Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-30
GAS SHARES WEAKER.
Philadelphia Company Drops Back
Close to the 20 Line.
NEARLY EVERYTHING is WEAK.
Support Is Lacking at All Points and Trad
ing Is Light
LOCAL AND GENERAL FINANCIAL NEWS

TUESDAY, Nov. 29.
Another decline in Philadelphia Com
pany was the bulging feature of the local
stock market to-day. The stock did not
show special weakness until the last few
minutes of the closing call, when it sold at
2OA@2O1S, and closed looking weak at 2oss
@2OA. These figures apparently brought
out some stop orders, or else some stock was
thrown on the market through the failure
OF someone to respond to call for margins,
as, Immediately after the gong
sounded for the close of the
call, it came out rather literally
at 20H, and then at 2OZ, and closed firmly
at 2OH bid. Sproul & Co. and w. j. Rob-
inson were the chief sellers, and the buying
was distributed among g. B. Barbour, Fred
Rinehart, Lawrence Il Co., K. j. Stoney, Jr.,
Hill & Co., and C. L. McCutcheon. The
cause of the weakness of the stock is mex
plicable. So far as can be learned, 1t is
quoted at %. 1t had to have a break, SEEM
ingly, and now that it has had one it may be
We viii see a better market for all the
gassers, Phillie in particular. The stock is
certainly worth more intrinsically than it
Is selling for, and there is bound
to be q reaction. 1t looks very much
as If it had touched bottom. Considerable
uneasiness was created in the East TO-DAY
by the announcement that several millions
OF gold would go out by Saturdays steamers,
and it may be that the uneasiness was re-
dected here. There was certainly d1spo-
sition at the close to let go of stocks likely
to suffer in the event of tight money.
Besides the sales of Philie, Union Switch
and Signal preferred sold at 3s, one share Of
Lustre Mining Company at 9 and $1,000 P. &
B. traction 55 sold at 100, which was the ex-
tent of the business on change. The quota
fons made .nr0gghoes the vsss s5
tone. The fractions were all easy, with one
or two of them lower, and the same descrlp-
tion is applicable to any one of the other
groups of stocks. Electric second preferred
was offered down to 36sl here and at 80 in
Boston.
The uglisted street railways closed as fol-
lows: P. B. traction, 2419 bid; Duquesne
traction. 27ez715: p. A. & NJ. traction. "A
asked.
McCandless and Coinsurance.
President McCandless, Of the Pittsburg
Board. was in town Saturday, says the New
York Bulletin, and talked to the Bulletin re-
garding the coinsurance question at Pitts
burg as follows:
cit was never up before the Pittsburg
Board in any manner. shape or form, ana,
consequently, could not have been squelched
as stated by Iron City in his communfca-
tion of November 1s. The whole matter is
Committee OF the board, and in my opinion,
it is only a question of time when the best
coinsurance system will be adopted HOW
long time that will be, it is hard to tell.
We meet once month, and our regular
meeting has just passed"
President McCandIess, on being asked
whether the W. G. McCandless, W. L. Jones
and Edwards & kenney agencies, which con-
troll much business there, are in favor or
against coinsurance at Pittsburg, says:
"They have no more voting power than other
are for and which against coinsurance, but
1 believe a majority of tho Pitts5urg Board
will prove favorable to the measure W. hen
properly presented. I cannot fix any time
when it will be, although we are liable to
see it done early in the coming year"
On being asked what would postpone the
needed action until 1898, Mr.. McCandless
says: "We have only one meeting before
next year. It requires labor and time to get
data from other cities. Then, too. the holf-
day season comes in. We are not afraid to
jections that we meet with is the fact that
New York and foreign companies will per-
sist in writing over the heads Of their agents
at less than board rates" Regarding the
bearing of this on coinsurance. Mr. McCand-
less says: "The higher che rate, the greater
the opportunity. The adoption OF coinsur-
ance Is practically an advance IN rates. 1t
means more premium, or the companies
would not advocate il"
Upon this interview New York insur-
auce man comments as follows: From the
agent-brokers at Pfttsburg are trying to
postpone the question till the storm blows
over. and then shelve it. w. L. Jones is op-
posed to coinsurance very positively, and is
unlikely to be instructed from his home
Office. McCandless and Edwards 4 Kenney
do not favor the reform for fear they may
lose some of the accounts they control. The
'-agent for the assured" is very numerous
and bold at Pittsburg. With the example of
how the companies conquered the rebellious
Virginia agents before us it is fair to assume
that, smarting under the heavy losses,
agency managers will soon commence set.
tling the Pittsburg question unless the local
agents act speedily themselves. The broker
agent is as much of an evil factor at Pitts.
burg as he is at Baltimore.
Sales and Final Quotations.
Transactions recorded on the Exchange
sales board to-day were as follows:
FIRST CALL.
so shares Union Switch and Signal. pfd........ 3S
5 shares Philadelphia Company ny................. q
i share Lustre Mining Company.
SECOND CALL.
o. oo0P. 4 B. traction IS. 5s.....................1O
THIRD CALL.