The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-09
Senator Fairbanks Now Thinks a
Final Vote ON the Bill Can Be
Taken on the 18th Inst.
BOOM IN SUGAR TRUST STOCK
THAT RESULTED IN LOSS TO MANY
WASHINGTON SPECTATORS.
Raw Cotton Placed on the DutiabIe
List at 20 Per Cent. Ad VaIOrem
Through Mr.. Bacon's Efforts.
Special o the 1ndiananolis Journal.

WASHINGTON, June S.-The Senate is
in full retreat and it looks tonight as
though the House tariff bill would be
adopted by the Senate in its most essential
details. After having tacitly agreed to
abandon the internal revenue provisions
providing for an increased tax on beer and
possibly on tobacco, there was no other
course left open but to either reconstruct
the entire measure or go back to the bill
as it came from the House Any other plan
would have meant the passage of a bill
that would have left a deficiency in the
revenue as large perhaps the Wilson
law. 1t cannot be expected that the Senate
will swallow the House bill at a gulp, but
it is making every preparation to get as
close to that bill as possible and what
the Senate fails to do openly in that par
ticular will be remedied In conferences. The
signal for a retreat was sounded at the
Republican Senate caucus to-day by the
substitution of a sugar schedule on SUBJ
stantially the same basis as the House
schedule. The only important difference
is the fixing of the differential at 3-16 of
a cent, instead of y, the figure named in
the Dingley bill. The Aldrich schedule
made it A. so the fraction agreed on to-day
may be regarded as a compromise between
mere halfway station and it is under
stood that the Senate will yield the other
1-16 of cent in conference. The position
of the Senate to-day is in striking and
humiliating contrast with its assumption
of collosal superiority two or three weeks
ago, when the finance committee reported
it's substitute for the House bill, criticising
the latter numerically and lauding its
production as the most beautiful tariff
creation that ever came from the hands
and minds of men. The action of the eau
Gus to-day is of great significance 1t
shortens the Senate work several weeks
and will certainly greatly lessen the fric-
ton when the bill gets in conference. Sen
ator Fairbanks expressed the belief this
evening that the Senate would reach a
final vote on the bill by the 18th and that
it would become a law by the 1st of July.
THE NEW SUGAR SCHEDULE.
The text Of the new sugar schedule fol-
lows
Sugars not above No. 16 Dutch standard
in color, tank bottoms, syrups of cane
juice, melada, concentrated melada, con-
crete and concentrated molasses, testing by
the polariscope not above 70 degrees, cent
per pound, and for every additional degree
shown by the poariscope test, 3-100 of l
cent per pound additional, and fractions of
degree in proportion; and on sugar above
all sugar which has gone through pro-
cess of refining, / 95-l0O of cent per
pound; molasses testing above 10 degrees
and not above Sc degrees, 3 cents per gal
Ion; testing Sc degrees and above, cents
per gallon sugar DRAWINGS and sugar
Sweepings shall be subject TO duty as mo-
lasses or sugar as the case may be,
cording to pOlariscopic test. sugars, tank
bottoms, syrups, cane juice or beet juice,
melada, concentrated melada and concrete
and concentrated molasses, the product of
any country which pays, directly or indirect
ly, bounty on the export thereof, whether
imported directly and in condition as
ported therefrom or otherwise, shall pay
in addition to the foregoing rates, a duty
equal to such bounty. or so much thereof
as may be in excess of any tax collected
by such country on such exported article,
upon the beet or cane from which it
was produced"
A new paragraph is added, reading as
follows:
THAT the duty on molasses, clayed, jog
gerry and other sugars testing not above
81 degrees by the polariscope shall be lilo
of l cent per pound less than those imposed
by the preceding paragraph on the corre-
spending tests of sugar
To the lay mind it would appear that the
proposed new sugar schedule is a
hard blow at the trusts. But that is
clearly not the view of the trust and its
friends who get rich buying and selling
Sugar shares on the stock market An ad-
vance of Sd a share in sugar stock re-
fected the professional view of the situa-
tion and the explanation is simple. The
new schedule, cuts down the differential
from Il of a cent to 3-16 from the first SEN
ate proposition it is true, but the trust
abandoned all hope of getting the higher
differential two weeks ago and was fully
prepared to accept the house rate of 1s.
The new schedule gives the trust lie bet
ter than it had hoped for and to that ex-
tent therefore the trust is a gamer.
1t is commonly believed that the Senate
recession is an agreed compromise between
the two branches of Congress This, how
ever. seems to be an unauthorized conclu-
sion jumped at and accepted without a
knowledge of the facts. 1t remains to be
seen what the House viii do. There is a
reasonable probability that the House will
hold out for Is Of a cent. The difference of
lie in the differental means a million dol
lars in the net profits of the trust every
year. - ,,., r,.-
The public got wrong sugar as a
result of misjudging the effect of the new
schedule on prices. The tip as to what it
would be got out early in the day In fact,
1t leaked out last night, after the finance
committee meeting and the generality of
stock gamblers placed their bets on the
theory that the market would go to pieces
on the official announcement The profess
sionaIs took the other end of the play
Washington stock gamblers are believed to
have lost not less than 100000 on the bulge
to-day and among the unfortunates were
many congressman and their friends. The
capitol city has not had such scorching
in years.
The Republican caucus to-day was well
attended, says an Associated Press dis
patch, nearly every Republican senator in
the city being present Senator Aldrich, of