New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-03
Financial.
The financial World.

ton lay between Spain ana fIesiue"' '''N'"es'
To-day it Is between Spain and Congress. me
developments of the week have caused this
shifting. The President asked the two Houses
IN delay action until Friday when In certain
contingency. he would refer the whole matter
70 them. That contingency has arisen on Mon
dav or Tuesday at the latest. he will formally
rass ove- TO Congress the responsibility for
further action That is the situation as II ap-
neared at the close of business yesterday.
The erratic movements of the market through
the week-those lively times which IN propneuc
vision leading operator saw before 'he week
began-may be disentangled to some extent ny
tracking the political moves during the SANS
period This may also cast some iight on the
future In the first place. the market on FIJI
day a week ago had fallen so far. ana hah ne
come so greatly oversold, that reaction was
inevitable war or no war. There was there-
fore little surprise when this reaction siaT'en
on Saturday; and a continuance or IL Moh"aS
was generally anticipated But II soon became
evident Monday morning that there was some
thing more in the wind than a drive at the
short interest There were heavy buying orders
in the market and 1t was noted that the Dig
foreign houses were specially active buyers
Immediately II was surmised that the Paris
houses had received information from spanish
sources for Paris is the centre for thap, Oh
pacific character. The Spanish Government II
was said would favoraby consider the pro-
posas of President Mckinley.
Now the logical movement Of the market
should have been to have held us adVahc9
strongly through the week. if the Information
were true: and II IL were not true. twenty-four
hours would have sufIiced to send the market
back TO nearly where il started. AS facf II
held strong and weak alternately but stronger
than IL would had the Paris Information peen
false: finally weakened Friday on the reply
from Spain. and rallied again yesterday was
then. the Paris information false? The proba-
bty Is II was true.
It was true in this degree: that the Spanish
Government was disposed 10 consider favorapiy
the propositions of President Mckinley as these
PROPOSITIONS stood up to Saturday last The
negative answer given at the Spanish Cabinet
meeting on Thursday which caused the market
TO have another drop, evidently given 10
these proposals as a2centuated by Instructions
n Minister Woodford cabled on Tuesday. the
day after the Maine report was sent TO Con-
gress The surmise seems justified py lacs
known. that these instructions were, mat the
independence Of Cuba must he the basis OF me
negotiations during the proposed six months
ar,njstice When this was whispered from
Madrid 10 Paris the foreign buying was checked;
and Spanish bonds. which had rallied Sharply.
were heavily sold What the answer or the
Spanish Government would be was evidently
known in Paris on Thursday morning, before the
Cabinet meeting was held.
That the Presidents plans were disarranged
by Congress appears the surface, since tho
Message which be sent in the day after
the Maine report has not been sent In yet; ana
now OF course. will not he at all. But II could
not have been the Maine report which caused
what has been described the revolt OF the
Republican members. because II was just what
It had days before been announced IT would be-
which announcement had been received quietiy
enough The revolt caused by the notia-
cation, as given In a dispatch To Wall street on
Monday morning. that the Presidents coming
Message would announce his proposal for six
months armistice. during which negotiations
should continue 10 make peace permanent TINS
was not enough for Congress. keyed up 70 the
highest pitch by the war preparations which the
President had called upon X TO make Members
insisted on something more. and at once. Then
II was tina, the President asked for time TIL
Friday. and the additional instructions were
cabled to Woodford. which completely upset the
calculations Of the Paris houses. and brought
the negative reply from SPAIN
II this reasoning be right the movements OF
the market become tolerably clear; and the thing
now to be considered is-what will Congress 90
the coming week when the responsibility for
peace or war Is put directly upon It?
Can any man teilc II may do one OF several
things II may pass resolution recognizing
the independence Of Cuba. and nothing else IL
may pass the same resolution with instructions
TO the President 70 use whatever means he may
deem best 10 secure independence. 1t may pass
such a resolution with instructions 70 use the
r-,,s.1 totA
To hat end.
The first proposition IS scarcely To he thought
Of II would provoke the laughter Of the civil
lied world All this "breathngs OF threatening
and slaughter for a paper resolution" The sec
ond would shift back again the responsibility
to the President. who is a man Of peace. The
third is the equivalent Of a declaration OF war.
and would Justify Spain in striking the first
blow at
Supposing the second resolution he passed. II
would scarcely be healthy To be short OF the
market-for some days at least. But take the
worst and suppose the third is passed. Would
the market have any great drop from the pres
ent level? Probably it would not 60 as much az
two points. for the standard stocks, below the
low level II struck about ten days ago. There
have been runors in the Street for day or two
of a combination OF big houses 10 sustain the
market in Congress does go TO the last
extremity. They have n basis OF truth. While
there is no formal agreement there Is an under
standing among these houses. and with big
capitalists. TO protect the market against the
sudden shock which declaration OF war might
give Il. After the first shock over. and
people had time to look AT the situation calmly.
there would be no need for combination. The
market might safely be left TO take care OF
itself. There was little buying OF this sort
yesterday.
The furry In call money rates the first Of
the month reused n momentary apprehension