The daily morning journal and courier., 1894-08-15
AIvEAr rIaEs IN WALL STREET

I
 Over the Action on the Tarin Question:
 The Sugar Trast-whst Secretary sssries.
 Formerly Of This City. Says.
 New York. Aug. H.-Wall street and
 the brokers have had busy times since the news came of the assumed passage
 of the tariff bill. and August 4 will
 stand as one of the busiest times on the
 street in years. London bought heavily.
 expecting great things would be accom-
 plished on the settlement of the tariff
 question. The market last night had
 closed at the top prices. and everybody
 looked for a continuation to-day of the
 boom.
 Before the opening here the opinion
 was strengthened by the receipt of cables from London showing that Amer
 ican stocks were selling there at ad-
 vances of from l to points over the
 local closing. The difference in time
 about five hours, so by the time the New York exchange opens it Is nearly
 o'clock In London.
 | The opening here was wildly excited and confused. All the stocks which are
 dealt in in London were very strong, and remained so, The others opened strong also, but didn't stand up as well as the London listed stocks. The big rise yesterday and the strength of the opening was too tempting to specuia- tors and there were heavy sales to take profits
 The industrials. as stocks like those of the Sugar. Lead and Distiliins con- panies are called, were especially active. Sugar, the liveliest of all, l,huctuated up and down during the early market in such way that 1t was almost impossi- ble for brokers to execute orders. Of course the stock tape could not keep up with the constantly changing hind that 1t led to no end of confusion in brokers offices. as the customers could not understand why their orders were not executed at the ticker price. By the time the board members re- ceived the order from the office any of these stocks might have materially changed.
 The galleries were we'll filled with spectators, who came down town early to see the expected excitement. Unless they were familiar with the scenes they were not disappionted. It was impossi- ble to say at any moment whether the market was strong or weak. It could only be called feverish and irregular. One stock might be booming and another extremely weak. London houses were again large buyers of stocks, but their purchases were offset by the heavy realizing sales of local operators.
 In view of the passing of the senate tariff bill by the house of representa- tives yesterday, there was considerable speculation in Wall street to-day as to the degree of satisfaction which the managers of the American Sugar Re- fining company viewed the senate schedule effecting sugar Attempts to gain knowledge of their opinions were unsuccessful. According to all appear ances President Henry o. Havemeyer, Theodore A. Havernnyer, his brother, and, Treasurer John E. Searles, had carefully remained absent from the city this morning.
 A dispatch from Washington solves the problem asilL to the +Jposi- tion of the Sugar trust regard ing recent statements by MT. Wilson. The assertion by William L. Wilson during the debate yesterday that the sugar trust in inanticipation of favor able legislation had purchased sugar to the value of $112.OO0,0OO abroad on which it would make $40,OOO,OOO has called forth the following letter from John E. searles. the secretary of the trust: H,
 Washington. D. C., Aug. 13, 1894. To Hon. William L. Wilson:
 Sir: Believing that you have no in- tention or desire to misrepresent the facts, I respectfully beg leave to place before you the within Statistical Trade Journal" disproving the extraordinary statement made by you in the caucus this morning. if you are correctly re- ported, to the effect that the American Sugar Refining company had in antici- patton of the tariff bill, accumulated $112,0Oo,oOo of sugar. thereby making profit of s40,OO0.0 .000. =
 ta. If you will kindly look at the within trade circular the latest published) you will notice on page 4 that the total sugar stock in the commercial world on August was 1,112,663 tons, the total value of which, free on beard vessels, would not exceed $60,O0O,OO0,
 Of this amount 406,863 tons was the stock in all ports of the United States.
 By reference to the first page you will notice in the second column that of this amount of stock in the importers hands not belonging to refineries, was 16S,5l6 tons, the total stock of all re- liners in all ports being 23S,346 tons.
 Of this amount fully 48,000 tons is in the hands of outside refiners. so that the actual stock of the American Sugar Re fining company to-day does not exceed 200, 900 tons, with value of $12,OO0, 900, l instead of $112,oOO,o0o.
 In view of the fact that the meltings of the. refiners as shown in the table were 40,000 tons in the first week in August. you will readily see that this amount of stock on hand Is not an ab- normal one. but simply matter of five weeks supply and absolutely necessary to the carrying on of a large business. deem 1t only just. to you that you should have the facts and an opportuni- ty to correct your statement which. made by one in your high position, is calculated to do great injury. to the Sugar Refining company.
 Yours respectfully,