Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-03-03
BANKER TO FARMER.
Texas Bankers Urge Reduc-
ton of Cotton Acreage.
THEY SHOW WHAT RESULTS
Would Follow Such Action-If not Done
They VIII be Compelled to Lessen
Their ACKNOWLEDGEMENT
Extremely Low Price now.

Special to the Gazette
GALVESTON, TEX, Feb. 27.-The execu-
tive committee of the bankers association,
which has been in secret session here for
the past two days, conclued their labOrs
this evening. During their conference
they formulated the following address:
GALVESTON, TEX, Feb. q, 1888.
To the Bankers of Texas.
The undersigned executive committee of
the 'Texas Bankers association" after
consultation with many leading men of the
state desires to submit for the considera-
ton of the people of Texas tho question Of
what should be done in view of the de-
plorable condition Of the cotton market and
the declining tendency of its already dis
tressingly low prices. We submit here
with our views Of the situation and opinion
of What could be done to bring an improve
ment The production for the past TWO
years has exceeded the consumption
about 100000 bales and at the present
time it looks as if an average crop of
cotton would depress prices 10 below
cents in the country.
The South is now passing through 4
period of excessive production, TO which
cause we attribute the prevailing very low
prices. We urge united efforts Of bankers,
merchants and farmers to reduce the acre
age Of cotton as mucn as possible. We
must leave it to the individuals in different
sections Of the state to decide in favor of
other products in place OF the staple. Com
pairing the present situation with the de-
preston of prices in 1871, when reduction
OF Is per cent in the acreage and the short
crop that year caused an advance of 60 per
cent in prices, say from I'd to I'D in Liver
pool within one year, we believe
that reduced acreage and less
abundant yield would soon cause prices TO
advance to basis where the Texas farmer
would find cotton planting again profitable
for 4 number of years. The improvement
in prices brought about by the reduced pro-
duction in 1871 maintained high prices for
more than i've years. Cotton occupies now
the same hopeless position which coffee
held in consequence of over production
from 1850 to 1885.
The low prices prevailing for number of
years touched bottom at &c for fair l. New
York. The Brazilian planters reduced the
production and within three years coffee
advanced to 24c for fair in New York.
Notwithstanding increased crops during
the past two years, financial disturbances,
ETC., Rio fair sells to-day for Tic against
&c in 1854. A diversity of crops for home
consumption would not only keep a large
amount of money that is now drained from
out the state, but would put our farmers in
an independent position and make them
any in the Union.
We are Of the opinion that reduction of
acreage of Is per cent in cotton would re-
suit in an advance over present prices of at
least 80 per cent, and, taking the past as
our guide, it would lead TO higher and
more profitable scale of prices for num-
Der of years to come. The situation at the
present time is one of depression and I'M
easiness, and if this condition of affairs
continues to exist the bankers will nocessa-
rily be compelled to base their lines of ac-
commodatiou on a still lower scale of prices
for the coming season than those prevailing
to-day; but we feel convinced that prompt
and active cooperation of the farmers
through their respective organizations to
carry out the recommendation herein made
would surely lead to more confidence and
accomplish the desired end. Yours ReHas
spectfully,
]. ". BLAKE,
President Texas Bankers Association,
Mexia, Tex.
JK RosE, Waco, Tex.
A. S. REED,
Bailiuger, Tex.
HEBER STONE,
Brennan, Tex.
WIN. r. HANLEY,
Austin, Tex.
W. F. BR1cE,
Quanah, Tex.
h. M LONGCOPE,
Lampasas, Tex, First Vice-President.
a. P. WooLDRIDGE,
Austin, Tex, Second ice-President.
T. J. GRoCE,
Galveston, Tex, Third Vlce-President.
Be it resolved, by the executive commit |
tee of the Texas bankers association that |
a copy of the circular letter adopted by this |
which accompanies this resolu- |
zion, be furnished TO the Associated Press |
and daily press of the state, with request |
10 publish, and also that the weekly papers |
of Texas be requested to publish same. |
Be it further
Resolved, that the secretary of the
Texas bankers association be instructed to |
furnish copy of said letter TO all the |
bankers associations of the cotton states, |
calling their attention toEthe same and urg- |
ing that proper action be taken for the pub |
hcation ana adoption OF the suggestions set |
forth Be it further
Resolved, that cotton exchanges and |
boards of trade of the cotton growing states |
be requested to give said circular letter |
their Endorsement and cooperate with Us |
in the object desired. Be it also
Resolved, that the secretary be instructed |
to have printed 10000 copies of said circu-
lar letter and send them to the banks of the |
state for distribution in their respective |
localities