Decembers, i8g8.





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Vol. LXII.





DECEMBER 3, 1898.





1,603





THERE is no change in the temper of the Stock Market to
record. The large amounts of money seeking use keep up
the prices of honds, and the stocks that are most active are those
that have shared least in. the recent advance and can show devel¬
opments that call for better prices. In a period of upbuilding
such as we are now in, these new conditions constantly arise to
beneflt this or that security, and are promptly reflected in the
quotations. It will have been noticed that the Coalers have at
last come into line with the more cheerful movement of the
market. The given cause for this, an alleged agreement among
the anthracite producers and carriers to put up prices, is not a
very satisfactory one, except for immediate and temporary effect.
The memory of living men goeth not to the day when the prob¬
lem of how to secure an anthracite agreement was not on the
carpet; and, while many solutions have been tried, none have
succeeded. Any combination that seeks to improve the Coal
shares by putting up prices of coal to the consumer is barred by
the judicial decision that shattered the McLeod leases. Economies
in operation and a participation in the general improvement
would help the coal business, and they are the only ways in
which it can be helped. A combination having these ends in
view may succeed, but one whose only purpose is to take more
money out of the pockets of the public will not. It would simply
invite action by the courts to secure its own defeat. The move¬
ment of gold this way is only favorable in the sense that one
cannot have too much of a good thing, but having more gold
now than there is immediate use for, additions simply become a
valuable superfluity.





MONEY under ordinary circumstances becomes dearer to¬
ward the close of the year. If recent events and rates
have not induced most people to supply themselves in advance
of the tight season, there is likely to be quite a pinch in Europe
before the New Year, and some trouble in consequence. An
anticipation so natural as this, in view of the advances in rates
made in the last month or two, will check business until it is
seen whether it is well grounded or not. The prospects for
higher rates make the engagements of gold for shipment to the
United States remarkable, especially when coupled with the com¬
paratively low rates prevailing at home. The American credits
abroad are known to be large and it is claimed that German bills
have been discounted in New York through drafts upon such
credits in London. For one reason or another, and probably
because of the difficulty of financing big operations in the present
strained condition of the money market at Berlin, the consolida¬
tions of the eiectricai companies, mentioned some weeks ago as
having been arranged, have been abandoned. The announce¬
ment of the adoption of a provisional fiscal agreement between
Austria and Hungary made this week, is satisfactory in so far as
it revives confidence In Vienna and Buda-Pesth in an ultimate
permanent agreement; but all favoring signs from that quarter
are overshadowed by the news of disagreements between Austria
and Prussia regarding the rights of subjects of each In the terri¬
tory of the other. The cable, with characteristic verbal brevity
conveying extended inference, ponits to the last-named matcer aa
a menace to the Dreibund. Italy's poverty, Austria's understand¬
ing with Russia and Germany's new policy; of protection toward
Turkey, make the continuance of that agreement extremely un¬
likely when its present period expires, two years hence, and it
win not be long before the financial world will begin to discount
the re-distribution of alliances that the dissolution of the Bund
wiil make necessary. The French Government has under exam¬
ination a proposal of the Governor-General of Indo-Chlna to con¬
tract a loan of $40,000,000 for railways to connect Annam and
Tonkin with the Southern provinces of China. Some of the
French protectionists,  not content with all  French  territory,





