Arizona republican., 1898-08-27

New York, Aug. 26.-The return of peace, the promise of business pros perity and an abundance of cheap money have been irresistible factors on the stock exchange. Of course many of the sensational advances of this week can be attributed to manipu- lation; but such manipulation would not have been possible did not the fa- vorable conditions exist. As a matter Of fact there was much less manipula- tion than usual in a market of the re- cent magnitude and strength. Profes- sional operators saw the market taken right away from them by the rush of outside buying; and all efforts to check the advance were fruitless for a time, notwithstanding heavy realizing and not little inside selling In ordinary times the rise would have marked the continuation of a bull movement; but this can hardly be so now, although no surprise need be expressed if the pace has been shown. too rapid and a resting spell be needed These are not ordinary times; the conditions are very unusual and one-sided, and 1t is many years since we have had such complete absence of disturbing con- ditions The putting of Burlington 6 Quincy upon per cent basis was a very practical illustration of the im- provement in the railroad situation. A few roads have already increased their dividends, and others are sure to fol- low. On the per cent basis an ad- vance of i per cent in the dividend rate ought to raise the value of an ordinary stock at least 20 points, so that the prospect of increased dividends affords basis for the strongest and most ac- tive kind of speculation.
 I The question of our foreign relations may at any time have an important bearing upon the stock market, and in | this connection the appointment of Ambassador Hay as secretary of state 1 Is an admirable one. It is one of Pres ident McKinley's best. MT. Hay has of necessity acquired a large knowl- edgo of foreign affairs, which is 1m- portant in view of our new departures, and his tact and experience will serve to promote closer relations with Great Britain, our best customer for all that we have to sell. and our best friend in all that affects the welfare of the United States outside of it's own terri l tory.
 l The war is no longer a factor affect : ing the interests that center in Wall street. Its exciting uncertainties are ended. The only important matter un- 1 cd hvy no fr Y,
 disposition to be made of the Philip pines. which, in an important sense
 are made doubly ours by the surrende.
 of Manila and by the capture of othel points which will be accomplished be.
 fore our commanders can receive no. tiflcation of the cessation of hostilities So far as respects Cuba and Porto Rico
 it is only a matter of at most a very few weeks before those islands will ht
 placed under our administration upor conditions that will inspire confidence
 in the maintenance of public order ant
 bring about an active resumption O trade operations For some time al
 least, the reopening ot the late block
 aded ports will be attended with a re
 turn to more than the normal move
 ment of merchandise: but the matter
 Of chief interest will be the eager out
 look for opportunities for American
 investment in plantation properties
 and in mercantile undertakings. In
 deed, the interest in such ventures ha:
 risen to such pitch that it will not bt
 surprising if this sort of enterprise i: overdone. There can be no doubt
 however, that under the Spanish domi
 nation the rich resources of both is
 lands have never received much more
 than surface development, and {