Bisbee daily review., 1911-07-13

New While selling press ure did not develop on an exception ally active scale, the price level of Stock Exchange securities early this week reflected two influences that for a time received unfavOrable interpretation. The most potent O. these, which was subsequently great ly modified. was the continued dry weather. accompanied by intense heat in important areas of the corn belt The second was the political situa- ton abroad, which became so acute as 70 almost merit the degisnation Of crisis in the relations between France and Germany over the Mo rOccan situation. In addition, the Balkan ghost again appeared, this time as a result of Russias pre- ciDitate action in massing troops. which Turkey regarded as an un- friendly act
 Under these circumstances it was not unpatual that there should have been a check upon the demand for securities at home, while at the same time the decline in quotations on the London and Continental ex changes naturally exercised a sym pathetic influence on this side So far as the Moroccan incident is con cerned it is very apt to be largely overraUed. In accordance with the terms of the Algeciras agreement of two years ago France has been performing a duty then imposed of preserving order. In response to a specific demand from the Sultan tor protection against the tribesmen. it sent a military force as far as the outskirts of Fez. Germany, after protesting the military demonstration on the ground that 1t had uIterior import, finally added force tO her protest by sending a warship to Az adir, presumably as a significant, ef- feCtive and final protest. Both the German people and the French are 1 by nature so highly excitable. that and sentimental that it is not sur prising, therefore, that so much
 more should be heard of the pos abilities of the present crisis than the calmer Interpretation and un. biased view of outside impartial in- terests would suggest As Great Britain is a party 10 the agreement it seems Q perfectly fair inference that the incident will be studied i in a calm and dignified manner, and that the sO-callsd threat of war is indeed one of the remOtest pos abilities. The Balkan situation, more over, has been so frequently in ss strained a position as t occupies at present that there is no present need of granting it any greater i'm 1 portance ss a market factor than al any time during the last year or so. With civilization progressing so ac. lively in favor of arbitration it will take much more than the incidents already enumerated to constitute ad- equate justification (if justification
 for war can ever be acknowledged to exist. which I greatly doubt for war. The day Is already past when any nation may declare war with out adequate cause.
 The Crop Factor
 ReEerting to the unsettlemeut caused by the less favorable harvest outlook. ft will also be found ad- visable to view the actual conditions in a calm frame of mind. The chiei fear appears to ceEter on corn. Incidentally, it may be remembered that there promises to be a rather close race this year between King Corn and King Cotton for the proud position of being our premier prod uct The July report of the depart. meat of agriculture on Monday re ported a condition of cotton of SS2