New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-23
THE NEWS OF TWO CAPITALS.
LONDON.
rAsHODA AND THB EUROPEAN WAR
CLOUD"
No GRAVE APPREH2NsIoNs OF SERIOUS
TROUBLE-AMERlCA AS A CRED
fBY CABLE TO THE TRIBUNE.l

london Oct. 22.-The newspaper war over
rashoda still continues with unabated energy
on6 is creating an urmistakable feeling Of un-
.as,ness which is not without its effect upon the
stock market The bears would need to be
drugged with powerful Opiates in order TO pre-
vent them from revelng in the excitement
caused by the alarming rumors of activity in
the French dockyaris. the baseless canards OF
blockading operations by the British squadron,
and the press exhibits Of the comparative
strength Of the English. French and Russian
nayies Even Mr.. Punch has pulled long face
and turned a big bear this week clever but
u.tin1ed cartoon depicting a French organ
grinder with monkey in military uniform beat
Ing a drum before John Bulls door sent stocks
down several points 1t admirable pic
torial summary of English opinion, but 1t eX-
nosed the French army TO unmerted contempt
and tended 10 produce intense irritation across
,he channel The Cabinet Ministers and the
Liberal leaders have also combined TO depress
the stock market by the gravity and uncon-
cuiatory tone of their comments on the Fashoda
affair.
Yesterday was Trafalgar Day. the Nelson
Column was splenddy decorated and surrounded
with patriotic crowds; from the headlines OF the
nevspapers hawked in the streets. end from the
feverlsh discussion of England's relations with
France a stranger suddenly landing from the
planet Mars might suppose that the country was
an the brink of war with its chief naval rival
The idea that another Trafalgar is possible for
the nossession of a pesthole on the White Nile
seer,s 10 all sane observers the fgment Of
disordered Imagination. but it's mad world.
While there has been depressed stock mar
ket with signs of recovery at the end Of the
week there has not been panicky feeling at
any moment. High diplomacy and high finance
are ordinarily in close touch: there have been
no indications that the great financers Of Lon
don Paris. Berlin and Vienna apprehend an out
break Of war. The increased bank rates In the
leading capitals are due to financial causes.
There would be much sharper decline in values
on the bourses of the Continent if bankers and
leading operators were convinced that war was
probable London bankers frankly say that
,here will be no war outside the newspapers.
singularly enough. the same opinion is held
in the newspaper offices. Startling as the head
lines may be- and portentous as the leaders in
variably are do not know any London editor
who believes that there will be war over Fa
shoda. Indeed. the excitement which has in
creased during the week might be regarded as
theatrical II diplomatic circles were not serious
" alarmed This is curious phase OF the situ-
alton; the diplomats. who are usually more op-
tlroistic than euy other class. are really taking
a more serious view Of the affair than elther
the fnanciers the journalists.
Current diplomatic opinion in London may he
summarized as follows: England cannot allow
France to occupy Fashoda, or even discuss the
question as one open TO negotiation. This CON
tention cannot be abandoned whether the Sou
dan is Egyptian by previous conquest or Brit
ish and Egyptian by reconquest and actual pos
session. France must, therefore. either order
Marchand 10 retire or he prepared to challenge
England to fight. The political situation in
France is so critical that the Ministers and
army staff are eager to divert attention from
the Dreyfus affair. and would yield to the temp
tation Of declaring war England, If they
could depend upon carrying Russia with them.
Count Muravien is believed TO have visited Paris
for the purpose Of making known Russia's will
ingness or refusal to stand by France. Until
his answer is revealed the situation remains
grave-almOst critical-aId the activity IN
French dockyards may be regarded as evidence
that naval officials trying TO find out what
they can DO in emergency.
The foregoing summary of the situation, as
seen through diplomatic eyes. leaves out OF ac-
count several essential points. the importance Of
which is apparent. one Of these is the dis
armament rescript. The Car would convict
himself Of inconsistency If he should rush into
war after preaching the millennial gospel OF
peace Another point is that France is unlikely
10 play directly into the German Emperors
hand as she would do by declaring war over
Fashoda and exposing her navy to an unequal
combat without leaving her army which was
organized for a campaign against Germany
any field n operations against England.
Other points are that the Russian positions
IN ,ba To- he Cd n a British
naval attack. and the Cars project FOR settling
the Cretan question by the appointment OF Prince
George as Governor would be upset. Another
consideration is the improbabty that the Ger
man Emperor would be content 70 continue his
plgrimage 20 Jerusalem If a great European
war imminent
These and other reasons convince all cool OBJ
Servers that there will be no war over Fashoda
Whatevcr nav be the substance Of Major Mar
Glands final report supplementing the diaries
now in Paris: militant the eXcitable press
may be In England France the fact that 10
Cabinet meeting has been held In England sur
aces TO prove that the situation is not so oah-
ssrous as many writer's affect TO believe PROD
ably Count NuravieT has suggested some prac-
uca expedient for enabling France to retreat
Without dlshonor from untenable position
me real questions at issue centre not IN the
0oucan. but IN Egypt. where England starteu
VI false basis sixteen years ago by MAKING
Unnecessary pledges, which have not been iui-
aied and remain a harassing source OF EN-
'stiassment to the Foreign Office
Vne fact which does not escape attention mere
A'hat the United States has become creui'o'
Aaucn whose influence will be felt Win over
'hehning force in any European war. EheIaHu
sad the Continent heavily in debt TO Amer
IN H. al
.aa this balance remains uncollected ana -
virtually on call. Times have changed since
american credit abroad was dependent upon
talkers' s,,rdtca.a ,or cunnlvinp a depleted