made recently the statement that the corporation's earnings were running nt the rate of more than five times its preferred stock requirements. Foreign expansion Is said to havo opened up a field for increased earnings, which may be expected to show np soon In Its balance sheet 'Famous Players has had rather an erratic market career and always has been ono of the favorite targets for bear attacks, because of tho apparent lack of organized support Tho stock reached a high of $123 a share last July, but closed the year considerably below par and has never been able to reach that point since. Btnta Motors.

The move of the directors in Stuts Motors to pay1 the 80 per cent stock dividend Immediately Is Interpreted In tha financial district to mean that a strenuous effort Is going to be made to market that stock. Its present market price la $460 to $480, no sales of It havo been made on tho curb In many weeks. In the meanwhile tho SUitx sponsors are reported as finding themselves in the middle of a bad fix. They hold all tho stock nt a prohibitive price, for which tho publlo will not touch It The sponsors, therefore, are unable to turn their holdings into cash. If the current quotation holds for Stuts until It sells ex dividend the prtco will be around $270 a share for the stock.

Even at that price It will be practically double Its normal quotation when listed on the big board. Ohio Cities Gas. Having lost its Identity na a public utility since Its wild scramble for oil properties brought It pronounced success Ohio Cities Gas la to go further and soon will change its name to the Purs Oil Company. Its entrance Into the oil fields haa been the salvation of the corporation, although It still controls and operates several public utilities. Juat how far It has switched from a public utility property to an oil company la demonstrated by the fact that Its gross lost year wis more than $54,.

000,000, against about $8,000,000 In 1917, and that 95 per cent of Its earnings were from oil properties. The corporation Is said to own 3,000 duclng wells. pro- London Wool Market. London, Juno 8. At to-day's wool auction sales 8.100 balet were offered.

There wns a better sale for Merinos, but crossbred were slow. Cochrane Harper Ill Broadway NEW YORK 60 State St. BOSTON Invincible Oil Corporation Latest Circular, on Request WEEKLY LETTER a tying current news and development of INDEPENDENT STANDARD OILS Furnished upon reqntst Foreign Bonds Barila 4s Bremen At, 4s Coblons 4s Cologne 4s 1 Dresden 4s4Ms Duesseldorf 4s Frankfort 4s, Cs Hamburg 4s, 4j4e Luebecli 4s Leipzig 4s, 4H; 8. Munich 4s, Ss Vienna 4s, 4s French Govt 4s, 6s Argentine) Govt, 8s Chinese Govt. Bs Japanese Govt.

4s, 4H An approach to the normal in for-i elgn exchange) would bring exceed-) ingly large profit on bonds bought! at current levels. I Hartshorne Battelle irMkt- tftto York flfoefc Etchona 28 Broad St. New York TELEPHONE BROAD 7740 EQUIPMENT STOCKS Are discussed in the current issue of our Market Letter. Copy on rtquut. SHONNARD.

MILLS CO. Mtmltt) N. Y. Stock Exthanu 120 Broadway, N. Y.

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