New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-20
THE TARIFFMESS IN WALL-ST
HOW PRESIDENT CLEvELAND'S LETTER
WAS RECEIVED.


POTENCY ABRoAD-REvIvAL OF GOLD
ExPoRrs-sr'GAR BULLS DEFIANT
IN THE STOCK MARKET-IN-
vEsTIGATIoN OF NEW
SCANDALS IMPERATIVE.
There was almost a surfeit of Washington news
for Wall Streets appetite yesterday. II was news
that was not rellshed By in the financial world
The deadlock In Congress over the tariff Dill, IL Is
feared will prolong the uncertainty now HARRISBURG
business and 1t already has had an unfavorabie el-
feet abroad The fresh charges OF corruption IN lhe
framing of the senate Tariff bill. made by The
Herald' compelled some discussion, and late IN IN"
day came the letter Of President Cleveland to be-
fog and compcate situation already disgracetui
TO a legislative body political party holding
control Of power In these things there was plenty
OF material for gossip and discussion. but 1t was
Of necessity the kind to dshearen and depress.
There is only opinion in Wall street except
perhaps among the grossest of partisans as to the
spectacle presented by the Democratic deadlock
produced by the Havemeyer Sugar Trust. II Is re-
garded discrclitable 10 the party ana injurious
to the country Some men think that there exists
a perfect understanding between the Democratic
leaders in both houses OF Congress. ana mat the
House OF Representatives and It's conferrees are In
reporting this agreement, simply playing to the
galleries" That this opinion Is held at all IL far
from being a compliment to the sincerity and aoli-
iiy Of the Wilsontes or Free Traders but me
general view is a more serious Most brokers
and bankers downtown now believe that the hostil-
ity between the two houses Is genuine, and the let
ter Of Mr. Cleveland Is regarded as likely TO ada
to the friction and the imposslby of agreement.
But instead OF a prompt recognition Of the situa-
ton by the party in power, and it's prompt aban-
Comment OF all efforts at tariff tnkering AT TINS
session. business men fear that the wrangIe ana de-
bate and the 'blumrg' at new conference VIII
Il sho Quiz al Of
and handicappng industry. ready to expand II the
menace OF change and disturbance Is cast out OF
sight.
EUROPE BEGINS TO SELL AGAIN.
The larnentable situation at Washington has al
ready affected public opinion abroad Since the
first announcement Of the disagreement In CONFER
ence Europe which had ceased selling American"
securities has resumed its sales Stering eNcnd'Se
has advanced one-quarter cent, and Continental! en-
change which has not shown any weakness even
when sterling declined, has become stronger. Inc
condition OF the foreign exchanges now permits
a renewal OF gold exports. lazard fFe'es "oN
81 10000 gold from the Sub-Treasury yesterday %
be sent 10 France tomorrow. Inc Suo-ireaSu'S
also lost 10000 withdrawn for shipment to Mon
,real II IS considered almost certain mat LaZari
rreres will withdraw 10000 gold to-day. ana
snother firm Is expected send 10000 to-nlor-
row At the close Of business yesterday there were
well founded estimates that tomorrow" total BoIu
SHIPMENTS would amount 20 21cov". ana wei
informed bankers would not be surprised 10 see
larger outflow Any maintenance OF such move
mont would soon draw renewed attention 70 inc
los, condition OF the gold reserve In the United
States Treasury with Congress refusing 70 take
measures Of relief. while wrangling over 'a'li
bill dictated by the trusts and unsatisfactory ahe
., Free-Traders and honest Protectionists' Az
vices from abroad represent "A Keen Gisappo"'"''"'
., tho failure OF the Congress Conference COM
I Is
., ,,conoetencv and maladminstrauon. when Is
hurtfu 10 the credit OF the American people Inc
sc,ndals connected with the sugar scheduie anu
,h ir,no,.ncy OF the Natlona! Lesslaturc are
ahe 'I,Nv II is said TO the distrust OF foreign
,nv@s,ors IN American properties 1900 c.
~ ,exf OF PRESIDENT Cieveand's letter to Con-
ora"s,nan Wilson was published In Wall Street 700
late 10 receive wide attention There vas 10 en-,
th,,ssh he step he had taken adding 70 the
existing embarrnssmens OF tne MasI'ie craa 90 the
non non that congress would abandon the whole tarn
question and let the people spear on tnJ dobt as
w. me complexion OF the next House OF Kepresehin
lives that such action II Is DeIevIs' Observation-Disclosures
stantly appreciated ny Uaue az ,,,a,nn for a
40 ASSURING the settlement OF tarits nslta,oh o ~,
~ ,,,d merely add 10 the Democratic turnoli
without giving guarantee mat atter , ,r7n,
,,rht not 20 through Congress. Henry Cie"s sald
IN Speaking OF the Presidents letter IL VII ana an az
Enmocratc party The President went out OF ms ms
province when he wrote that Letter i. "S Sn2
thns 10 1ny yt,h II, then Is his time FOR act
| ing"
LIKELY TO STRENGTHEN THE COMBINE.
w.u-,nown broker expressed the opinion thaf
nv irritating the Democratic Senators the ires'-
dents letter would tend to strengthen the German
Sugar Trust combine" and possibly enap'e II u
force the sl2OOOOcO steal Of profits from the people
down the threats VI the Democratic kepres.rn,Ia-
vcs one prominent Wall street peth9c,au I'D.
-. ia seaing some definite tariN legislation suiu'
~ am Glad TO see the President nave a Chahce
20 hit back at the Senators who have been ignoring
on the party / believe It kills all chances OF a
Tarln bill and can't conceive on what sroun i, W.,
before the people at the NoDe'n No s,o,k Ex
but the market Tor sugar stock e Jne ''Sy as not
naterng 20 the President me p rit,e, "a io2
fallen from lo2 20 loli. and then ranec lose ,S When
NE sYbstance Of The letter was published on the
sheets Of the agencies. the price was rusn s
CYNICAL words OF brokers who were merely looking
for commissions on orders from me b,,
gingery Mr. Cleveland treats the sugar question: H.
fic goes into no details OF what IS oOJv.oS ,ba
pr,nrlpe Of projection Give free coal and free
Iron ore ne declare between the !,e So sl rni n
So - work nsuring out tho connection which
might e>is, between the Investments OF ex-secre-
Scotia coal mines and cuban IRON miheS ai ia [T
and iron ore. II these investments could De pene-
ntcd and the Havemeyers claims on me Js ,s,
cratic party satisfied new deal all around ignt
not be Impossible a result OF the Presidents IN
| reference In revenue legislation.
The feeling in Wall Street with regard TO the IN
auity OF the deal already proposed WIN the sugar
| posurcs Of THE Herald" There is loud cal Tor
| - stringent investigation by senator Grays com
| miitec II Is understood that subpoenas have al
ready been issued for the appearance OF New YORK
| stock brokers at WASHINGTON In view o. thr new s
charges OF Senatorial speculation Wall street IL de-
| handing that the Investigation shall be vigorous
and searching. The bears who were hurt by the DIE big
hui speculaton that attended the "transnogrlhca-
ton OF the Wilson bin by the Senate steering com
| mttee are expected to supply the Gray committee
! with Interesting material Wall Street universally
believes that II the Investigating Committee Is sim
| core and fearless In It's work 1t cannot fall 70 UNI
cover many scandaous facts IN relation TO me IN,
| nuences that took free sugar from the house Dill
| and I'm a technical form designed to hoodwnk the
| lnvmln gave sugar schedule In its place that
| would enrich the Havemeyers and their fellow