New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-02
SCANDAL AND SPECULATION.
WALL STREETS SUGAR DEAL RECEIVES
4 BLOW
DISGUST AT THE WASHINGTON REVELATIONS
COMMENTS ON SECRETARY CARLIsLE's AND
SENATOR MPHERsoN's TESTIMONY
HAS THE TRUST SENATORIAL
cABAL OVERCOME ITS
FINE WORK" ?

Wall Street was dismayed yesterday at the de-
,slonnents at Washington in Thursdays tesii-
mony respecting the scandal over the prepara-
zion Of the sugar schedule in the Tariff bill The
"earnoarks" Of the ownership by the Sugar Trust
NJ The dominant PARTY were 50 evident that 10?
a time even hardened spectators thought that
there would be -uch tide in popular sent
ment that the plans OF the Havemeyer monopo-
lists might be overthrown. The proof or the
truth OF the charges published in Republican
newspapers as to the means used 70 carry
through the sugar schedule was 50 Significant ID
the dispatches from Washington that blow was
given to the Stock Exchange speculation at once.
Every trader rushed to sell Sugar certificates at
the start and the price fell from lOo&s a, Thurs
days close TO 99ls. Renewed manipulation on
the bull side checked decentralization. and while
the fluctuations for the rest Of the day were IN
settled and erratic the defiant bulls left the price
at the end at 1918 the total transactions
amounting TO more ,han $1,000 shares
The testimony given by Secretary Carlisle that
when he went before the Senate Finance Com
rnttee he changed the sugar schedule then before
the committee Is regarded substantially veri-
fcaton Of the allegations previously made that
the power of the Administration had been felt
in favor of the Sugar Trust Men recalled the
"hamboyant" utterances OF Senator voorhees,,
chairman OF the Senate Finance Committee. that
no such schedule existed. They remembered
the insulting and outrageous remarks Of Senator
Turpie of Indiana. In the Senate when he de-
MED the truth Of the allegations OF Republican
Senators that the Finance Committee was hatch
ing the Gorman-Brice compromise. only to be
confronted with evidence Of his error by the re-
port of his Democratic colleagues. The shame
full lies Of the Democratic leaders who tried %
conceal the progress OF the Democratic con-
spiracy have been shown to the world, and on
top OF this exposure comes the testimony Of Sec
rotary Carlisle himself to the effect that he di1
suggest revision Of the sugar schedule.
SUFFICIENT PROOF OF CONSPIRACY.
Wall Street laughs at the tcchnlcatles by
which the Washington clique seeks to evade the
issue OF it's bargain with the Sugar Trust. The
admissions wrupg from the men who are impii-
Gated furnish suffc!en; proof Of the conspiracy to
the shrewd operator in stocks. Only by dint Of
repeated expressions of public opinion may 1t be
expected that the Senate committee will be COM
PEELED to go 10 the fountain heads 10 discover the
nefarous campaign bargain with the Havemeyer
Trust, by which the Democratic Administration
was constrained to yield to the pressure Of the
Sugar magnates for tariff that gave them
bigger profits than they ever dreamed Of under
the existing law.
Experts In the sugar trade the only ones
who can reckon down TO cent the benefits Of
fered TO the Sugar Trust by the modified sugar
schedule. Senator Sherman. in his speech in the
Senate opened the eyes OF many men TO the
inquity OF the Gorman-Brice schedule. showing
that 1t was not drawn by ordinary lawyer,
but by a careful manufacturer" Mr.. Sherman
exposed the assurance OF the Trust in asking
Congress TO set up a color test in adjusting the
sugar duties-d test which, he said, will allow the
Trust to color sugars artfcially and cheat the
Government in importations Of the raw material
Sugar men have been laughing In their sleeves
at the way they have deluded the public in its
ideas Of the respective tariffs-the Mckinley and
the German schedules. The former provides a
clear and easily understood measure OF protec-
ton 70 the refining industry, while the latter
presents a schedule of rates which no one who
Il not versed In all the arts Of sugar rehning can
realize is a scheme 20 give not Mckinley pro-
lection to domestic industry, but help TO the
maintenance OF monopoly Not word OF pro-
test has come from the Havemeyers against the
Carlisle German sugar schedule. because It's In
tricacies are known by them Ia be OF the most
bountifu character In its generosity TO the Trust
Mr. MPHERsoN's DISCONTINUE.
Wall Street also laughed at the discontinue
n, Senator Mcpherson when he compelled
10 testify before the Senate Investigating Com
rnittee that his famous retirement from specu!a-
ton in Sugar certificates, announced openly IN
the open Senate. meant transfer to his son OF
his Sugar stock account. Young Mr. McPner-
son has Just sailed for Europe possibly TO join
the senior member OF a well-known wall street
stock brokerage house. who is now resting
abroad, safe from subpoenas.
The Senate spectators In Sugar have appar-
entity overdone their work No one can tell how
much cash they have "raked In" since the Will
son bill was thrown aside by the German Brice
CLIQUE But they have created such scandal
that they have almost frightened operators away
from the stock Fear of Washington faint
may deter prominent men who sincerely believe
in the future of the refining Industry. Senator
Sherman has turned the light on the character
of the intricate and complicated schedule that
has been the outcome OF the 20 points rise In
a,,rar stock while the Senate Steering Committee