Bisbee daily review., 1911-07-13
CLEWS EXPLAINS THE
 MARKET CONDITIONS

which is S.2 points higher than the average July condition during the last ten years In view of the in creased area planted to cotton this year of approximately 1.500.V0O acres, it Is evident that. barring exception ally unfavorable climatic conditions from now on, we are to have the largest crop of cotton ever grown. When, furthermore. we consider the high prices for the staple, t is possible to appreciate the tremendous prosperity that the growing crop means for the south in the instance Of corn. the fact that planting was conducted under such exceptionally favorable circumstances and that before the reent drouth and heat (which have within the last two days been so greatly relieved by refreshing rainsl became efTestive the plant was in such excellent conds. tion. made the situation, even at it's worst, less damaging than would otherwise have been the case. With out attempting to minimize whatever damage has been done-and there undoubtedly has been considerable in certain local sectioRs-it is worth while recalling that corn is essen tially a hot weather plant, and. granting proper preparation, warm. dry weather means a forcing of the plant and the consequent removal Of possible damage by early frosts. It is, thereofre, too early to become pessimistic in regard to agricultural conditions. A large winter wheat crop is already harvested and con. sequently is out of danger: and the weeks reports from the spring wheat sections have certainly not been unfavorable even if they have not proven all thar could be desired
 irreguisrity Is Sure.
 It is evident that the next few weeks must continue a period of ir- regularity in the stock market. We have fully arrived at the period when reports from the grain sec lions of the country will prove day to day influences. When this period of transition ends. however, we are not unlikely to have a still further advance in prices of standard divi- dend paying stocks. Money remains abundant and Iromises to continue so, and there is no incentive what ever to sell securities. as other prof itable channels of investments or employment, such as the require ments of trade and industry, do not exist. Excellent information frO-i Washington intimates that congress will adjourn until the regular ses- sion of December on or about August 10th, and Nnat whatever changes in the tariff are to be made before the next presidential election will then have been made. This means that trade and industry will promptly begin to pick up so soon as the new tariff conditions under which business must be conducted become known. But it is quite evident al this writing that the strain of financing the crops will have eliminated be- fore the active demands for funds in mercantile pursuits become insist ent-
 Any lOngrange view Of the hnan- cial situation. based on fundsmental conditions. is therefore Q favorable one. The immediate outlook Is nor quite as encouraging. l. suggests caution in the selection of invest ments, and at the same time prom ises active fluctuations that can readily be taken advantage of by traders who keep well informed on the day Go day developments that have a bearing on the Stock Ex change price level.
 HENRY CLEWS.