New-York tribune., 1894-03-02
An INTT-TIRIFF ST'OCH BOOM.
TIE PREDICTED DEFEAT OF THE WILL
son BILL RAISES PRICES.
INDICATIONS OF POSSIBLE EARLY EXPORTS
OF GOLD-B tNKBES REGRET TO HEAR THE

INDICATIONS OF POSSIBLE EARLY EXroRTs
OF GoLp-B,NKHRs REGRET. TO HEAR TIE
NEWS OF THE BLAND VICTORY.
Wall Street had a more active stock market Yes
terlay than it has enjoyed in many days. and the
bears" were panic-Strcken, covering their cor
tracts without much regard to the prices which the
bull traders bid up on them. The rise in prices
was due TO the belief encouraged by Washington
dispatches. that the dsa Sreement among III" Demo
Gratis was SO great that it was extremely doubtful
II any tariff legislation would be accomplished
at this session of Congress Tho failure Of the
Democratic caucus Of Senators to agree upon
changes in the Wilson bill and its consequent res
toration TO the Senate Finance Committee were the
occurrences which revived the feeling Of hope con
cerning p breakdown of the Democratic attack
upon the existing tariff.
THE Mckinley tariff for four years longer. was
thc war cry Of the bulls" who began to predict
the extent Of the benefits which would flow from
revival OF trade and industry
''Thc Democrats have been buying stocks to-day
said John II. Slayback a well-known trader who Is
''bullish" in his proclivities.
"Clcvoland is shooting ducks and we are bringing
down cuckoos" said a Republican bull" who ap9re-
ciatcd the Significance that would attach 70 an
abandonment of efforts to pass the Wilson hiiI.
Politics was the talk Of the Street. and from what
was said both seriously and in Jest 1t was apparent
that for the time being the Stock Exchange was
giving itself up to momentary jubilee founded
tpon hone that the Administration al Washington
was face 10 face with defeat Of its tarn schemes
The largest advance In price was mace by AhrrI-
can Sugar Refining. which ran up 3 per cent aitcr %
an early break Some OF the other industrial stocks
rose per cent and over. and the granger stocks
rose l0ll9 per cent for the more prominent shhI
The 'bears' retreated In disorder and the market
closed with lots of scalps hanging at the belts OF
the bulls" Commission houses appeared TO nave
many selling orders. and IT was generally bei"ied
that the short interest had been heavily reduced
only a few bankers who remained down town late
heard the news from Washington Of the passage or
the Bland seigniorage Imitation bill by the mogse
and shock Although 1t is generally hoped that
President Cleveland will veto the bill II 1t should
go through the Senate. financial men do not Ike
the idea that the popular branch I'm Congress Is
willing TO ''coin Il vacuum" Bankers did not relish
the news in view Of the condition Of the foreign
exchange market, which has for about week been
at the gold exporting point Indications were DC,
veloped yesterday that the outward now OF gold
might gin tomorrow. In spite OF slightly easier
tone 10 sterling exchange. IT is believed that ~
much 81 10000 Of the precious metal may 10 20
Europe by to-morrow's steamer No positive an
nouncemcnt yet be mad. but men who closely
watch the exchange markets expressed the fear
that to-day might develop the fact of a large en-
gagement for export. Tho action Of the House Of
Representatives on the Bland bill Is not HHrly to
retard shipments OF the precious metal