New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-28
A HEAVY BLOW TO VALUES
WALL STREET FEELS THE EFFECT OF THE
NEW TARIFF BILL
SUGAR SUFFERS A NET LOSS OF ca PoINTs-DE
CIINEs IN OTHER INDUsTRIALs AND

SUGAR SUFFERS 4 NET LOSS OF 0't foiNi'-DE
cI1NEs IN OTHER INDUsTRIALs AND
IN THE GENERAL LIST.
The tariff tinkering Of the Democratic majority
on the Ways and Means Committee Vi e
had its effect in Wall Street yesterday. -'' o'e
of the active stocks sold of ana closeu i'o''' 'e
quarter to g.. per cent lower than 'hc ope"'ms
This too was in the face OF previous iioe'
counting of the probable determination vi ,he
wovs and Means Committee or course the In
dustrias felt the worst of the blow puI o'her
stocks did not stand up long under 'he se'eia
assault which made on sugar. ied'' 'ee
and whiskey The stock of the American "ue''
Refining Company received the severes' pous
and II went off c.. per cent closing At ''7S
stock opened at o. and closed on SATURDAY Ut ga
The publication yesterday morning OF the maj
decision of the majority Of the members OF the
Ways and Means Committee weakened ths s'och
materially. and 1t was the main point VI h''
throughout the day. 1t sold at one time as low DO
Sill but IL recovered later. In all over l-o'V"
shares were sold the Stock Exchange lh'S
was over one-third of the total transactions.
National Lead was one OF the next Oh '"e III"
dustrial stocks to feel most severely 'he assault
made by the Ways and Means Committee on the
American industries This stock closed TWO Ponh'S
below the opening a sale or about o'"" Sha'e'
The closing price 2ii2. The main cause vi Tue
decline in National Lead was due to the part OF
the tariff bill reducing the duty on white iead con-
sderably. Distilling and Cattle Feeding next W
Sugar. had the greatest tumble. This s'och so'u
off 2ia per cent National Cordage TOO lei' 'ie
effect of the promised changes and cioseu "a p'
cent below the opening the deterniha''o" W
put binders Irvine the free list THESE "e''
the marked changes In stocks. , .o.,o,.
Except for sugar. the market opened yesu y, Id,
with general higher tendency ana many 80
on the ndusrials however. made 1t imIossipie 10
keep prices up long, and before the Haihe' TIara
there weakness along the entire hne, IT.
were only two railroad stocks on the nst WhIIn
showed that they not Influenced by the "a ~
tinkers. Manhattan Consolidated, on sdle %, w
shares. maintained the opening price, ana thlia-
delphia and Reading. on n transfer OF ioVV H""'
also sold at its opening value. ,
John T. Searles. the secretary or the ami J"
Sugar Refining Company. said to n reporter yes
terday afternoon -, - =,
IL do not believe that n tariff bill Will ever ne.
come a law containing the sugar Schedule winch II
now has AS IL is the sugar schedule Is a manifest
Injustice. In framing the bill the members OF the
one OF the least protected OF the American INDUS
tries There might be some reason for reiuctloh
Of the duty goods which are protected hghiS,
but Il ought not apply in the case OF reiinc1
sugar. which Is protected at about IL per cent IL
clearly IS unfair to reduce the duty on sugar one
half when Germany pays bounty OF q cents per
100 pounds 10 her rcfncrs for all reiined sugar ex
ported. n this duty IS lowered this country VIII
become n dumping ground for all Of the sugar man
ufacfured elsewhere. and do not believe that the
absolute destruction Of this industry In this coun
try will be wrought by the party In power
Another official Of the sugar trust said 10 re-
porter: , u.
'If the duty on sugar Is changed as proposed. II
Company TO continue further in business after the
hill becomes a law.