New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-12
SPANS LAST STRAW.
HOPING FOR HELP FROM THE
GERMAN EMPEROR'S VISIT.
FOLD COMFORT FOR SAGASTA IN THE
AMERICAN ELECTIONS-GERMAN
PURCHASES OF CUBAN
BONDS.
lBY CABLE TO THE TRIBUNE. J

lsY CABLE TO THE TRIBUNEl
Madrid via the French Frontier, Nov. Il
~. -esult Of the United States elections came as
-n,,se and disappointment to Sagasta, who
..a confidently expected that the Republicans
,ro,,d at least have lost control OF the House OF
representatives. The Spanish Cabinet is CON
v,nced that the elections upon which 1t has been
,,,,rs 70 obtain better terms at Paris have
-.c,,ted IN nothing that can aid Spanish d.
plomacy.
The intended visit OF Emperor William. IN
,onor Of which Admiral Camara's squadron Is
,,asr orders to proceed TO Cartagena. now fur
,,shes another straw to clutch at. The Queen
psgent. whose health is vsibly impaired BY the
..rs,n OF the last eight months. thinks the Wis
.s, course TO be for the Cabinet 10 instruct the
snsnish Peace Commissioners frankly to con-
rode the American demand Of the philippines
and 10 work honestly and expediiously to frame
atreaty
Not So. however. sagasta. who is still spar
ring for time and hopes to succeed in one more
Gigantic bluff. He now saws that the Cabinet
requires the authorization Of the Cortes before
e can consent to abandon the Philippines ana
he Is reported to have Informed the spanish
Commissioners that they have no mandate to
discuss such an eventuaiity
The marked sympathy for Spain expressed al
most unanimously bv the German newspapers
coupled with the purchases at Berlin ana RANK
fort Of Spanish exterior and Cuban bonds the
German holdings Of which have been quadrupled
during the ,ast three months. gives an eXagger-
ated significance to the intended visit OF the
German Emperor and Empress 1t is not yet
known what the Emperors plans may be on his
arrival at Cartagena. on November ~ but as
,oon as the Hohenzollern reaches that naval sta
t,on the imperial pair will he invited by an auto
graph letter from the Queen Regent to visit
Madrid.
Lord sahsbury's reference to the American
Republic as factor in Asiatic and<possibly
European diplomacy which might not conduce
70 the interests Of peace is widely commented
upon here as strengthening the prevailing i'm
preston that Germans wish to intervene in the
Philippines All but the extreme Neylertes
dread the consequences Of a resumption Of hos
siiities by the United States. which they are
aware would probably involve the loss Of the
Canaries. and this in spite Of the present Ger
man lining 10 the cloud. remains the irresistible
motive that must eventually determine the Cab
met to reconsider the instructions that 1t is now
believed 10 have sent to the Spanish Peace Com
rnissioncrs
The Ministry Of Finance has in hand project
for the conversion Of the Spanish exterior bonds
and the fund ID debts Of cuba and the Philip
pines. the idea being TO maintain the Treasury
guarantees Of Philippine bonds and Cuban bonds
Of the 6 and per cent denominations. but 10
reduce the interest to 3i2 and 3 per cent respec-
lively This partially accounts for the frmness
Of Cuban bonds in Paris and Berlin. where spec
u'ation in them Is unusually active.