Arizona republican., 1898-08-18

New York, Aug. 17.-(Special)- Values on the stock exchange are strong and advancing. Peace develop ments were an important stimulus to the upward movement; but cheap money and excellent business pros poets have been much more potent in fluences, and their effects have been but partially realized. At the moment, there is a great plethora of idle funds seeking investment, and money is phenomenally easy in all parts of the country First-class investments are second class stocks and bonds are selling at figures which bring the in vestor per cent and less. Holders would like more profitable invest ments, but they are not to be had. As enterprise revives, new opportunities will be offered, and rates for money must advance Our new possessions Cuba, Porto Rico and possibly the hilippines-will afford some new out
 lets, but these may easily be over done; for neither Cuba nor Porto Rico has large population, and time will De required to increase the latter, de yelop resources and create order out If chaos. These islands can only af- 'ord a very limited outlet for the en- ergies of the United States for some
 ime to come. Cheap money is always m important aid to 9 bull cam )aign. and two sources of supply en- ;ou-aee belief in :te abundance for Q period cf cHnsiG Garable length. The banks, aiGed by the new per cent bonds, are likely to materially ex- oand their circulation as soon as ,ates for money advance. The large
 increase in gold production and the prospect of gold imports also tend to sase in money and highcr prices in
 he stock market
 It is almost needless to enlarge upon
 improved business prospects. as these ire understood By every intelligent observer, and readily confirmed by hose familiar with conditions in the
 interior, especially in the wheat grow
 ng and iron trade sections. The August government report indicates a field of wheat amounting to GOT, ,180,
 l00 bushels, against 53O,000,000 actual
 ast year; and a yield of corn amount
 ng to 1996 100000 bushels. compared
 with 1902, 100000 bushels last year. As a whole the agricultural sections ire enjoying prosperity, and there is every prospect of it's continuance an other year. Our industries are also -apidly reviving, and their promise is or continued activity for some years o come; in fact, enthusiasts antici
 1ate a positive boom. which is neither desirable nor probable yet While
 he railroads are doing a heavy traf
 1fs ! of N1a f1nn
 and putting themselves in good 7naDcial condition, the industrials are 'oming to the front as profit makers nd scoring handsome advances They offer tempting inducements to
 he speculators, but must be handled with discrimination. Trade conditions
 avor larger earnings, but it must be remembered that many ot these con-
 :erns are particularly exposed to new competition in good times from estab-
 ishments having lighter cap -.aiiza- ion and the most modern equipment. We believe the stock market will each a still higher level, accompanied If course with the usual setbacks
 Spain has consented to con- litions which put all her West Indian colonies under the control os our arms and provide for the return nome of her troops. The arrange ment for the disposal of the Philip pines is less absolute and leaves much 70 be determined by the joint commis- sion of the two nations; but as the city and bay of Manila and the contiguous territory are to remain in the occupa- ton of our forces, that fact will give us T large influence in enforcing such terms as our government may consider
 | necessary to demand This is con fessedly the most difficult question to be disposed of in the peace negotia- tions. It is not easy to say what is the opinion of majority of our own peopie-a matter to which the presi dent must pay respect. Being largely dependent upon strategic cOnsidera- tions, it is important to ascertain from our military and naval officers what arrangements of that nature call for; but such advice needs to be well de- liberated and cannot be had in a day We cannot be sure that foreign powers have no designs for getting, in some way or other, slice of the islands; and that consideration suggests the prudence of a treatment of this factor which will admit of elasticity and diplomatic resource. Again, it is i'm possible for our government to ascer- tain in a few days what are the capa- bilities of the Philippine races for self government, and what can be done with Aguinaldo and his insurgent fol- lowers. With so many factors unset tied and unascertained in this branch of the peace question, it was plainly unavoidable that the president should place the whole question of the Phil