The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-12

WOOL MAhhEI'
Special Correspondence OF Inteillgencer.
NEW YORK, Sept 1O.-The excessive
heat and Labor Day combined were
sufficient to prevent any activity on the
Stock Exchange, especially as many
large operators are still away at the
seashore and mountains. This, togeth-
er with Disappointment at st. Paul not
raising its dividend to 6 per cent, af-
fordcd the professional element an OPP
portunity for depressing values. and
wherever weak spots could be found at
tacks were made. The results only
eeryed TO demonstrate the undercurrent
OF strength that the market really pos
sesses The strongest argument at
command of the bears was the fear OF
tight money. Cali loans were, pushed
up to per cent, q rate not likely TO In
lure the market; but the futlllty OF this
method Of attack was soon understood.
There is no possibility ofany important
advance In money rates 50 long as we
continue such heavy creditor in Eu-
rope. Sterling exchange is already at
the gold importing point; and any fur
Their advance In the money market
would simply hasten the large influx OF
gold which is inevitable this autumn.
Europe expects to send US large
amounts OF the precious metal. and,
though the flow may be hipdered slight
" By higher rates for money In London.
still the gold must come when wanted,
as Europe has no other way In which to
settle the International nccount. There
is no prospect Of n scarcity OF funds for
crop or business purposes 81 the east or
west: so We advise our friends not to
be frightened by any tight money scare.
A favorable development in railroad
affairs was the consent OF the Canadian
Pacific to accept the interstate COM
mcrce commissions decision as to difS
ferentials This removes the most seri-
Gus 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 ana
the steady revival of industry ana
TRADE VIII lIlENlLdblg dllbAu NhN ANtH@S
plenty Of traffic in both directions. Eu-
rome appears to show more interest In
our investments; hut the removal of nd-
verse opinion on the other side is likely
TO be a matter OF slow growth, which
the development OF cordin. international
relations will OF course promote. In
tending purchasers of stocks Will do
well to discriminate hereafter, for some
Of the best OF them are already high ana
many of the lndIfrerent.ones are selling
fully up to their intrinsic value
While. on the surface, Wall street is
nj present mainly concerned about nor
NAL matters and general rebound at
terdant upon the return to peaceful
conditions, yet in The higher branches
OF finance II f. realized that the war mas
left legacy OF new conditions which
must soon develop fresh enterprises and
open up attractive investments. untll
the conditions OF peace are finally deter
mined by the Paris conference, 1t IS I'M
possible to say with distinct certainty
what new territory or territorial control
will finnlly fall into our hands. But, so
far as respects the West Indian colo
MES or Spain, there is no room for ques-
ton about our early permanent occu-
pancy OF Porto Rico. and there Is as
little question that, at least tnr several
years. Cuba will be governed under our
auspices and protected under our guar
antees; perhaps 1t Is equally probable
that finally that island will become
possession Of the United States. Al
present. both those islands are CONNER
cinlly and industrlally, in q state OF
ruin. Large tracts of fertile country
will have to be rehabilltated, towns and
villages will have to be rebuilt, wasted
plantations will have to be restored: in
brief, 1t may be said tina. one-half OF
the productive OUTFIT OF Cuba will have
10 be replaced, Governed under Amer
icen auspices, there will be wide intro
duction of public improvements, SUCH
az the repair or construction OF rall-
roads, the replacement Of coasting Ves-
sells, the cleansing Of unhealthy locaiI-
lies the construction of roads and the
installation OF the many KINDS OF nod-
ern improvements which Americans
carry wherever they go. The numerous
owners OF ruined estates will be In the
market as sellers Of their properties or
borrowers OF money for the purpose OF
restoring them. These wants will call
for very large aggregate OF capital
which will come almost entirely from
this country. That sum VIII eSSeeh
the value OF the property Destroyer py
the instruction and the wnr; Tor the
ENTERPRISE Of Americans Will quickly
carry the development OF the island TO
higher point than 1t has hitherto
reached. ~,
The peace protocol is less explicit,
than In the case OF tho Antilles, as 10
the disposal to be made of the Philip
pines: but. since that document was
signed, public opinion In this country
has become 20 widespread and general
in favor of their retention by the nlted
Stntes that It seems 10 he assumed as
forcgune conclusion that the President
will Instruct our commissioners to the
Paris conference to shape their demands
accordingly. This probability Is mate
rally strengthened By the fact that the
responsible class OF Flll!pinos are Tor
maily and urgently petitionlng that TN,
whole group OF Islands shall be placed
under the ownership of the United
States. This is an argument which not
only appeals directly to our government
but also, upon international grounds
must carry a very Important influence
in the counsels OF the peace comnis-
sion. II Is also a matter OF some slgnl-
fIcance I'm this connection that the car
has deferred the assembling OF the In
ternationni peace congress until one
month after the conclusion OF our war
with Spain.
In the face Of the pacific nature OF the
czar's proclamation, It Is hardly sup
pcsable that he would Interfere with the
conclusions Of the Paris conferences ana
II he Glands aloOf, no other Intervention
Is likely to be attemptcd-the more so
as the China question seems to have
reached q stage Of adjustment between
England. Germany and Russia, In which