New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-27
THE NEWS OF TWO CAPITALS
LONDON.
FINANCIERS ANXIOUSLY WAITING FOE
ACTION on THE MAINE REPORT.
DECLARATION OF WAR REGARDED AZ
BETTER THAN UNCERTAINTY - No
DANGER OF EUROPEAN INTER
FERENCE IN CASE or
HOSTILITIES
fBY CABLE TO THE TRIBrxE.I

FERENCE IN CASE or
HOsTILITIEs.
fBY CABLE TO THE TRrBrNE.I
London. March 26-The publication OF ne
Presidents Message with the report CT the Naval
Board Of Inquiry Is awaited with more eagerness
than anxiety In financial circles What is want
ed first Of all is relief from the suspense which
affects the entire market here and every Euro
pean exchange. Even declaration OF war
would be preferred by bankers and stockholders
to the continuance of stagnant market, With
hourly 1urries. caused by sensational jour
nalism and the rumors Of impending hostties.
Business in American securities will not be large.
whatever may he the tone Of the Message or the
attitude Of Congress. but the trend OF the whole
market depends upon the chances Of war or
peace.
1t is generally assumed that American bankers
will call for gold from Europe ~ be mnli-
nent next month and the general effect will be
TO force the bank 10 raise the rate and thereby
to tighten the money market and lower all
classes Of securities Large balances are held In
England. Germany and France 10 the credit Of
America in the form Of call loans. and much Of
this gold will be sent for in case of war. Already
the outflow Of gold has been considerable This
Is matter which affects investment and specu-
lation on every European exchange, and bankers
will be relieved when they know the condi-
tons OF the money market which they can rea-
sOnably expect. Otherwise there is little anxiety
here among fnanciers respecting the possible
outbreak Of war. II is considered probable
that the direct menace OF war will produce any
thing more than temporary furry In American
stocks. It will he a spectators movement. and
[ Will soon end Investors here will not be fright
ened but will hold their securities in confident
expectation that these will rise with the In
kxS
war.
Conservative 1nanciers do not look for heavy
drain Of gold from Europe to America nor for
a high bank rate nor for Of long cont!n-
| uance II hostilites arise, the contestants In
their Judgment, unequal in resources ard
| fighting power that the campaign will not last
! many months and will be mainly conducted by
| the fleets.
1t may be stated with the utmost confidence
! that II war be the result Of the failure OF the
! negotiations over the destruction Of the Maine
or the appalling condition Of Cuba revealed by
the consular reports, there will be no interfer-
ence with the United States by any European
Power This opinion is generally held in diplo-
matte circles. Austria is bound by dynastc ties
10 the Spanish royal house, and is disposed to
befrierd 1t by diplomatic means. but there Will
/ be no overt action after the outbreak OF war.
The German Emperor does not love America.
but he will not intervene in the Cuban anaif.
England's moral support OF America is certain
! and It carries Italy the same line. France
has larg financial interests at stake In Spain
and will spare no effort TO influence the Madrid
Cabinet in favor Of peace. but will not inter-
fere with the republic in the event OF war.
Russia's neutrality is well assured.
| The monarchical interests Of the Continent
| and the French financiers may exert themselves
| to the utmost TO restrain Spain from entering
into a hopeless conflict. but II diplomacy fails
| they Will leave the two countries TO fight over
! Cuba without molestaton. England is tho
Power whose good Offices Will be Of first impor-
| tance 10 America in The event OF war, owing 10
her West Indian coaing stations. and there Is
no reason TO doubt that the three rules OF the
| Treaty OF Washington will be vigorously enforced
against Spanish cruisers. Spain VIII have no
base Of naval operations outside Of Cuba and
Porto Rico
The English press while printing columns OF
war rumors from America and Spain, does not
vet regard the outbreak OF hostities fore
gone conclusion; It suspends Judgment until the
reception Of the Presidents Message and tho
text Of the naval report. The Daily Chronicle"
to-day has a remarkable article based on tho
evidence of Spanish inhumanity IN Cuba con-
tending that the British Government would have
| intervened long ago under similar conditions
and praising the patience Of the American Gov
ernment and the calm. pacific policy OF the
President The Morning Post" makes labor-
Gus effort to be impartial, but The Economist"
voices the general feeling when It declares that
not much sympathy is likely to be felt for Spain.
since Englishmen abhor cruelty. There is a gen.
eral disposition to recognize President McKin-
ley's self-restrant and coolness and his deter
! mination not 10 be dragged into war without ex.
hausting the resources OF pacific diplomacy.
Senator Thurstons speech is criticised as ir-
! reverent in passage and needlessly provoca-
/ tive in another One printed comment is that
| nothing could have been better calculated to ex-
cite religious resentment in Spain and help the
recruiting for the army. Il-timed rhetoric only
tends TO excite ridicule in England; In the mo-
men,ous crisis what is convincing and commands
respect and admiration is the evidence OF re-
sponsibuty and sobriety OF judgment furnished
/ bv President McKney's leadership and the
united action Of Congress in the passage OF the
vote Of credit.
Naval officers here are awaiting the report OF
! the Board OF Inquiry with more interest even
than the hnanciers Of Lombard Street They
make no secret OF the fact that they Will be re-
ueyed II the explosion be shown not To have
/ been accidental since the sense OF the danger
! OF modern naval mechanism in time OF peace
/ will be removed Experts are wondering how
he Spanish Navy can he supplied win coal Tor
a long campaign in the West Indies No large
contracts for coal have been reported here but
secret arrangements may have been made tor
supplying Havana. English shipowners and Ad-
mlralty officials have held private consultation
! resnecting wartime risks on merchant ships.
NEGOTIATIONS are not yet at end for the pur-
chase OF the O'Hggins and other war vessels,
but the prices asked In some Instances are ex-
tortionate. The sale ~ the Italian warshps
Varese and Carlo Alberto to Spain hangs fire.
...-l .ho ronnrts ~ American nurchases ~ tnr.