Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-06-06
LIVE STOCK EXCHANGE.
A Movement on Feet to Rival the Sue
ssssfui Germ and Csstcn Ex-
changes OF the East.
How will b. Carried n--The Grading
Of Cattle Views ct Leading Dow
men on the Scheme.

| men on the Scheme.
For some time there has been mooted u
Texas the question OF the establishment
Of q live stock exchange, an institution
designed to bring to q more compac
commercial basis the live stock bushes:
Of this and other states engaged in the in
dustry- The prime mover in the scneme
is Colonel W L Black Of Fort McK.vits
who has exerted himself to work ~
an interest In it among the
stCckmen. There has been nc
uncomfortable task. The cattle raising
Industry has b, en- heretofore carried on
I ia so loose and uabusiness like 8 manner
that those engaged in it cannot easily De
brought to see the benefits to accrue to
themselves from hsvir g II brought down
to more definite footing; BESIDES which,
the Duyers-Lne MISUNDERSTANDING in
an institution Of the nature CT this pro.
posed Exchange factor inimical to their
interests, IS they now do business, are
opposed TO it spd are ready to offer
al msnner Of reasons why II
could O. be established and why 1t could
not be made successful
| In order TO give acknowledge Of the
plan, the following circuI&r sent out by
Colonel Black is printed:
"Your attention is respectfully called
to the annexed Prospectus OF the Texas
Cattle Exchange as being O practical
method Of conducting the live stock bust.
ness, which Is st present in such dis
crgsnized and unproductive condition.
"When you consider the harmony with
which the cotton and wheat products sre
controlled, ard the great activity that al
| ways exists In these important industries
1t must certainly prompt you to want the
same activity in the cattle industry. And
if you reject thAt the only legitimate COD
sumers of wheat are the few miilers, snd
! n cotton the few manufacturers, it indi-
Gates clearly how absolutely necessary 1t
ls to foster and encourage speculative
element that will at all times be reSdy and
willing to buy or sell your product, This
in res!ity Is the secret Ct the success Of
the two Industries mentioned, for the IL
climate consumers OF your product are
far more ex ended than theirs and win
proper system 1t Is quite res-
sonxble to believe the natural competi
ton of these alone will make fairly act
i've market, yet it will not be obj5CtionR-
ole to promote the same spirit OF specu-
letion in cattle which has proven itself 20
be SC valuable in wheat and cotton. Iu
order, therefore, that this ptculative
element may De encouraged to operate il
live meat products, it is necessary 30
establish certain standard grades, so that
when transaction is made for culture"
or for immediate delivery" there can be
no possible doubt IS to what the character
Of the grade is and to cover the contin-
gency of anY dispute between the con
tracing parties proper tribunal should
be established to settle any controversies
witaou. making l. necessary to appeal to
the law.
"Until the organization Of the wheat
aud cotton exchange it wss just IS i'm
possible to make satisfactory contracts
for the delivery OF these products as It 10
now in live stock. But as soon IS
standard grade was agreed upon by the
exchange, it opened up channel for
speculation, which has. increased from
year TO yesr, snd the result is the value
Of these products is controlled with sucn
accuracy that the few consumers are
sometimes compelled to make contracts
for large supply in advance OF their i'm
mediste wants to guard against the msp
ipulatlons Of spectators. This activity
is OF great importance to the producer,
as 1t is quite reasonable to believe the
millers and MAI ufecturers would simply
"ouy from hand to mouth" il they were
not spurred into action by the sharp
Ritted speCulstor.
SIT may appear TO be novel idea to
establish standard grades for csttle, yet
1t is quite common to hear the tercl
"fsncP shipping steers" or "prime feed
ers," etc.
sit is certainly no difficult matter to
separate and classify bunch OF steers,
and 1t is perhaps more simple to do than
to classify either wheat or cotton. ANY
cowboy csn separate the fancy steers
from 8 grade only 'choice.' 1t would
therefore De very easy task for an eS-
pert desler who mas the opportunity Of
handling them in large numbers. 1t will,
perhaps, be well to have correct photo
graphs Of the various grades, with full
particulars printed, from which pro-
Queer may get 6 practical idea, though it
is hardly necessary that he Should &c an
expert II he has G competent commission
merchant TO do his business through.
GAS 8 general thing, the wheat and
cotton producers do not know one stand
ard grsdeEfrom another, yet, with conf.
dence in the knowledge snd soility. of
their SCENTS, they trade and make con-
tracts for the delivery Of their products
with perfect satisfaction.
"If g producer Of live stock has been
corn-teeding s number OF steers for mar |
ket it must follow they will Oil class as !
.corn-fed,' yet some may be superior to |
others. The difference in value Of the |
grades will, however, not be very crest
and it will, therefore, be An easy matter |
to satisfy him II he makes sale ofthe |
whole lot on the basis OF choice corn-ied
steers.' The same will spply to lot Of
fat 'grsss-fed' steers or to feeding steers
and one and two year-old steers.
"The selling Of cattle by weight will
greatly facilitate business, and will $50
encourage producers to improve the |
quality Ct their stock and forever put
stop to the present unfair system Of cut |
ting out the smsl yearliDgs and taking |
one that Is nearly two years old for !
yesrling.
"One Of The greatest advantages to be
gained by the organiz,tion Of the cattle |
EXCHANGE is IL will enable nroducers to |