New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-14
NEWS OF TWO CAPITALS
1FF4IRy IN LONDON.
g,or wa Probably BE PrOtracted-
SEqht Effect on Money Markets.

b. rf-T
-. rsnaresa themselves have peep under Sc
e ssif-rcstraini when victorious. but elsewhere
- are SIGNS that the triumph Of the Asiatic
-. ,o,-o~ Russia ~ the opening round has ap-
..t.s st-o.g.v 10 the Oriental imagination. Dr.
-, orc Of Che kecucst Of Observers. re-
-. t- ..'rbe Times" the enthusiasm with which
-, 7--srssa successes have been greeted among
n, classes in China. and the dispatches from
--5fa indicate thar the defeats Of Russia have
,-es-e5 2 nrofound impression throughout the
-.,.i,egIa. The heather Chinese Is not played
-. sD6 the mild eyed Hndoo is peculiar
..o1ei 10 the Oriental eradication over the
.,sso,oa t,ar the japanese are prompt. decisive
- scientific I'm warfare may be an uncontrol-
,sb5e desire 10 share the white mans burden
There is a general impression among the men
,so know the FAY Fast that The war viii last
-.,..-s1 wars The Importance Of the issue be
.--ee- the .cou'batants foreshadows prolonged
.--ugele II is something more than amour
-o--e. II is domination I'm China. Mr.. Hays
,--,,,ar note in regard limiting the opera
.,o-s % the war and securing China against In
aston is "a ststesmanike forecast OF the natural
+-s,s of events. The safeguards and limitations
- 5irlorlacy must be- artificial Japan # vic
.o-lous al along the lire. win declare pro-
,.o+o-ate over China and dominate Picking. II
!, he vra-. she VIII annex Manchuria outright
"a sc,pi-e en- iryiucible position at the Chinese
o.,i,al The Russians ana the japanese are
e-,,iDc for one Of the greatest prizes Of future
--rire and are rot likely 10 abandon the con-
-ss+ until all resources are exhausted.
The financial effects or The war are less serious
.pa, was anticipated. There was a temporary
concession but this was followed by rapid re-
nil m
ceiling. both Russian and japanese bonds rising
se+s- the announcement that there viii be no
immediate war loans in foreign markets. The
stability OF foreign exchanges is remarkable and
indicates that there are great reserves OF capital
available In Germany and France for profitable
investment The Russians are likely 10 borrow
ultimately an Berlin and Frankfort. rather than
Paris ard the japanese can readily obtain
money In London. With considerable French
underwriting for favorable loan. cheap money
cannot be expected Tor q long period; certainly
not in London. where the Transvaal loans have
been deferred and the municipalities are con-
stantly on the market borrowing on a large
scale Less money is required FOR the Irish
land purchase than was expected. since the set
Elements are slow and the landowners are re-
serving properties Tor higher prices than the
tenants are willing to pay. And there IS a ma
terial shrinkage in business in the Lancashire
cotton trade. with a diminished demand for
banking facilities at the industrial centres Of
England and Scotland But light market can
not be eased up so long as the war is in progress
and municipal works are planned on an unprec-
edcnted scale
The conditions are unfavorable here for stock
promoting especially as a bill against wicked
window dressing and fraudulent balance sheets
IS in course o. preparation. Industrial conbi-
rations have been overdone and mining shares
cannot be forced upon a reluctant market The
situation is summed up by the bored spectators
IS hopeless. AIiIionaires. they say. would better
lraw cUt of the market and 90 hunting for
s-ufhoEes like the famous one picked up by a
rrivate soldier iu Spain after the battle Of Sala-
u3auca ana sold this week at Christie's 10
puyeen Tor 1892 los, with probable Ameri-
can purchaser. presumably J. Pierpont Morgan.
Apart from war and politics. the action Of the
congregation Of oxford in deciding 10 exempt
candidates Tor honors in natural science and
mathematics from the obligation Of qualifying
fn Greek at responsions has attracted much at
tention as decisive triumph for the anti-classi-
cal reaction in the stronghold 81 Greek learning
The Daily News" and The Daily Chronicle ''
rivals for enlarged Liberal support, are reducing
prices 10 halfpenny and are going in for
pictures, cartoons, fashion plates and local mis-
cellany
The attempt 10 keep a dozen Cabinet lamps
lighted by alternating currents Of free trade
and protection may end in complete darkness.
The Prime Minister may enforce discipline al
The last moment through an adroit and plausible
speech b. Mr. Wyndham. but the division on
Ny. Morleys amendment promises to be close
end may be disastrous for the Ministry. Gerald
-
the protectonists were bewiidered and paralyzed
by the Bonsr law. and Alfred Lyttelton subs-i-
tuteo the protection current. and the free
trade conservatives were furious with disap-
pointment and rage. Mr Wyndham. who is
thoroughly BalfoUrian IN methods and tactics
may save The situation. but thirty OF forty
Tree traders on the government side by voting
with the Liberals and Nationalist next week
can bring in a coalition ministry and they were
angry enough TO dc ft after Mr. Lvtteltou's
speech, precisely as the protedtionists were AZ
ieo'ed after Gerald Balfours unexpected son
70 me followers Of Sir Michael HicLs-Beacb and
~ hugh Cecil The Conservative members OF
house Of Commons are impatient 10 have
| present travesty OF "a cabinet government
-eu' set are not eager 70 face their con-
e"'uenoles IN general election. The ministers
,,-5'sei'es md the situation intolerable when
lhey are contTadlcting one another nirbtl,, ero-,
sai''e behch bur many Of them have not
-" ~ once long enough TO desire 10 be re-
-.e'eu rom the anxieties and the salaries. The
'-il'e Minister himself. in shattered health and
'h o7ilageo reputation. must envy Mr. Cham
'7'ialh ms vacation journey to Egypt
me war in the Far East may enable the de-
i4-lzea government 10 survive the debate on
- Alie speech, since the diplomatic situation
" dangerous hy reason Of the Anglo-Japanese
80. me Russo-French alliances, and the gen
eIal eiections VIII be IN timed. The evidence is