The Birmingham age-herald., 1903-10-11
VAS IN NATURE
 OF COMPROMISE Reduction in Steel Dividends
 Due to Rockefeller VANDERBlL I DUEIN GOTHAM Well-Grounded Belief That keene Has Formed Market Alliance With the Standard Oil Magnates-other
 Wall Street Gossip.
VANDERBILT I DUElN GOTHAM
BY w. G. f.IcHoLAs.

New York October 10.-Beyond a ques- ton the reduction in the dividend on steel common was due largely to the Rockfel- Ter influence The Standard oil party has from the start been against paying divi- dends on the common stock and in that stand they have the support of MT. Prick and other conservatives identified with the property and familiar with the iron and steel trade. It is by no means eer- tain that the per cent rate will be main tained for any great period of time The action taken on Tuesday was in the na- ture of a compromise. What is known as the Morgan element favored the payment of per cent. on the theory that the great mass of holders of the shares had right to the money as long as the corporations earnings Justified it. This party con tends that until the net income of the company falls below s100, O00,O00 year common shareholders should receive 4 per cent This faction in the directorate has been defeated and a start having ben taken on the back track there Is no assurance that the dividend will not be cut off entirely within another year. Meantime the bond conversion plan has been pushed along and it will not be long now until 1t is completed
 It is understood that many of the mem- bers of the last Steel underwriting syn dicate took advantage of MT. Morgans offer to withdraw from the combination taking down their bonds and paying the full amount of their contingent liability 20 per cent. That releases securities held by MT. Morgan having a market value of something like $40, ,O0O0OO Those who continue in the syndicate believe that in some miraculous manner MT. Nor gan will still ring a profit out of the tram saction for them. At present prices the deal shows a heavy loss to the under writers.
 Mr w K Vanderbilt, will be in New York on Monday. During the long period of shrnkage in the stock market noth- ing has been heard from Mir Vanderbilt. He has been abroad most of the time and has appearantly taken no interest what ever in stocks. For some reason the Street attaches considerable financial sig niicence to his homecoming. It Is of record that the Vanderbilt influence has been all powerful in stopping nearly every great slump in the market. The Wander bilt shoulder has been put against the | financial wheel every time it has been necessary during the last twenty-five | years, and although there are now other 1 interest in the field stronger than the Van derbilt it would not be strange if the present head of the family should be able | to contribute vitally to the strengthening of the situation as it is now found. There Is still magic in the Vanderbilt name and if w. K. should take a decided stand great weight would attach to the action During MT Vanderbilt's absence the Standard oil party has accumulated an immense line of New York Central stock and 1t will unquestionably have voice in the future policy of the property although there is small likelihood that the Vanderbilt's will be deposed from the management it being contrary to Stand ard oil policy to disturb conditions where they are fairly satisfactory. The Rock feller power in the two great trunkines- Pennsylvania and New York Central, will be exerted in favor of George Gould and if his way is to be made smoth one