Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1888-12-11
FORT MCKAvITT,
Editor Stockman and Farmer:

EQltOr StOCklnan ana FARMER:
l have taken the above clipping from a
recent Drovers Journal. 1t was my in
tention, when [ first noticed your in
quiry about Fsupply and demand, to
answer it but | supposed it would be re-
piled TO through some other channel. |
now take the liberty of doing so, mas
much as the Drovers' Journal Gin refer
ring to the sudden advance in wheat
from 80 cents to 81 so per busheD says:
"'And that S the way it would work if
the Cattle Exchange was ever organ
lied. -
Perhaps the Drovers' Journal did not
intend it, but 1 think its remark is very
strong endorsement of the proposed
cattle exchange scheme which it has
been my pleasure to suggest as Il remedy
for the disorganiZed condition of the cat
tlemen.
Permit me to say 1 do not favor corners,
trusts, or combines of any kind whatso-
ever [ regard them in the same sense
as do gambler who plays with stocked
cards. The fact, however, that corners,
trusts and combines are made, is no
argument against the advantages of the
exchange system, and in this connection,
l will endeavor to answer your inquiry as
to the cause of the recent sudden ad-
vance in wheat.
You will doubtless remember that the
wheat crop of 1SS7-SS was an exception
ally large one in foreign countries as well
as in the United States. The supply be-
ing in excess of demand caused wheat to
decline to about soc per bushel, and the
tendency of speculation was on the bear
side through the entire season. This, of
course, was unfortunate for the produ-
e., ~ 70 @l,n low
of supply and demand it was quite natu-
raj. The surplus of or crop of 1SS7-SS
was aScertained to be 81 900 900 bushels;
and this enormous amount of wheat rep
resenting nearly SOL 200, 900 was carried
over by spectators into the harvest of
lSSS-S9, which proved to be very poor
one i'll foreign countries, and the conSe-
quence is that spectators have taken the
bull side of the market and have forced
prices up to about 81 so per bushel.
This, | claim, could never have been
done unless wheat was handled under the
exchange system, for without the system
the supply of wheat would not be known
until after the farmer had sold. 1t now
remains to be seen whether the supply
afforded by the crop of 1888 'S9 is
sufficient to meet the demand, and if it
is not you will probably see a further
in wheat. At all events the
wheat producer has no cause to COM
plain, and l congratulate them on having
such q strong ally as ''Old Hutch -
though do not approve of the methods
Ne uses for cornering his friends. He
Certainly has not cornered the
lArmer, and for my part,
~ am anxious to have cod
Hutch, - or some en- like him take
hold OF the cattle product and corner the
Big Four. They have had lis poor cattle
men eoqnered SO long, | would just like to
seecsF.is they would relish the position
IesSS Speaking of the cattle exchange, [ am !
often asked how the scheme is progress
ing, but am sorry TO say it does not |
seem to be very favorably received by |
the masses. l think this is largely due to |
the fact that corners and combines gen.
orally develop themselves in other eX-
changes, and the cattlemen are afraid it |
will operate against their interests if |
Spectators have chance to corner
and combine in cattle Let me !
suggest that the cattlemen viii always |
have the advantage of spectators, be- |
cause they hold the larger amount of |
stock, and if the Spectator chooses to |
thTee-year- stockers and |
feeders to an abnormally high figure, |
am sure it can only have the effect of |
making the cattlelnan S two-year-old |
and one-year-od that much more
salable.
-, ,&<,,,