Arizona republican., 1898-09-15

New York. Sept ,14.-There Is no possibility of any important advance in money rates so long as we continue such heavy creditor in Europe. Ster- ling exchange is already at the gold importing point, and any further ad- vance in the money market would simply hasten the large influx of gold which is iney ltable this autumn Flu rope expects to send us large amounts of the precious metals; and, though the flow may be hindered slightly by high CT rates for money in London, still the gold must come when wanted, as Europe has no other way in which to settle the international account. There is no prospect of scarcity of funds for crop or business purposes at the east or the west; so we advise our friends not to be frightened by any tight mon ey scare.
 A favorable development in railroad affairs was the consent of the Canad- ian Pacific, to accept the interstate com merce commissions decision as to diff ferentials. This removes the most ser iOus cause of disturbance among the railroads in the northwest. Railroad earnings continue to show satisfactory gains, and there is every prospect of large tonnage for months to come Big crops, an assured export demand, and the steady revival of industry and trade will inevitably afford the roads plenty of traffic in both directions Eu- rope appears to show more interest ln our investments; but the removal Of adverse opinion on the other side is likely to be matter of slow growth, which the development of cordial in ternational relations will of course pro- mote. Intending purchasers of stocks will do we'll to discriminate hereafter, for some of the best of them are all ready high and many of the indifferent ones are selling fully up to their in- trinsic value.
 While, on the surface, Wall street is at present mainly concerned about nor nal matters and the general rebound attendant upon the return to peaceful conditions, yet in the higher branches of finance it is realized that the war has left a legacy Of new conditions which must soon develop fresh er.ter- prises and open up attractive invest ments. Until the conditions of peace are finally determined by the Paris conference, it is impossible to say with distinct certainty what new ter ritory or territorial control will finally fall into our hands. But, so Tar IS re- spects the West Indian colonies Of Spain, there is no room for question about our early permanent occupancy Of Porto Rico, and there is as little question that at least for several years, Cuba will De governed d under our auspices ard protected under our guar antees; perhaps it is equally probable that tinai1y that island will become possession of the United States. At present, both these islands are, com mercially and indus.rially. in state Of ruin. Large tracts of fertile coun- try will have to be rehabilitated, towns and villages will have to be rebuilt, wasted plantations will have to be re- stored; in brief it may be said that one-half of the productive outfit of Cuba will have to be replaced. Gov erned under American auspices, there will be a wide introduction of public improvements, such as the repair or construction of railroads, the replace ment of coasting vessels, the cleansing Of unhealthy localities, the consiruc- tion of roads and the installation O. the many kinds of modern improve ments" which Americans carry where ever they go. Tho numerous owners of ruined estates will be in the market as sellers of their properties or bor- rowers of money for the purpose of re- storing them. These wants will call for very large aggregate of capital, which will come almost entirely from this country. That sum will exceed the value of the property destroyed by the insurrecticn and the war; for the enterprise of Americans will quickly carry the development of the island to a higher point than it has hitherto reached.
 The peace protocol is less explicit, than in the case of the Antilles, as to the disposalsto be made of the Philip pines; but, since that document was signed, public opinion in this country has become so widespread and general in favor of their retention by the Unit cd States that it seems to be assumed as foregone conclusion that the presi- dent will instruct our commissioners to the Paris conference to shape their demands accordingly. This probabil- ity is materially strengthened by the fact that the responsible class of Filli- pinos are formally and urgently peti- tioning that the whole group of islands shall he n)acad under the ownership