The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-22

are not ordinary times; the conditions
are very unusual and one-siqed, and 1t
is many years since we have. had such
r complete absence Of disturbing condi-
tlons. The putting of Bnrltngton &
Quincy upon per cent baNs was a
very practical illustration lpf' the Inn
provement In the'Tallroad situation. A
few roads have already increased their
dividends, and others are sure TO follow.
on q per cent basis an advance Of 1
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 a basis for
che strongest and most active kind OF
speculation.
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 am
bnssador Hay as secretary of state Is an
admirable one. It Is one Of President
McKiuiey's best. Mr.. Hay has OF neces-
sity acquired large knowledge OF for
eIgn affairs, which Is important In view
OF our new departures. and his tact and
experience will serve to promote closer
relations with Great Britain. our best
customer for ell that we have to sell,
and our best friend In all that affects the
welfare OF the United States outside Of
its own territory.
The war is no longer a factor affect
ing the interests that centre In Wall
street. Its exciting uncertainties are
ended. The only important matter un-
settled by the peace protocol Is the dis
position to be made of the Philippines
which In an important sense are made
douhly ours by the surrender OF Ma
Mia and by the capture OF other points
which will be accomplished before our
commanders can receive notification OF
the cessation of hostiiitiea. So far as
respects Cuba and Porto Rico. 1t is only
q matter Of at most very few weeks
before those Islands will be placed I'M
der our administration, upon conditions
that will inspire confidence In the main
tenance OF public order and bring about
an active resumption OF trade opera
tons. For some time at least the re-
opening of the late blocknded ports Will
be attended with return to more than
the normal movement OF merchandise:
but the matter OF chief interest will be
the eager outlook for American invest
ment In plantation properties and in
mercantile undertakings. Indeed, the
interest In such ventures has risen to
such pitch that II will not be surpris-
ing II this sort OF enterprise Is overdone
There can he no doubt. however, that
under the Spanish domination the rich
resources OF both islands have never re-
ceived much more than n surface devel-
opment, and large and valuable trade
with both islands must soon be forth
coming.
The results in the Philippines are
much less capable of estimate. There
can be no doubt that there, as well as
in the West Indies, Spanish government
has been represslve OF trade to the last
degree; and It Is equally certain that IL
the Islands were taken into our perma-
nent possession there would be a rush OF
American enterprise thither propor-
TONED to the rich resources Of the archi.
peIago and far surprising anything pos.
sIble in connection with Cuba or Porto
Rico, whose population and area ore so
much smaller. II the Philippines should
he permanently annexed. most impor-
tant addition would be made TO our trop.
Ical commerce; and including the West
India trade, we should rank among the
foremost nations in respect to wide
class OF products which have always
been the objects OF trade ambition. AT
present, however. II IL impossible to
form any Judgment as to what disposal
may be made OF the great eastern archi-
pelngo. Il Is fairly ours by conquest,
and we can compel Its transfer TO our
ownership through the peace commits
sion II we so desire. But the question is
n large and delicate one, and the Presl-
dent has preferred to take no definite
stand upon It until he has had u fuller
opportunity TO Judge Of What may be the
sentiment Of the American people upon
the question. This Is an eminently wise
course. although II may Involve keeping
the country ignorant for some months
10 come in respect TO by far the most I'm
portant result of the war.
It Is n welcome fact that the govern
ment has kept down the military and
naval expenditures 20 much lower
figure thnn was at first expected. EstI-
mates now place the total gross cost Of
hostilltics In this country al 5000. ,00O
This may possibly prove too low fig
ure. but It Is safe TO assume that the
war hin will not at all approximate the
10000 900 which has been very Rener-
ally expected. The country Will nppre-
ciate the effort TO economl1c expenditure
by putting the military and naval estnb-
llshmentS as nearly as possible upon q
peace footing as quickly ne possible.
as record Of military achievements,
the four months war leaves behind Il
much OF which the nation may well feel
proud and much that will command the
respect II not the admiration OF other
countries; but the matter for profound
est congratulation is that we should
have made such conspicuous cOntrIbu-
tong 10 humane government ana
achieved for ourselves such large ma
itcrsal results with 30 small n cost OF
life or treasure.
II IL not surprising that the stock
mnrket for the past week should have
been under movement that approaches
almost a booming character for the rea.