It was recognized frankly by the authorities on warfare everywhere, that the outcome of this first great naval battle would go far toward deciding the fortunes of the entire war. But the importance of the event from this point of view was less than that from another which interested the governments of all Europe. This first test of the modern fighting machine at sea was expected to furnish lessons by which the merits of such vessels could be definitely judged. It might be that they would prove far less efficient than had been calculated by the lords of the admiralty, and that the millions and millions invested in the fleets of Europe would be found virtually wasted. It was this, quite as much as its bearing on the war, that made universal attention direct itself upon the meeting of the squadrons in the Philippines. All America rejoiced at the news that came flashing over the cables on Sunday, May 1, when the first word of the battle reached the United States. Even Spanish phrases could not conceal the fact that the encounter had been a brilliant victory for the valor of American sailors, and the strength of American ships. A Spanish fleet of superior size virtually annihilated, a city in terror of capture, the insurgent armies at the gates of Manila, the losses of Spanish soldiers and sailors admittedly great, and finally the sullen roar of discontent that was rising against the government in Madrid--all these things indicated that the victory had been an overwhelming one for the Asiatic squadron under Admiral George Dewey. As the details of the engagement began to multiply, in spite of Spanish censorate over the cables, which garbled the facts as generously as possible in favor of the Spanish forces, the enthusiasm of the people throughout the cities and villages of America swelled in a rising tide of joy and gratitude for the victory that had been given to them. From Eastport to San Diego, and from Key West to Seattle, flags flashed forth and cheers of multitudes rose toward the sky. Around the newspaper bulletins, throngs gathered to read the first brief reports, and then scattered to spread the news among their own neighbors. Seldom has an event been known so widely throughout the country with as little delay as was this news of an American victory in the antipodes. There was a sense of elation and relief over the result, and an absolute assurance grew in every one's mind that no reverse to American arms could come in the threatened conflicts ashore or at sea. A NATION IN SUSPENSE. But after the first news of victory was received there came a period of delay. It was learned that the cable between Manila and Hongkong had been cut, and the only means of immediate communication was suspended.