The Birmingham age-herald., 1903-10-07
J. s. Steel Directors Reduce
 Dividend on Common Stock
THE DECREASE IS ENORMOUS
fulfilled Orders on October This Year Amounted to 3,728,742 Tons, While
 One Year Ago They Amount ed to 4,s4s,ooo Tons.

New York, October 6.-The dividend on the common stock of the United States Steel corporation for the last quarter was today reduced from l per cent to one- half of 1 per cent, thus setting at rest a matter that has agitated Wall street and financial circles generally for many weeks To quote very high authority in the affairs of the corporation. "the action of the board was unanimous and was caused by the falling off of business"
 This last is borne out by the financial statement issued shortly after the meet ing. The statement shows a decrease of $4,462, 66S (September estimate) for the third quarter of the calendar compared with the same period last year and a de- crease of s4, ,S39, 4S7 compared with the pre- cedng quarter of this year. On october 1, 1902, the corporation had thrilled orders of 4,S43,0OO tons on hand. This year the thrilled orders on the same date amount ed to S,72S,742 tons.
 Cut Had Been Discounted.
 The course of steel common in the last  cut has been largely discounted.
 In fact, wagers that the dividend would be reduced were plentiful recently, and there were predictions that it would be passed completely. Nevertheless, today 8 action came as a surprise to many who urged that it would be impossible to make any change at this particular time.
 The importance of todays meeting, which was preceded by that of the finance committee was emphasized by the atten- dance of nineteen of the twenty-four di- rectors, including J. P. Morgan, whose presence at these meetings has been very rare Amor.6 tlle a-ssentee5 were John D. Rockefeller and his son, John D. Jr., William H. Moore and Marshall Field of Chicago. The absence of the Rockefellers was the subject of some comment be- cause of the rumors industriously clreu- lated for weeks past, that the Standard oil faction had arrayed itself against MT. Morgan and his friends and would hold out for a reduced dividend. The unani- nous action of the board on this polHt, however, disposed of these rumors.
 Session Was Brief.
 The session of the directors was a brief one. The printed statement of Comp troller Hilbert, given out directly after the directors meeting. was proof that to- days action had been determined some hours in advance of the meeting
 The regular dividend of 3-4 per cent on the preferred stock was declared This dividend Is payable November 16.
 The dividend on the common stock is payable December 30, the statement for the nine months gives a total net earnings after monthly deductions for repairs, rem tals, maintenances and interest on bonds and fixed changes of the subsidiary com panies, s94013, ,S36 Deducting amounts for sinking funds on bonds of subsidiary companies and depreciation and reserve funds, brings the net earnings down to $82, ,211. .692.
 A further deduction of interest on the corporation bonds, including the sinking funds leaves balance of $65.97s,217.
 Dividends Decrease.
 Dividends on the preferred and common shares for the nine months aggregate $36- 629, 475, leaving a balance of undivided profits. or surplus for that period of $29 34S.742.
 Trading in the steel stocks was the chief feature of the market The common stock sold as low as 1873. advanced a full point from that figure and closed at IFS. frac- tional net gain. The preferred stock on heavier transactions, sold as high as 66, but closed at 647s, a one point gain on the day. Dealings in the sinking bonds were in very large volume. the price ranging from Il to 72 3-4
 A little more than three months ago, just before the last regular dividend on steel common was declared, that stock sold around 3O Since then it has sold as low as 147s.