Arizona republican., 1898-05-13
THE OUTLOOK.
From Financial and Diplomatic
 Point of View.

New York, May 12.@Stocks have al ready undergone a very substantia a advance. Under ordinary condition [. a reaction in prices would be abou
 due; but the situation is an unusua one, and ordinary standards of judg u ment are of little value just now. Flo /. this reason I do not believe that tn ' upward movement mas even ap
 preached it's climax. Irregularitie 8 must be expected with the fortunes o t war; the uncertainties of diplomacy l and the anxiety to take profits tha 3 may manifest themselves at any time
 will also affect values; so that the sit
 uation favors a more active, irregular
 and advancing market for some time
 to come Our magnificent victory al
 Manila and the evident collapse oi
 Spanish power foreshadOw still fur
 ther successes on water and land The people are rapidly recovering
 from the shock caused by the opening
 of hostilities, and the former feeling
 of dread of consequences IS rapidly
 giving way to enc of confidence
 Later on we must expect a period of
 exultation leading to excesses not ap-
 proved by sober judgment. Already there are signs that many of the un-
 dertakings checked by the war with
 Spain will soon be resumed as usual.
 Buyers are taking hold with more con- fdence; and these in command of bus
 mess and industrial operations recog-
 nize that certainty is taking the place
 of uncertainty, and that opportunities
 are abundant to men of courage and sound judgment
 | IhPSp
 over tlmid. Our railroads continue
 prosperous In spite of senseless rate cutting, to which stockholders sup:ne- ly submit. In the third week of Apr.l slXty-n1ne roads earned nearly l3 per cent more than last year, and in the second week eighty-four roads re-
 ported an increase of over 14 per cent
 With plenty of traffic in sight and rates already low it is utter foll1 for
 the roads to waste their profits in
 wild scramble for business: and their managers should be brought to strict account.
 The present phenomenaIly high prices for wheat and other cerea-s gre destined to give a powerful stimulus
 to business in the interior. Western l farmers are emerging from :tebt with LII AoplOiIy, anu tuolr h. | creased industrial activity already in progress; all of which will benefit the | railroads and be anticipated i'll Wall street.
 On Tuesday last the gold premium
 in Spain was 62-today it is Ill. Span- l lsh As are now down to 3O1h, which
 puts them on basis of 13 per cent. I Just prior to the Maine disaster they of Init are 121, ex-interest. recently paid. The Philippine islands, Spain's most valuable colonies, have fallen 1n- to our hands, through a victory un- equalled in naval warfare, since last week, and Porto Rico, which still be- longs to Spain, will most likely have the United States flag flying upon its forts at an early day-the same will
 be Cuba's fate within a very short period. Spain will then have no coal ing or supply station on this side Of the Atlantic ocean or in the Pacific ocean.
 Commodore Dewey's masn. .icent na- val victory affords the first evidence of the material of which our navy is constituted and rengthens the grow ing hope that the war will be short
 
 handlers will show themselves capable
 of equal skill and bravery; and there is no reason for expecting that the Spanish Atlantic navy will show itself to be of relativ ely better fighting quail l ity than that which displayed it's im- potence in the fight at Manila. The greatest danger we have to fear is from the plotting of Spanish diplo- fo cvio W h foreign powers; and that danger Is increased by the political diso- -ganiza- tion spreading SO rapidly throughout Spain. It looks very much as though the situation may become complicated through a triangular civil Tar-fhe present kingdom, the Carlists and the republicans being pitted againsI each other. That is a situation which
 would almost certainly bring into the
 melee one or more inter yening pow
 CTS; and there are more than one of the
 continental governments that might
 show little hesitation about making such a condition of things ar excuse for intervening between the United States and Spain. Our path is thus be- set by pitfalls, the importance of avoiding which is very plainly appre- ciated by the president.
 Already the evidence is clear that
 the United States is now entering up-
 on new era in it's history. It has broken loose from the trammels of us youth and by this display of it's power affirms it's rank among the worlds greatest nations. Europe already rec 1 ognizes that we can no longer be re- I garded as restrained by the linta-
 tions which have hitherto oeen ac-
 cepted as becoming the formative
 stage of the republic; and our own
 people are as quick to appreciate the
 great change that has come ever our
 political relations with the rest Of the 1 world. It is significant that, along
 with this great consummation, there 1 comes a feeling after closer relailcns
 with the other great branches of the | Anglo-Saxon race, and that England | and her colonies are equa ly ready to l hold out the hand of svmnathv to-