The times., 1898-02-27

ishment FOR the murder Of the seamen of
the Maine. Whether this is so or not
does not matter: the conclusion has been
reached. and ii is unalterable according
to information from Il source SO near to
the President and of itself so important
that it cannot be questioned. With war
there viii be the greatest smash in the
stock market since Black Friday.
The probabilities are that there will be
information from the court of inquiry be
fore the opening of the market tomorrow.
The court is by this time in Key West.
Without doubt il has before this received
information that convinces it absolutely
that there was no accident. Ii is a pre-
posterous supposition that the court with
this positive evidence would allow the
Government to remain in ignorance when
upon such information depends war. A
word would mean that the Government
must strike its blow and be ready TO fol-
low it up. The other word would mean
that the war preparations may cease. The
court will give its Information to the Adj
ministration, and without doubt there
will he some kind friend to tell the Street.
For these very good reasons there is a
great probability, TO put ii mildly. that
the break will come tomorrow, or at least
begin.
The curious unreason of a certain class
of chronic bulls shows itself even at this
time as If without their bull predictions
life could not continue in their frames.
There is an insistence, Il monotone bab-
BILE. in these cryings of higher prices that
suggests acutely the poor devil that has
lost his mind in some supreme crisis and
forever after repeats some foolish form
ula like a football college yell. Several
of the news agencies that have their
largest patronage among the small mar
gin crowd that goes broke on drop of
three points gave IL as their opinion yes
terday that stocks should be bought on
all declines and bought more and more
if the slump gets beyond a fractional
drop. Ii Is hopeful sign that there are
few of these people that have the temer-
ity 10 advise buying. They are not the
normal street type although that type
is far from perfection in coolness and
ability TO grasp the facts, as any one
may that cares to look.
The eminently conservative Henry
Clews, in his weekly letter. says of the
Immediate situation: so far as it has
gone, though nothing conclusive has been
discovered, yet such partial information
as is CLEANED tends rather to encourage
fears of trouble with Spain than TO allay
such ipprehensions. Amid this uncer-
tainty, nobody cares to buy largely even
at the greatly reduced prices: for it
hardly admits of Il doubt that, in the
event of a threatening outcome of the in
yestigatien. prices would go still lower.
This is prudent attitude under the cir
cumstances, and We cannot recommend
buying at present, except upon sharp
drops and for short turns
Mr.. Clews gives some Interesting figures
on the comparative strength of Spain
and the United States from a war stand
point;
Spain. as a nation is on the wane. Her
condition is virtually bankrupt. Her pop
ulation numbers 17,000.000 Of people. The
resources of the nation and of the people
are very limited Her credit is equally so.
1t is true she has a navy at the present
time probably equal to that of this coun-
try, but owing to the lack of resources
and credit of the government it cannot
be rapidly or materially increased. Any
nation that goes to war with the United
States must realize the fact that it would
continue until one side or the other was
exhausted. for the United States would
never surrender TO any power on earth.
This is the best showing that Spain can
make.
The United States has resources and
credit almost without limit. She has
80. 000, 600 of people possessed of energy, re-
markable brain power. methodical. level
headed, coura geous. determined, and with
powers of great endurance--a people that
have shown themselves to be great in
peace and great in war. Our own civil
war demonstrated that fact and also that
the people of the whole nation were uni