The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-12-23
WORK OF BEARS IN. LONDON
They Raid American Securities and
Make Big Profits.
BRITISH INVENTORS SCARED
They Arc Frightened Into Parting with
Their Holdings ut o Sacrifice OF
Wild Yarns Of Americas Shaky
Financial Condition.


New York, Dec 22.-According to a
special cable dispatch to the Sun, the
financial and commercial war which
England has virtually declared against
the United States is being pushed
rapidly. Fridays wild rush to get rid
Of American securities almost at any
price continued yesterday till nearly
the close of the market. The impress
sion still seems to prevail among Eng
lish investors that by this mad con-
duct they are inflicting terrible pun
ishment upon America for her temerity
in opposing the British lion. Next
week they will probably realize that 1t
is q peculiar sort of revenge which
offers to give back to the offending in
dividuals at thirty to forty per cent.
discount property which had been pur-
chased from them. --
The attacks upon every line Of Ameri-
can credit are now indiscriminate and
unsparing. President Cleveland Is de-
nounced in language which Is childishly
abusive and unreasoning. He Is the
best hated man in London, an eminence
of which he may well be proud. Still
it is universally declared that there
will be no war, and that there is no
danger of such a calamity.
The excuse everywhere given for boy
cotting all things American is that the
whole financial and commercial sys-
TEN Of the United States is intrin-
sically rotten, and that he country Is
bankrupt. The private English IN
vestor who Is the real victim OF all this
trouble unfortunately believes this IT.
responsible Stock Exchange gable and
sacrifices his holdings The very peo-
v,1e x,rhn 10 % TODAY
began to profit by 1t in common with
the Americans who We're tempted to
buy by the bargains so strangely Of
fered. London bears reaped rich
harvest. In the last hours dealings
yesterday afternoon their purchases in
taking profits caused a recovery of
two or three points in some stocks.
1t required only visit to Throgmor-
ton street Friday night and yesterday
morning to make 1t clear how arti-
fetal was the panic. There Is no end of
noise. wild rushing to and fro, and wav-
ing of warlike news bulletins. But
the volume of business done was ac-
tually small. The crash was chiefly
confined to American stocks, whereas
If there had been genuine fear of
hostilities the declines would have been
just as great in all the English securi-
ties.
The Object in View.
The policy followed by the real lead
ers of the financial world in the past
four days is easy to understand. They
undoubtedly believe, most of them, that
If a sharp touch of disaster be admin
istered to the American business world
it will cause a revolt in popular senti-
ment in that country and compel the
president to withdraw his menaces. 1t
Is worth while to suffer themselves
some Inconvenience and temporary loss
If they can produce this effect. Senti-
ment, ordinarily, has no place in finan-
cial affairs. and it Is not playing as
large a part in this as perhaps appears;
but resentment has certainly had it's
influence in some of the events Of the
past three days.
One strong reason for this Is the fact
that the English people of all classes
continue to believe that President
Cleveland Is not sincere in his action
or that he Is controlled by unworthy
motives. The man who more than all
others is responsible for the existence
of this mistaken impression in this
country Is Mr.. Chauncey NJ. Depew. He
is the best American In private life
among Englishmen. His name and his
words are before the English people
citizen. They regard his sentiments as
representative. All the papers in Lon
don quoted him as saying on Wednes-
day.
President Cleveland has taken the
wind out of the sails Of other political
leaders in this country, and has be-
come simply. in one night, the only pos
sible candidate whom the Democrats
can nominate for president"
This and more In the same line has
been construed here as meaning that
the president had descended into jingo-
ism to meet the exigencies of domestic
politics and personal ambition.
Mr.. Depew will probably deny that
his words are capable of such q con-
struction. but so they are understood
by the English people, and very bitter
are their minds in consequence.
There would be far less disposition to
resort to every possible retaliation, fl
nancial and in other directions, IL this
belief that England is merely being
fiouted for secondary purpose did not
exist. Several American writer's in the
Times and other papers are endeayor-
Ing to correct this impression, and with
some effect. Efforts also are being
made to give Englishmen an ADEQUATE
Idea how completely the Monroe doc.
trine Is accepted as political axiom by
the American people. If it were not fOI
the Englishman's lack of imagination
| and insular ability to put himself in
another's place he would easily be made
to appreciate the American contention
III Is satisfactory to note that the fin.
pant, Jocose reception of Mr.. Cleve.
lands message which was first mani.
tested in certain quarters has entirel,
disappeared. There are some signs also
of an honest desire to know more abou,
the American case. The papers nov
print maps, arguments, and other evi.
dence In unlimited quantities bearine
upon the merits of the boundary dis.
| pute.