What if the US Government doesn't give in to public opinion and doesn't send the ultimatum to the Spanish Government?
I read in Dreadnought by Robert K Massie that the German Government was hoping to buy the Philippines and the Kaiser was furious that the Americans beat him to it. Germany did buy the Spanish Pacific islands, but that might have been because the Spanish thought they were not worth keeping after loosing the Philippines and Guam.
If they were sold to Germany is it most likely that the Japanese would take them in World War One and keep them in the peace treaty?
Although I'm primarily interested on the effects it might have on the development of Japan the development of the United States as a world power might be altered if it doesn't annex the Philippines, Guam and Puerto Rico.
The subsequent history of Spain might be altered too, but how? Would Cuba have become independent at the same time as OTL without American help?