New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-31
THE NEWS OF TWO CAPITALS.
LONDON.
PEACE TERMS THE CHIEF TOPICS OF
INTEREST.
NO DISPOSITION TO MAKE SUGGESTIONS TO
MKINLEY-HOOLEY AND THE NOBII.-
ITy-DOINGS OF PARLIAMENT
lTY CABLE To THE TRIBUNE. !

uations is discussed here with dignity and re-
serve by the press. English interest centres
uron the disposition % be made of the Philip
pines. hut there is no disposition TO influence the
American Government unduy President Nc
kinley will be respected If he deals with all
questions arising from the war as American
questions. without regard for England's interest
IL them. or. to speak more accurately. in one OF
them Whatever disappointment there may be
IL the Americans decide TO Withdraw from the
Philippines Englshmen will not question Pres-
dent Mckinley's duty to consider solely the real
interests of the United States. England never
yet has conducted her own diplomacy for the
convenience of any neutral nation. and she will
not expect Americans to be influenced by any
consideration except enlightened self-interest.
There is, moreover. a general conviction that
whether or not the Americans hold the Philip
pines and join England anI Japan in Chinese
affairs, great gains have been scored during the
last six months by moral support and friendly
feeilng. Englishmcn fully aware that they
have been on the light side whereas Continental
Europe has blundered more or less and that
whatever may be done with the Philippines
America has been drawn into close accord with
England on all questions
The practical mercantile community sums up
the matter in this way: 1T will have a good
effect upon English trade with America. as Ger
many and France will find out to their cost"
This discovery has already Teen made by those
countries; French and German merchants are
already complaining bitterly OF the cancellation
of orders and the shrinkage OF trade with
America.
President Mckinley continues to receive warm
tributes Of admiration from the English press
THE Spectator" today declares that he has be-
come clear and firm as II he of
business at the head Of great factory. The
same journal contends that the American system
has twice during generation proved itself
strong one in dangerous crisis. and that Eu-
rope has been hasty in rejecting the idea Of an
elective monarchy on the ground that it is fatal
to stability and strength.
The vigor with which the war has been prose-
cuted by General Miles in Forto Rico is
nended by nearly all writer's and the quickness
and definiteness with which President Mckinley
has answered the Spanish cvertures for peace
are accepted as proofs that lie knows instinct
lively what the American people want and feels
that he has. like Lincoln. political authority over
the Nation requisite for shaping policies OF mo
mentous Importance Nearly all the writer's In
their eagerness TO have the Americans remain in
the Philippines lay stress upon the injustice and
old Spanish masters: but the wisest journals
like 1.-THE Economist" admit that no more diff
cult problem has arisen In modern history than
the future of the islands. and that the solution
must be worked out primarily by the United
States and Spain. and not by European Powers
The Continental and English press unite in de-
scribing President McKinleys terms Of peace a3
just and magnanimous.
Hooleys disclosures have justified Lord
Charles Beresford's warning against the power
Of money in English society. A more scandalous
story was never heard IN th> bankruptcy Court.
His plan Of operations in purchasing and selling
companies involved traffic in gilded titled names.
Sometimes he purchased peers outright. hut
oftener he paid brlbes to decoys from smart sets
who introduced noble lords procured the
Of their names When the front sheet Of pros
pectus was illumined with the names OF eminent
directors he left his solicitors free to explain the
details Of the business which was recapltalized,
and quieted and squared" city editors with
troublesome pens. The difference between the
present market value of Dunlops and the
amount for which the company was recapal-
lied is little less than S1200O000 This shrink
age in value measures the losses Of credulous in
vestors whose eyes were dazzled by the Of
brilliant social names. The names on the front
sheet OF that prospectus are said by Hooley 10
have cost between 100000 and 100000, and the
secret press fund was $4,000.
Lord De La War; the Duke OF Somerset and
other peers whose names have played a prom-
nent part in Hooley's enterprises have not yet
been heard IN their own defence; but the bank
rupt's own story implies a conspiracy to defraud
foolish investors. Some Of these titled stool
pigeons will find IT difficult to meet the charge
10. has been m nj
their names and social position.
After these shocking disclosures Of corruption
and immortality In current methods Of stock pro-
motion Parliament will be compelled 20 take up
the question Of reforming the companies law.
Stock promotion is a necessary and Legitimate
expedlent for bringing new enterprises into the
market. but stringent safeguards need 10 be
established against the purchase Of eminent
names
HOoleysm has. however. more morals for
smart society than for the commercial com
munity. Social London has. indeed. been thrown
into a furry OF excitement by Hooey's sudden
Indictment Of many Of the smartest people in
the West End. Little else IA .alked about. ex-
cept the series Of disclaimers which has ap-
peared from the Duke Of Somerset. Lord War
wick Lord Winohelsea. Lord Abemarle and
other titled personages implicated The denial
which excites more ridicule than any other is
Lord Albemare's since 1t involves the confes-
sion that large check was received and ex-
plains it as the result OF deal in another un-
dertaking.
Apart from this masque OF snobbery and job
berry in the Bankruptcy Court this has been
a stagnant week. The Liberals have won a
brilliant victory in Reading. and Sir William
Harcourt has made Of his old-fashioned
fghtine speeches in Hertford filled with polit-