New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-10
financial
The Financial World.


several times scared into expensive coverings hv
stful!y exaggerated peace dispatches: the hr,
has bought Only enough to hold the marie,
against breaks. and promptly sold whatever h.
could on tine rallies. because OF the urcerta,n,u
OF the situation Since Thursday the marko,
has been almost stagnant both sides hav,n.
apparently drawn of. The room traders hay.
about had things to themselves since then II 4.
to be noted. however that the market has lately
responded more quickly 10 good news than N
bad II has declined slowly and rallied rapidly.
which may fairly be taken as an indication tina,
the present range Of prices Is very close to q
level which discounts the public apprehension
OF war.
1t is evident that the speculative game "a
being played on the other side as eagerly as II
is here; for much OF the news given out from
Spanish sources during the past week could have
had no conceivable motive except to influence
the marketr. The story, for example. that the
United States had solicited the friendly inter-
vent;on OF the Pope. and thai his mediation had
been accepted by Spain. OF course this absurd
tale could last only twenty four hours but II
long enough to send up Spanish As five
points. Other significant circumstances point to
individuals high in Spanish Government coun-
ellis working the markets az vigorously as ever
people who best know Spain AID the Spanish
governing classes say this is highly probable.
Every move in the diplomatic game between
the two governments is reflected in tho markets
Of Europe and this country; and the uncertainty
OF the came lies in the fact that one side can
never tell what the other side is going to do
London and Paris would seem 20 have had the
best information lately, but this is not really so.
They have had the first information from the
Spanish side. and the difference IN time has
enabled them 70 act first by some hours. on
Wednesday, when verybody came into Wall
street expecting the Presidents Message for
egn houses received cables an hour before the
Board opened, that all securities up n
Paris and London on reports that President Nc
Kinlcy's Message would be withheld People
who initiated the buying there that morn
ing must have been in position to know VIVA.
the Spanish Cabinet had done TO delay.
Yesterday. just before the close Of business mere.
cables came from Paris that Spanish Is were
stronger ION better adviccs from Srain." This
would indicate some other move already made,
or to be made-not here, but on the Spanish
side.
But the man who bought Spanish is yesterday
on these better adviccs." necessarily had TO
take his chances that the Washington Govern
ment might not reciprocate; and II he bought
on the story about the Pope ne probably go, let.
We may suppose ne did from the howl that has
gone up in London at the Spanish Ambassador
there FOR giving official sanction TO the story.
Re sure that neither side has had any sure
thing" In this game. Houses which have en-
toyed inside Information from Washington
certainly have not Rad livery much the re-
verso.
The visit Of the ambassadors to the President
on Wednesday did this-it showed that the With
holding OF the Message Wednesday did no.
mean that war had been averted. as Wall street
seemed to suppose. II peace had already been
assured tho ceremonous call supernuous
and unnecessary The Presidents reply was
also conclusive on this point As the represen-
tatives OF the same powers at Madrid presentei
on identical note to the Spanish Government.
II appears that it something moro than q
mere expression OF desire for peace. II vas,
In fact sort Of assurance each power gave
the other that in the event OF II would
stand aloos. In these days OF close International
relationship. - any two countries get into
quarrel all the others look abou, 20 see whether
any one else Is going 10 take a hand. since It's
own interests may be thereby meraced. Had
any one Of the leading European powers with
held It's assent 10 that collective note the others
would have watched distrustfully 10 what
game II contemplated
The Message is scheduled FOR o-morrow. but
after Wednesdays experience. the street is pre-
pared 70 hear that something has again delayed
H. London has already had rurors o, that sort
and the better Spanish advises Of yesterday
may be connected with them. 4 leading opera
tor said on Friday that he would rot bet
money the Message would go In on Monday
Washington advices. however. at the close OF
business yesterday were positive that there
would 10 delay Surprising there be none.
and that the Message does recommend. as 1t IS
asserted II will. armed Intervention in Cuba -
secure peace there. but not recognition OF inde-
pendence?
Then comes up the question ot what Congress
Will do a ont II. and how long It viii take - 10
il. or course the recommendation OF the Presi-
dent. IL made. is not declaration OF war, but
the passage Of resolutions ty Congress author
iz!ng him To intervene. would be: and would Ne
SO taxi, II h. Spain and all the world. Washing
ton information. as II comes To the street. does
not point to prompt and unanimous action, such
as was seen on the SJo.HOnO defence bill. The
reported intent Of the President 10 refuse
recognition OF Independence has evidently Gre
ated confusion IN certain vociferous pro-Cuban
quarters. To say nothing about those Cuban
bonds. there are seemingly in waiting thou
sand ana one schemes involving concessions"
OF every sort ana kind from the future Cuban
Government" al with a Government guar
antee To be printed on the backs OF their stocks
ahd bonds. II there is 10 be no Government
these schemes vanish into air. The contem-
plated raiding OF the pockets 81 the American
investor Will be indefinitely postponed. There
fore Wall Street has il that the noodga,es of
talk will be opened in Congress. and most
heroic struggle be Seen there in behalf OF Cuban
independence. and all that goes with t-which
may be summed up In the vernacular as
doodle"
so. apart from III, contingency OF SPAN
throwing up her hands. We are yet some DIS
lance apparently from actual war. Neverthe-
less what IL is said the President VIII recom-