home and colonial, being encloBed In one tariff ring fence, are
agitating against inter-colonlal trade. One journal fearing that
French-Indian manufactures may compete with those of the
mother country in Tonkin and Madagascar, remarks: "We place
the prosperity of France above that of Pondicherry. ■ If France
has sacrificed so many men and so much money In the conquest
of Indo-China and Madagascar, it was not to procure a market
for yarns and stuffs manufactured at Pondicherry." Thus is the
falsity of another alleged effort to carry the blessings of civili¬
zation to the heathen exposed. Clyde shipbuilders are congratu¬
lating themselves on having had a successful year. So far this
year 246 vessels, representing 380,000 tons, have been launched
as compared with 222 vessels, representing 278.000 tons, last year.
The newly Inaugurated President of the Argentine Republic owns
to the dilScuIty of finding a remedy for the financial difficulties
of the country when in his address to Congress he says: -"It is
necessary to adopt a plan of rigorous economy. Within a few
years we have quadrupled our expenditure, as if we believed
that our resources were inexhaustible, and we find ourselves
with a deficit which reveals improvidence and disorder. We
must restore equilibrium by the most regular means—that is, by
reducing our expenditure. This, moreover, is the only means
we have of solving the problem of our complex financial posi¬
tion." Theoretically President Rocca Is right, but who ever
knew of a Congress adopting "a plan of rigorous economy."

-------------^-------------                                      (

THE   HUMANLY FINE.

THE most surprising phase of all this talk about the Philip¬
pines is the disclosure that a large or at least a considerable
number of Americans are at odds with their country. It is true
we have the spectacles of other peoples frequently differing
among themselves on questions of polity, but we would like
someone to recall for us a case in history where a nation has been
anything but unanimous—fervently and triumphantly unanimous
—at moments like the present, and in dealing with matters such
as those that confront us now in winding up our account with
Spain. Opposition to the commencement of war has Indeed arisen
at times everywhere from the piety of a few and from the selfish¬
ness or the fear of some others, but war ended, and the glorious
knee of one's beloved country firmly placed on the chest of the
vanquished, what nation has ever doubted its right to the spoils,
its ability to "expand" and the benefits accruing to the world
from an extension of its civilization?

To estimate how absurd this is, we have only to try to fancy
a Frenchman questioning the beneficent influence of the arts
and manners of his country upon the Fillppinos, or to try to
think of an Englishman hesitating as to whether Brittannia could
safely and profitably rule the Spanish Eastern archipelago; or
struggle to imagine a Russian halting at the thought of "annex¬
ation;" or William of Germany questioning the reality of "des¬
tiny" when presented in the shape of a few thousand odd islands.
It is useless to work with one's self to make pictures of that sort;
we know no European is capable of acting so—romantically.

How is it then tbat in the United States, among so practical
and patriotic a people, we witness so extraordinary a sight—
men openly opposing tae "destiny" of their country, hotly ques¬
tioning the wisdom of "exransion," doubting the value of our
government to a lot of half-breed Asiatics, and denying our
"right" even to spoil the vanquished and make him "cough up"
all that is in him? Why Is It that in situations like ours the
European acts so superior?

The matter is worth discussing because only old-fashioned peo¬
ple who have exaggerated notions about the wisdom of Washing¬
ton and the value of our 18th century traditions as a guide under
all circumstances fall to perceive clearly that Uncle Sam is enter¬
ing the colony business" for keeps, and that whether we like
it or not (we Imagine we will like it) we will find ourselves
pushing with the crowd for the territory of the weak and the
possessions of tne unfortunate. Invariably, it's the flrst step
that counts; and as we are necessarily "in" for a good deal more
than the Philippines, ail our people—even the clergy and college
professors—should get Into iine behind the country so that in
future we may have no more of the baby talk about "peHce" ana
■UucjaiiiLy" and "staying at home" which has disgraced tha
ccurse of our war and our gloriously vigorous settlement with
Spain.                                                                                              «>

The trouble has arisen entirely from taking conventional
phrases in a real or literal sense. So difficult Is it to be plain
except in explicit terms! Some of our good citizens have not
perceived what the "man in the street" has jumped at instinct¬
ively—nations as nations never speak the truth, and are essen¬
tially unscrupulous. Experience and training save the European
from falling into error here, precisely is 'tJi« crowd io this coun¬
try were spared the ignomy of mistake, about what was said
when :we declared war, by their dull unreasoned eeuse for realty.