New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-16
SILVER, WHEAT, SUGAR, DOWN
NEW Low RECORDS MADE IN TWO
IMPORTANT COMMODITIES


WHEAT SPECULATION DEPRESSED ANEW
UNAVOIDABLE REPORTS ABOUT STORED
GRAIN 80 SUGAR STOCK BREAKs
SHARPLY OK IIQTDATION-A
SPECULATIVE TENNIS GAME
PENDING TARIFF LEG
IsLATICN.
Yesterday was another record smashcr" in
wheat and silver The hopes that had been built
on the rally in both commodities on Wednesday
dashed to the ground and prices went be-
low all the previous low prices. Bar silver IN
London fell last Friday TO 29hd an ounce. owing
to the complete breakdown Of the effort OF the
British Government to sustain the par OF eX-
change between India ana Great Britain. rally
to Boyd followed covering Of speculative short
contracts but yesterday the price reached 29isd.
the lowest point in the history Of the white
metal Some cable dispatches said that the ac-
tual closing price was 29d. and that 2S'sd was
the best bid for silver deliverable in March |
Indian exchange touched l3i3d, the worst figure |
ever reached Rupee paper in London was quoted /
at j6ia.
The New-Yorli silver market Is practically de-
moralized. although the nominal quotation was
63;h cents for commercial bar silver Little bust
ness can be done because of the uncertainty Of !
the London silver market. Dealers here say |
that London msjudged the significance Of the |
statement made to Parliament by the English |
Chancellor of the Exchequer to the effect that
there was no ground for the belief that the Indian
minis might be reopened to free coinage. and
that no new minimum price for Indian exchange
would be fixed Reliance had been placed upon
the needs of the short interest in the silver mar
ket but the actual pressure of spot silver was
too great for any speculation in futures TO VIII
stand. The crisis in the foreign silver markets
has aroused fresh agitation in the Berlin I'M
perial Parliament and American blinetalIlsts are
hopeful that the difficulties Of dealing WIN the
silver problem abroad Will rebound IN the cnd
to American silver interests. Bankers also hope
that the renewed decline in silver will have an
influence on the House of Representatives at
Washington in checking such legislation as Is
proposed in Representative BANDS Seigniorage
Coinage bill now under discussion.
SOME UNAVOIDABLE INFLUENCES.
The fall in silver may have had unfavor-
able influence on the American wheat markets.
which yesterday again made a new low record
Another unfavorabe influence was the confidence
exhibited at Washington by the advocates OF the
Hatch Anti Option bill But a decidedly adverse
influence was exerted by the position Of David
bingham : prominent shipping merchant Of the
Produce Exchange here. Mr. bingham teIe-
graphed to Chicago that there would not be
bull market in wheat until 100000 bushels OF
bookkeeping quality Of wheat which would not
grade had been sold" This startling inforna-
ton was at variance with the declaration OF the
Grain Committee Of the Produce Exchange
week or so ago to the effect that all storage
grain here was in good condition IL caused
much excitement in Produce Exchange clrctes
and some hot headed spectators demanded that
Mr. Bingham be disciplined for contradlctng the
Grain Committee. The effect on the wheat {
market was bad May options oIened at t414
cents against 65ls cents at Wednesday's close. |
1t fell to 63as and on renewed liquidation IN the
late trading it went to GO 3-l6 cents the lowest ;
point ever touched in the New-Iork market.
The transactions in all options ran up To more !
than 1000 900 bushels. After the Official close a
traders on the curb made sales down to S21s +,
cents At Chicago the low record was broken a
with sales at 5Sas cents.
EFFECTS IN THE STOCK MARKET !
The renewed weakness in wheat and silver ex-
erted an unfavorable influence on the Stock
Exchange markets 1t was aggravated by the
further advance in sterling exchange. FOR
several DAYS this market has steadily advanced !
Part of the demand for bills has been explained
by exchange operations involving the importa- I
ton Of gold from France TO New-fork Tor snip L
ment to Cuba, and partly TO cover renlttances
TO Europe on sales OF American securities The J
inquiry is not large. but there Is an unusual a
scarcity Of commercial bills in the market The g
scarcity of these bills is the more remark Ie IN
view of the large engagements Of wheat IT eX- '
port reported last week. The stock market re-
NAMED dull, however. and it was not until the 4
afternoon that the railway list began TO weaken.
The speculative feature of the day the stock |
Of the American Sugar Refining Company. The
price opened at S1A. and fell steadily TO US. /
Wnen tne ueClille was StOpptu. y idHN ~ 80
followed but the final quotation was 1885, net
loss from Wednesday of per cent. The
rush TO sell credited partly to the unfavora-
BILE effect OF the indifference of the managers of I
the company TO the fate Of the adjourned an j
nual meeting of the stockholders which was Il
turned into reporters joke at Jersey city on /
Wednesday. and partly to advices from Wash {
ington foreshadOwing fiat duty on raw and {
refined sugar In the tariff schedules y
According TO the gossip of Wall Street the last &
rally in Sugar stock a squeeze the bear j.
pool. which was said to have been organized in
Washington. in view Of expected legislation un- I
favorable to the Sugar Trust" II is said that +
the prospect of a favorable report from the I
Senate Finance Committee encouraged the il
ganization Of a speculative bull pool. which ran .
the price up TO S2al on Wednesday, The collapse I
of this pool Is said 10 have been caused by in !,
formation that the Senate Committee would In i
clude no protection on refined sugar when II sub v
tied It's report the Wilson bill to the Senate
In view OF the speculative tennis played with i
Sugar Stock there many conservative i
brokers who denounce the silence observed by ,
the magnates OF the Trust with regard to the
profits of the last year OF the American Sugar |
Refining Company.
PANICKY FEELING IN CHICAGO T.
N-t- y r