The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-20
pLUME OF SALES
IN STOCK MARKET
Sinister RumorS Are Circulated
About the Exchange
EQUITABLE LIFE AFFAIRS
We're So Specifically Mentioned In Re-
ports That the President of the
Company Issued
- Statement.
EQUITABLE LIFE AFFAIRS

New York, February 19.-The selling of
socks today was of volume and in a
lhnner to seem portentious and was the
ucasion of an unusually large number
I rumors coming into circulation in the
nighborhood of the stock exchange.
1any of these proved unfounded and
l5ne were actually verified during the
ession of the stock exchange.
This situation offered the alternatives
( supporting these rumors were set
float with sinister purpose to force
Fices lower in the interest of the bear
arty, or represented the blind cropping
.fter the real causes of the selling. The
post persistent and efficacious of these
aImors had to do with the affairs of the
EQUITABLE Life Assurance society, and
hey became SO specific and so confident
n their form that the president of the
Equitable was led to issue a formal de-
ial of Them,
Recovery set in after the issuance of
Ibis disclaimer. Previous to that the
Impression was conveyed that some OF
The heavy selling in the market was from
the treasury of the insurance company,
with various Accomplishments in the way
Of commentary on the collateral effects
10 be assumed. There remained a fruit
full field for conjecture as to other posi-
Die developments.
The coming resumption of the inter-
state commerce commissions inquiry into
the Hartman railroad combinations, and
the information alleged to have been pre-
pared by the head of the sysetm for use
in his examination, were said to be of
formidable import to the market The
special weakness of Union Pacific was
due to this impression. Coming activity
i'll the field of investigation of depart
ments of the state government at AL
bany was another favorite theme much
harped on in the days gossip, and banks
and trust companies were said to be the
prospective field by the medium of the
state banking department.
On the Washington side it was said
that the coming change in the admins
tration of the treasury department was
the occasion for msgivings on the part
of powerful financial groups, for reasons
which supplied ground for numerous
variations in. the current rumors. The
nature of these influences on the market
1t indicated by this list of some of the
specific rumors atloat
The pressure against PENNSYLVANIA was
directly traceable to the limitations OF
another note issue, the announcement of
which was made formally during the
day. The Importance of the operation
was modified by the fact that of the
total issue of $50, 900, all but $1,000, 600
is designed for the extension of notes
already outstanding, the 600 so pro-
vided for maturing November l.
An additional mitigating effect was the
accompanying explanation that this
would complete the necessary financing
for the company this year, and would
obviate the offering in that time of any
of the new stock and bonds which the
stockholders will be asked TIC authorize
at the annual meeting. The report of the
terms of the issue caused a violent re-
bound in Pennsylvania and added to the
recovery elsewhere which followed this
statement from President Morton of the
Equitable company.
The recovery was held fairly we'll to
the closing, but considerable losses re-
manned at some points of the list Money
was stronger, tenders being influenced
by the terms at which the corporation
notes are placed.
Bonds were heavy. Total sales, par
value, $i,222000. United States IS regis
tered advanced Is, the coupons 4 and the
3s coupon y per cent on call.