The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-04-17
HAVEN & STOUTS WEEKLY LET
TER.

New York, April 1G.-(Special.)-
In accordance with expectation the
outlook ut the beginning of this week be-
came as warlike as possible. The Presl-
dents message placed the responsibility
of further action upon Congress, ana the
only question seemed to be regarding the
details of our armed interference IN Gu
ba, whish would of couISe, lead to war
with Spain The House of Representa-
tiycs acted promptly in passing resolu-
tons. which, though they agreed with
the Presidents recommendations and
left n slight chance of further negotia-
tons, seemed sufficiently severe to pro-
woke Spanish resistance. The Senate,
on the other hand while considering a
Sorm of resolutions of much more ag-
gravating character, INDUCED in its usual
propensity for talk and delay. Up to
Thursday the public. the newspapers and
the markets, both here and abroad, be-
ieyed that war was the only possible
result. Nevertheless, the ending of the
week again brings new developments
calculated to sustain the idea that Con-
gress will exhaust it's efforts i'll war
speeches and Intervention resolutions,
that the matter will be left to the Presi-
''eN'N
its last words. The fact that the Pow
ers, after temporarily standing aside,
have again shown a disposition to en-
dNavor to preserve the peace, is slgnlh-
cant. and though Americans question the
good faith of SPANS offer of an armis-
tice to the Cuban insurgents, the calling
of the Spanish Cortes for next week
may lead to further concessions. and GER
IT, ;I..l, ~,
| al efforts to bring on hostilities.
Wall street, together with the rest OF
| the country, had prepared itself for the
| outbreak of war Contrary to a some
| what generally received opinion, there
| has at no time been any disposition on
| the part of the financial community to
| oppose proper unfolding of the Nation
| all interests and dignity in regard to Gu
| ba or TO reject the CLAIMS of humanity,
| which appeal so strongly to the Ameri-
can people in that connection. There
| has been no lack of patriotism here, and
| financial interests, while appreciating
better than others could possibly do the
| sacrifices which war would entail, were
| and continue to be ready and willing
| 10 accept their share of the burdens.
COTTON.
| ne cOIIuH llldfheI IOF the week Has
| been devoid of any feature of striking
| interest but prices have been well suls.
| tanned by the higher and more active
| foreign market, Il little Southern buying
| and some covering by the recent short
| sellers. This covering movement is no
| doubt due to Il certain extent to the
| growing belief that actual war will ell
| nance the market value of the staple
! 1T is now recognized by almost every one
| that war could have only temporary
| depressing effect upon II commodity of
| such universal consumption, and i'll the
| production of which this country ha,,
| almost monopoly. 1t is further seen
that any stringency in the money which
might tend to cause a liquidation of the
| cotton now held at the South would ut
| the same time SO restrict the credits al
| lowed planters as to seriously affect the
| amount of the new crop to be produced
| The receipts at the ports are surprising
| ~ light, the movement iii fact falling
| below the 1895 figures, while exports
| on the other hand are enormous and con
siderably larger than in the previous bic
crop year. That Manchester is dome
| an excellent business is shown by the
statement of exports of yarns and cloths
from the United Kingdom, which it is
said makes the best exhibit on record
Trade with India is more active. an6
clearanccs of stocks in Calcutta are or
a large scale. The crop reports from the
South which now begin to come in freely