The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-07-10

While selling pressure did not de-
velop on an exceptionally active scale.
the price level of Stock Exchange Sc
curities early this week reflected TWO
influences that for a time received I'M
favorable Interpretation. The most 10
greatly modified, was the continued
dry weather, accompanied by intense
heat in important areas of the corn
belt. The second was the political sit
uation abroad, which became SO acute
as to almost merit the designation of
a crisis in the relation between France
and Germany over the Moroccan situa-
ton. In addition the Balkan ghost ag-
ain appeared, this time as a result of
Russia's precipitate action in massing
troops, which Turkey regarded as an
unfriendly act.
Under the circumstances ii was not
unnatural that there should have been
a check upon the demand for securi
ties at home. while al the same time
! the decline in quotations on the Lon.
don and Continental exchanges natur-
ally exercised sympathetic influence
on this side. SO far as the Moroccan in
cldent is concerned il is very apt 10
be largely overrated. In accordance
with the terms of the Algeciras form
ing a duty then imposed OF preserving
order. In response to a specific de-
mand from the Sultan for protection
against the tribesmen, it sent mill
f2rN force q va slyi r.c Of
Fee. Germany, after protesting the
military demonstration on the ground
that il had Interior import, finally add
| ed force to her protest by sending a
warship to Agadir. presumably as a
| significant, effective and final protest.
| Both the German people and the
French are by nature so highly excita-
bic and sentimental that it is not sur
| prising, therefore. that so much more
should be heard Of the possibilities of
the present crisis than the calmer in
lterpretation and unbiased view of out
side impartial interests would suggest.
AS Great Britain is party to the ag-
reement, 1t seems perfectly fair in
| ference that the incident will be stud
led in calm and dignitied manner,
and that the so-called threat of war
| is indeed one of the remotest posi-
bilities. The Balkan situation. more
over, has been SO frequently in as
strained position as it occupies at
present that there is no present need
| of granting it any greater Importance
as a market factor than at any time
| during the last wear or so With civil
| izatiOn progressing SO actively in ia
vOr of arbitration it will take much
more than the incidents already emu
merated to constitute adequate justi
fcation Gf justification" for war car
ever be acknowledged to exist, which
| greatly doubt) for war The day is
already past when any nation may de
clare war without adequate cause.
| Reverting to the unsettlement caus
ed by the less favorable harvest out
look. it will also be found advisable
to view the actual conditions in a calm
frame of mind. The chief fear appears
to center on corn. incidentally, it may
be remembered that there promises tC
be rather close race this year be
tween King Corn and King Cotton fol
the proud position of being our pre-
mier product. The July report of the
department of Agriculture on Monday
reported condition of cotton of $50
which is SO PONIES higher than the av