The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-20
RUNORS AFFECT
STOCK MARKET
nue Of the Most Persistent Re-
Oarding the Equitable Off
CiaIIy Denied.
Union PACIFIC DEPRESSED
STREET MAY FEEL THE LOSS OF
SECRETARY SHAW.
Union PACIFIC DEPRESSED

Van York. Feb. l9.-The selling of
stocss TODAY was Of a volume and in a
manner 10 seem pOrtentous and was the
,ocasien Of an unusually large number of
-,,rrors Many of these proved unfound-
IA and none was actually verified during
he session This situation offered the
alternatives Of suppOsing these rumors
we're SET afioat for a sinister purpose to
force prices lower in the interest of the
bear party. OF that they represented the
blind cropping after the real causes of the
selling The most persistent rumor had
IN 90 with the affairs of the Equitable
life Assurance society, and they became
So specific and so confident in their
forp, that the president of the Equitable
was led to issue a formal denial of them.
Recovery set in after the issuance of this
disclaimer. Previous TO that the impress
sion 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 to
De assumed
The coming resumption of the interstate
commerce commissions inquiry into the
Hartman railroad combinations and the
information alleged 10 have been pre-
pared By the head Of the system for use
i'm his examination were said to be of
formidable import to the market. The
special weakness Of Union Pacific was due
10 this impression. Coming activity in
the field Of investigation Of departments
II the state government at Albany was
another favOrite theme which was harped
upon IN the days gossip and banks and
trust companies were said TO be the pros
pective field by the medium of the state
banking department.
On the Washington side il was said
that the coming change in the admins
tration Of the treasury department was
the occasion for misgivings on the part
Of the powerful financial groups. for rea-
sons which supplied ground for numerous
variations in the current rumOrs. The
pressure against Pennsylvania was direct
y traceable TO the limitations of an
other 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 100000 all but SIC co., 600 is de-
signed for the extension of notes already
outstanding. the so 90 90 so provided for
maturing Nov. l. An additional mitigat-
ing effect was the accompanying expla-
nation that this would complete the nee
essary financing for the company this
year and would obViate the offering in
mat time OF any Of the new stock and
bonds which the stockholders will be ask
ed 10 authorize at the annual meeting
The report i0f the terms of the issue
caused FiNent rebound in Pennsylvania
and added 10 the recovery elsewhere
which followed the statement from Presi-
dent Morton OF the Equitable company.
The recovery was held fairly well to the
closing. but considerable losses remained
al some points of the list. Bonds were
htavy. TO-ll sales. par value. 81, %. 0e0.
l. 5. 3, registered, advanced IA the
coupons 4 and the As, coupons, Y per
cent on call