Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1892-02-29
BANKER TO FARMER.
Texas Bankers Urge Reduc-
lion of Cotton Acreage.
THEY SHOW WHAT RESULTS
Would Follow Such Action-If not Done
They VIII be Compelled to Lessen
Their ecommodatIons-Ths
Extremely Low Price now.
Special to the Gazette.

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, couclued their labors
This evening During their conference
they formulated the following address:
GALVESTON, TEX. Feb. q, 1882
To tie Bankers OF Texas.
The Undersigned executive committee OF
the Teens Bankers association after
consultation with many leading men of the
state desires to submit for the considera-
ton of the people of Texas the 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
tressirgly low prices. We submit here
with our views Of the situation and opinion
of what could be done 10 bring an improve
ment The production for the past two
years has exceeded the consumption
about 100000 bales and at the present
|xime it looks as if an average crop of
cotton would depress prices TO below
cents in the country
The South is now passing through a
period of excessive production, 10 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 10 per cent III the acreage and the short
crop that year caused an advance OF GO per
cent in prices, say from "a to I'D in Liver
pool within one year, we believe
that reduced acreage and less
abundant yield would soon cause prices to
advance 70 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 five years. Cotton occupies now
the same hopeless position which coffee
held in consequence of over production
from rs % TO 1855.
The low prices prevailing for number of
years touched bottom at &C for fair i: New
York The Brazilian planters reduced the
production and within three years coffee
advanced to 24c for fair in New York
Notwithstanding sincreased crops during
the past two years, financial disturbances,
ETC. Rio fair sells to-day for l71zc 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 il the Union.
We are Of the opinion that q 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 rs
our guide, it would lead to higher and
more profitable scale of prices for Z num-
Der of years to come. The situation at the
5nresent time is one of depression and IN
Eeasiuess, and if this condition of affairs
continues TO exist the bankers viii nccesSa-
rily be compelled to base their lines of ac-
commodayion 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 re-
j. W. BLAKE,
president Texas Bankers Association,
= Mexia, Tex.
J.K. RosE, Waco, Tex.
a. S. REED,
Bailinger, Tex.
HEBER STONE,
Brennan, Tex.
WIN. r. HANLEY,
Austin, Tex.
W. F. BRIcE,
Quanah, Tex.
E. NJ. LoNGCoPE,
Lampasas, Tex, First Vice-President
A. P. WOODBRIDGE,
Austin, Tex, Second e-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
committee, which accompanies this resolu-
ton, be furnished to the Associated Press
I'D lnilt of he eft With r-ap oct
to 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
sssgiish q copy of said letter to all the
5ers' associations of the cotton states,
calling their attention to the same and urg-
ing that proper action be taken for the pub
lIcation 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 rSspective
localities S -
y4pl Fliusp csEarSff or1Ocy 4-pIy linen cpfFs
for cat IsaSss, Bscs. i Harfing. ass7
Street Railway improvements,
Much needed improvements, are under
way Oh the North Side street railway line.
Several new switches have been put in be-
tween the packery and Trinity river bridge,
new ties laid, grades improved and the
track has been generally overhauled, Civ
ing work to a small army of laborers. The
work on this line of street railway Wi be
appreciated by. the RStrons Of the roaX
ZlNE~L4A