The Washington herald., 1914-07-29
WALL STREET GOSSIP.

The. committee Of International and
Great Northern note holders has reached
an agreement with George J. Gould and
the Gould estate for extension for two
years and . half Of that eompany's
81 100000 three-year 5 per cent notes.
due August ].
RandoIDh to W. B. Hfbbs & Co.-The
Austria-Servia situation seems 10 be
shapipK itself into a family row. Servia
killed the Austrian heir and Austria Is
going to thrash servia for II. The other
nations will not be drawn into the row
II they can possibly avoid II. Although
the situation is delicate and dangerous. IL
looks to Us as IL II would be adjusted
without any general European war. After
a certain amount Of fighting Servia will
Weld to Austria's wishes and Austria
will have had satisfaction OF Servia for
the outrage which she committed. Rus
sia with France and England's influence
against her will certainly do all she
can to avoid It.
In view OF the rumors that the Toledo,
ST. Louis and Western Railroad would de-
fault on August in the payment Of the
coupons on the collateral trust and per
cent bonds due on that date, a committee
has been formed to protect the interest
Of the bondholders both Of Class A and
Class B.
The committee consists Of Edwin C.
Merrill. president of the Union Trust
Company of New York, as chairman; r.
Walter Leigh, OF Maitland, CoppeII & Co. !;
Robert Walker. of White & Case, and A.
v. Morton, vice president Of the PennsyI-
vania Company for Insurance of Lives
andGranting Annuities, Philadelphia. Mr.
Louis c. Rrauthoff has been selected as
counsel and the Union Trust Company of
New York as depositary. Formal requests
for deposits of bonds will be published
shortly.
Continued liquidation in the pipe line
issues again was the outstanding feature
Of last weeks market in Standard Oil
securities, says the General Service Cor
poration. The only apparent reason for
the declines in the issues is that the pipe
lines have been subject through the re-
cent Supreme Court decision to the with
ering blight of Interstate Commerce
Commission supervision, a fact which in
vestors have discovered is deadly to prop
erty values" II continues. There is such
a thing. however. as OVERRIDING pessimism,
and no foundation exists in reason or fact
for the levels to which liquidating pres
sure has forced the pipe line issues
Even under reduced dividends. the ma
VI 10 yield from
10 to II per cent at the present price.
First fruits Of the oil price war were
seen yesterday in the reduction Of the div
idend declared by the Standard Oil Com
pany OF Indiana compared with last year.
The rate ordered paid was 3 per cent regu-
lar and 3 per cent extra. This compares
with per cent distributed with the corre-
spending quarter last year. There is no
sign Of an ending OF the fierce competition
between rival companies, and some OBJ
servers think that there will be no end
to II until many OF the weak concerns are
crushed out Of existence. They predict
that eventually the oil business will be
in the hands of the few units which
formerly composed Standard Oil Com
pany. Possibly FIVE or six concerns will
distribute oil in the United States. The
Standard Oil Company OF New Jersey
promises TO lead all competitors in the
United States, while the Standard
Oil Company OF New York, which
recently secured valuable concessions in
China, promises TO develop into the
greatest world distributor Of oils.