The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-14

withdrawal was of no Significance what
ever, much curiosity was awakened,
Young Rockefellers resignation occurred
several months ago and every effort was
made to keep 1t quiet. The news leaked
out quite accidentally. 1t Is persistently
rumored on the stock exchange that fric-
ton has developed inside the Standard Oil
crowd between John d. Rockefeller, Sr,
and John d. Rockefeller, Jr., on one side
and William Rockefeller and H. H. Rog-
ers on the other. The story Is that the
elder Rockefeller is intolerant of the
more offensive tactics employed by Will
liam Rockefeller and Mr.. Rogers in the
stock market. These tactics have long
been the subject of bitter criticism in
Wall street, but it Is a surprise to learn
that the j. ID. Rockefellers are displeased
, with them 1t is supposed that the Ma
tional City bank will support William
Rockefeller and II. II. Rogers. The stock
market operations of that bank are colos-
sal and they are directed principally by
James Stillman, its president, II. H. Rog-
ers and William Rockefeller. This gossip
Is more interesting than significant, be-
cause the danger of a split in the Stand
ard Oil crowd Is so extremely remote as
to hardly be within the range of posi-
bility. The extent of Mr.. Rogers influ-
ence In the stock market may be faint
ly understood from the statement that he
money market. This, however, Is but
small amount as compared with the ag-
gregate he controls.
Morean's Concern a Failure.
The preferred stock of the Internation-
al Mercantile Marine Co., Mr.. Morgans
latest trust creation, sold this week as
low as 251k. 1t is per cent cumulative
stock. on which no dividend. however,
has ever been paid. The common stock
is quoted as low as 61k bid and ~ asked.
Transactions in the securities are more or
less nominal The Atlantic Transport
Line, which is an important constituent
Of the International Mercantile Marine
company, has announced the curtailment
of Its service between New York and
Southampton. The reasons given being
a depression in ocean traffic and desire
to effect economies. The vessels that are
taken off carry only first cabin passen-
gers There is no information as to
whether the curtailment of the service
will extend to the other companies, but
the action gives rise to fresh misgivings
in Wall street. No official announcement
has been made as to what the Interna-
tional Mercantile Marine proposes to do
on the interest that is due in July. The
Wall Street Journal estimates that the
company's fixed charges on its funded
debt aggregate s3,034,S00 year. OF the
s75, 900, 900 bonds authorized s50,000,00O have
been issued, but they are undigested. the
promoters having been unable to distrib-
ute them. The underwriting syndicate
Is supposed to hold the bulk of them.
If any other man than j. Pierpont Nor
gan was responsible for the international
Mercantile Marine the financial commun-
ity would draw unpleasant differences
from the inocuous condition of the secur-
tiles, but Mr.. Morgan Is man who is
subiimely Indifferent to his failures. The
equanimity with which he takes them
and the ease with which he passes from
an improbable venture into something
new are notorious to all who have been
associated with him in business. 1t Is
clear, however, that something will have
to be done with the international Mer-
camille Marine and the chances are that
when Mr.. Morgan gets back from Europe
a reorganization will be preached. He Is
a man who does nothing by halves and It
Is expected that the scaling down OF the
international Mercantile Marines a.
nances will be quite as drastic as that q