New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-15
THE NEWS OF TWO CAPITALS
LONDON.
A SENTIMENT ~ FAVOR OF PROMPT
RATIFICATION OF THE SPAN
ISH TREATY.
ENGLISHMEN DEPREcATE THE MAKING
OF PLEDGES TO THE FILIPINOs-MR
cHoATE's APPoINTMENT-NOTEs
or pnnUc Avn ,pr
OF BOOKS AND ART.


OF BOOKS AND ART.
lBY CABLE TO TRrBUyE.I
London Jan 14-Wlth an easier money mar.
ket caused by the inflow Of January dividends,
English investors are still reluctant to buy
American securities Large purchases have
been made for New-York. and outstanding bal
ances against Europe have been partly liqui-
dated. The speculative movement in New-York
Is closely watched. but English investors are
not yet attracted, although evidence Is not lack
ing that a era Of prosperity has opened for
America and all fears Of currency disorder
have been dspeed We.l-nformed dealers In
American securities have their own way Of ex-
planning this mystery; they assert that English
Investors never touch American stocks when
low or even moderately high. but stand back
until top prices have been reached Walt un-
til stocks are higher" say these shrewd OBJ
servers, "and you will see English investors
loading up again with American securities"
This may seem like a device for helping on the
bull market In America. hut there is experience
behind IT, English investors need high prices
to convince them that Americans really have
faith In their own holdings. There are counter
attractions such as the South African mining
stocks which have been steadily rising with
improved dividends Argentines. which are
again in demand at higher prices, or many
classes Of home industrial stocks free from the
taint OF Hooley imitation. Investors have vide
range for choice. and are perhaps convinced
that the American people have grown 30 rich
that foreigners may well remain out and AL
low them TO absorb all their securities. Never
before perhaps, has the American monetary
power created profound an impression
abroad New-York bankers hold balances
against England ard the Continent OF such
weight as to control financial conditions in Eu-
rope
The Washington debates and the dispatches
from Manila are commented upon here as evil
dence that Americans do not yet know their own
minds respecting the new career upon which
they have entered with reluctance. English
men, with their own experience fresh In memory
see Egypt" writ large in Cuba and the Philip
pines. II they had their own work TO DO over
again on the Nile there would be no pledges. no
scuttling from the Soudan. no futile attempt 10
evade the duties and responsibilities OF empire
forced upon them in the interest OF civllization
1t Is easy TO read between the lines OF the leaders
in the London press the conviction OF the WRIT
ers that the Americans are In danger OF repeat
ing English sentimental blunders instead Of
profting by them and acting decisivey OBJ
servers who have made the closest study OF the
Philippine problem believe that the dangers OF
the situation there an exaggerated. hut perceive
that the difficulty OF dealing with the natives In
creases with each days delay In the ratification
OF the treaty. Veteran Indian officials smile
grmy yer the sensitveness displayed by Mr..
Carnegie and Mr.. Bryan over the political fort
unes Of hybrid East Indian races which are In
capable of self-government. What practical
fc fIo hat
pledges should be incorporated with the treaty
when there is no accurate knowledge OF the
capacity OF the Malay races for ruling them
selves and not the slightest necessity for maxi
Ing them. Their advice would be; "Ratify the
treaty Make no pledge such has hampered
us in Egypt, and find out by actual experience
what should be done. Don't load yourselves up
with conscience clauses when no European
Power holds you responsible"
The royal carriages have been placed at the
disposal Of President Ieesias during his stay
in London, and he has been received with the
usual formaty by the Foreign Office. but his
visit has no political importance. The fresh
issues OF Costa Rica bonds which he failed
place in New-York and Paris he is now striv-
ing TO negotiate In the London market This Is
his natural financial base OF operations. since
His mission has nothing whatever to do with
any project for The Nicaragua Canal Presi-
dent Iglesias strongly favors opening this water
way OF Central America. but is not taking any
part In the discussion OF the question; the For-
egn Office negotiations that subject are
strictly confined to Washington. where definite
proposals for the revision of the Clayton Bull.
wer Trea,y are under consideration. 1t is not
nhoh tha. bar w ba
Canada. which was not concerned in canal d.
plomacv fifty wears ago English interest in the
Nicaragua Canal has declined since the Suez
Canal was opened: whereas American interest
has increased owing to the events OF the last
wear As the canal is relatively more important
10 America and less important TO Er gland than
il was when the treaty was negotiated, there is
a natural basis for the conversion Of the double
into a single protcctorate. and the adoption OF
the Suez principles OF control is a reasonable
concession 20 England for this readjustment.
which can be effected II both Governments are
wiling TO take up the question in n spirit or
neighborlv accommodation and common sense.
Unless all signs fail this will be done.
The appointment Of rew American Ambas-
sador has been well received by the Englisn
nress. which lays stress upon the high character
OF his predecessors ard his own reputation as
q leader OF the American bar and an after
dinner speaker OF remarkable brilancy The
fact that lie is new to diplomacy is not regarded
here as a serious drawback. since the bulk OF
the work will b, done in Washington by the
British Ambassador Mr.. Choates functions
will be mainly social and colloquaL
Lieutenant Colwell. the United States Naval
attache with Mrs. Colwell left London yes'er-
day for Newcastle, where they VIII De uni"
Monday the guests OF Sir Andrew Noo'e '"s
head OF the great Armstrong nrm Inc new
American cruiser Albany was iauhcne" ''A'
afternoon.
Mrs Henry White. who had young peoples
hou a, her country house last night. was unable
% ha nr,s,nt although Mr.. White. who. with
q, ,.,,anant Colw.ll. bought the New-Orleans