Arizona republican., 1898-05-06

from which an increase in operations on the exchange may be expected.
 Naturally, under existing conditions. attention is being attracted to the money market The presence here of the secretary of the treasury has sug- gested the probable early introduction of a loan on the market Although there is no probability of any large needed by the government, yet the secretary is evidently impressed with the desirability of ample appropria- tions being made as early as possible Between now and August is usaliy a period of ease in the loan market. Three to four months hence, however, money will be wanted for the interior in large amounts; and important treasury negotiations coming concur rently with that movement might cause a conflict between the two cur rents of demand detrimental to each. For that reason the banks are in ac- cord with Secretary Gage as to the
 importance of effecting the negotia- tion of the new loans with the least possible delay. This is among the factors of the future already dis counted The banks are putting them selves in position for contracting for large amounts of the new bonds. This is having some influence upon the dis count market and on time loans; but effects will be at all serious in their | bearing on the general business of the | country. Within the last ten weeks, the loans and discounts of the local l banks have been reduced $67, ,000; (which shows how much the banks have already done in anticipation of l the special financial demands that have now arisen. It is not to be
 concluded, however, that this contrac- tion of credit has fallen principally
 upon commercial borrowers, for as a
 matter of fact large portion of the liquidation has arisen from the set clement of various syndicate opera tions to which the banks had made very large advances. I have reason to believe that the banks have entire confidence in the financial situation and are prepared to give all considera- tion to the wants of their customers. Moneyed institutions would be un- wise in contracting time loans; as such policy would tend to make
 money tight; and that might too cas- fly be used as an argument in con- gross that there is not money enough: in which case the tendency would be fer congress to legislate for an in crease in greenback issues in place of a bond issue. Should this be done it would be very serious matter. There is no reason to be apprehen- sive of the Spanish squadron attack ing New York city, as the Notifications for its protection are located twenty
 miles from the city and are considered | impregnable. The guns in use have a carrying power of ten miles, which will keep the enemy thirty miles from the city. No guns in use anywhere
 will carry distance of over ten to twelve miles. New York city, there fore, should be considered perfectly secure from attack. It is we'll known fact that a gun placed on a
 solid foundation can throw a projec-
 tile further than one on the deck of war vessel
 The stock market hereafter will
 1uctuate according to the fortunes or misfortunes of war Disaster will put prices down-victories will advance them, and fluctuations will hereafter be influenced by peoples spirits, which war news will affect from time to time. Operators must keep sharp eye on the projectile guns.
 The best way to bring the war to a speedy termination is for us to take the Philippine islands from Spain and then trade them back for Cuba This would satisfy Spanish honor, as Cuba in that case would only be given up for full value, and, as Cuba is the bone of contention with us, honors would be easy.
 ADVICE TO THE POPE.
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