Bisbee daily review., 1911-08-04

 consideration of foreign affairs even more than of developments at homei Growing out of the Moroccan rival ries oi France and Germany, inter national relations of the great pow CTS of Europe have reached a state of such keen delicacy as to require most skillful touches of diplomacy, of good and calm judgment and hon est endeavor to prevent what prom ises to reach very close 10 a seri- GUS elimination of what at first appeared a petty affair.
 l do not suggest that actual war fare will be the result. Present day civilization would not permit such an unnecessary waste of human life and destruction of property. Never the less, those of us who have close ly followed European history for a hah century or more cannot fail to recognize in the Franco-German controversy the spark of a fire inst has long been smouldering, ready on the slightest encouragement to break out into a conflagration that might readily become uncomfortable
 Nervous Tension.
 under such circumstances Euro pean financial aentsrs have before them a period of nervous tension. :. Today there is but one money mar ket-a worldwide market-of which London, New York. Paris. Berlin and other centers are mere branch es, and rise or fall in sympathy Cn- til the European political outlook clears, therefore, it is not unlikely 10 exercise a retarding influence on our own stock markets price level
 At home conditions are more fav- orable. Unsetthng influences against which the financial markets have had to contend for @ year or more are one by one being eliminated, and m fortnight or SO the slate will have cleared. An important develoD- ment ol the week sn this connection he's been the Interstate Commerce commissions decisions confirming Its previous position in ordering re- dGced rates for freight transpcrta- ! ton in Rocky Mountain territorv. 1 These decisions are in what are known as the Spokane and Reno rate cases. which have been keenlv | watched in railroad and financial ] circles for a long time because { Of the accurate test they were ex- # peCtcd Co provide in the matter of ' the long and short haul cases in the 1 Interstate Commerce Act. The de cisions mean some contraction in the revenues of the large Western trunk lines, but it is most likely :eat the prao-lcal working tut of the commissions rulings will not prove as drastic as railroad men were inclined at first to believe Al any rate, if rates were excessive. as has been shown by the interstate Commission, they should be ruoder. ated, and it may be taken for granted that proper rates for the transportation of merchandise viifI Tn the long run redound to the ben eft Of the carriers by providing a Compensatory increase in the volume ol merchandise demanding transpor- Jatiou.
 Insurance Problem Eased.
 The second important influence ! Of the week aJ home has been the enactment Of the New York state . legislature Of a law which extends for i've years the period in which i the large insurance companies may oisrose of the securities that they are not now permitted 10 carry ] their surs4luses in. Had this amend ] ment to the Armstrong law not been enacted. it would have meant that | securities amounting to more than SS0,0O0,00G must have been sold be. ! fore the first Of January or the officers of the company would Der. sonally be CrimiERlly liable As it IS, the companies WIH now have am pie time t) dispose or these SC. curities without the spur Of a time limit IL should be understood thai these stocks that are held by tba insurance people are in most in- stances highly conservative invest meHt stocks, and the liquidation is narely in response to the require. lnents Of the Armstrong law that insurance company investments shah be in bonds.
 On our own side of the water ther7 now remains but two definite feat uTes that are calculated to TO- strain business in the financial. nor. cantile and industrial activities of the country. These influences ara the waning session of congress and the possibilities of tariff revision that still remain. Congress has ai- reacy enacted the specific IegisIo. ton for which 1t was called in ex- traordinsry session, namely the re- eiDrocal trade agreement with Can. ada, and has now before it for prob able action the formers free list. the wool schedule and possibly also the cotton and iron and steel scbed- uies. or the last two named. how. ever, there Is considerable doubt whether any radical action will be taken. and best Washington advicag give no reason to change the state ments recently made ia these ad. vises that congress will adioufn very close to August 10.
 When this adjournment has tatsn place the general financial situation situation will be in position in which t Will be influenced by ths cay to day news developments. Al the old restraints will have paesea into history, including the celebrated trust cases, the Union Pacific men. ger, the Spokane and Reno eases the uncertainty regarding the hold fngs of securities by insurance co1f Danies and a number ol other in- huences that have been talked Of so frequently during the last year that they have almost become tire some.
 Crops Are Eavorzafe