The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-11
Special Correspondence.

NEW YORK. April 1.-The past week
has been one OF the most remarkable In
the history OF Wall street. It opened
amid a set OF conditions which indlca.
ted q serious probability thsi before It's
close our government I,dignt be preclpl-
tailed into q state OF war with Spain. A
message on our relations with that
country. accompanied with .recommen-
cations looking TO some decisive form
OF Intervention, was expected from the
President; the war feeling in the. In
terror and the far west had risen to tho
highest state OF tension; and the lingo
sentiment In Congress seemed to have
broken loose from tho control of the
administration and threatened to pre-
cpitate immediate hostilitics. Monday,
the day first set for sending tho Presi-
dents message TO Congress, brought
the unexpected news that Mr.. Mckinley
had deferred his communication to
Wednesday. with the effect OF exciting
n hope that some new possibilities OF
peace had come into the situation. On
Wednesday, at the moment when the
message had been expected to appear,
came an announcement from the as
slstant secretary OF state that the
President had again deferred his re-
port to Congress until Monday next.
The reason assigned for this postpone
ment was that 1t was found Impossible
to deport all the American citizens
from Cuba until after few days In
terval: the impression prevailed. how
ever, that other reasons Influenced the
President and that possibly those mo-
lives might prove to be Of a pacific ma
ture. Subsequently, came exciting re-
ports from, Madrid, on the one hand
stating that the queen regent was re-
solved OF the enforcement, OF peace in
spite OF her ministers, and on the other
that her cabinet had peremptorily, re-
fused TO make any further concessions
TO the. United States and that repre-
eentatires Of the army had informed the
queen regent that the troops OF Spain
would brook no further, interference
with the plans 'of their government,
During the week. howevof. there has
been this important gallo 10 the situa-
don-that the imminence OF war Is Inn
pressing congressman with sense OF
the responsibility OF their utterances
and producing a more general DISPOSE
tion 10 give the President q liberal in
divldual discretion in handling the sit
uation. Partly with a view to. cooling
off the heat In. congressional circles the
senate on Thursday suspended its Sit
t!ngs until Monday next
The effect OF all these uncertainties
and OF the hourly contradictions In
news reports has been, OF course. to
continue the Generalization on the
stock exchange. And yet the effect up
on the prices Of securities has been
much less than might have been e1-
2ected under the circumstances AL
though the situation has reached a
c-Isis at which the maintenance OF
peace seems almost beyond reasonable
e1pectation-far more threatening than
a. any Of the previous critical phases
under which prices have fallen heavily
yet there has been no corresponding
realizing upon securities and values
have remained almost stationary. Even
at moments when q war ultimatum was
hourly expected as q foregone conclus-
ion, prices remained comparatively
steady. THIS is remarkable and de-
serves attention as a significant fea-
lure OF these trying conditions. There
has doubtless been. through oil, a lin
6tElue, iOpe ttldl Wal hhdllS W.
avoided: but the feeling has been SO
faint that 1t could not have any i'm
portant effect on the market. It would
seen that the main underlying cause
Q. this steaGiness Is in conviction that
prices have already fallen approximate
1y sufficiently to satisfy an actual con-
dItIon OF war, and that therefore, should
the worst happen. no very serious fur
ther fall need be eIpected-in other
words, that the probable effects OF war
have already been about discounted.
And this view Is not entirely without
reason. 1t is long since stocks have
been !ntrinsically;in such sound CON-
dillon as tneF are to-day: and there IL
no obvious reason, for expecting that
war would on the whole seriously az
feet the earnings OF the railroads; and
yet prices are averaging fifteen to
twenty points lower than they would
be but for these exceptional conditions.
In the event o, war, they would pre-
sent, at present market values, an at
tractive source OF Investment for funds
that might DE thrown out OF employ
fnent: and IL Is not to be overlooked
thar war Is always conducive to specu-
lative operations
There Is still left good deal OF hope
both here and In Washington, that Spain
Will Yield at the last moment, and II she
wants to back down 1t can be easily put
down 10 the influence Of the pope and
the foreign governments urging her to
do 80. The Spanish people only COM
rnenced to realize that this country was
really In earnest about fighting when
the American consuls were ordered 10
leave Cuba. The countries holding
largely Of Spanish bonds are not unlike
ly 10 bring strong pressure for peace
upon Spain. The deferTing Of the Pres
dents message had certainly q slgnin-
can't look, as II representing the door
being again open for settlement with
Spain through diplomacy instead OF
war. When the President has exhaust
ed all his powers for peace. and there Is
no peace. he Will be very likely to turn
right round and take equally as strong
aposltion for war. as the long pending
sexcd question Of Cuba must be settled
one way or the other-so say the Amer.
lean people.
In the event OF war with Spain 1t
would be a very simple matter for the
government 10 provide for the money
needs. considering the present wealth OF
the nation and the high credit standing
Of the United States government AS 1t
Is not likely to be an easy matter to get
q BILL passed by congress for an Issue OF
bonds payable ".in gold" rs It would
Seem 10 make an invidious distinction
against the issues payable I'm coin" 1t
might be better for the government to
issue q treasury note having Ave years
10 run. bearing three and one-half per
cent interest principal and interest pay
able In gold. rs an emergency war loan.
There wouldibe no difficulty In floating
sl,0oo.000,000 Of such notes at par. Or,