Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-11-08

other than evidence OF Mt ieas, a partial
correctness OF this theory. but there
have Developed other Influences which, II
tinod i1 itsef Frs, amonsst u thcse. i Inc
foreign political situation. Ii is an OH
commercial maxim, 'ihat European war
means higher bscadstuns and lower COT
ton" and the prospect seems to be that
before tho winter IL over the great pow
era viii be, danserously near the point
OF armed Enlargement with regard 10
affairs In Turkey, China or Corca. Al
fe4dy audible rumoiiEga OF sroublc In
connection With such matters are heard.
and the erieis OF nearly all government
al Obligations arc lower ON the Euro-
pean bourscS.
Secondary aud loss important influences
are tho signs OF .hcsitancy md collapse
shown In the great SPECULATION In South
African mining shares which has been so
widespread In Europe for over year
nast. These two factors must not be iost
sight OF as their influence seems likely
20 project Itself forcelulv Into the next
Few months. noteworthy feature OF
the week has been the extension or the
trade Into contracts for the delivery OF the
erop Of 1861. ON wednesday some 1917
Der lsyd, were sold at prices ranging from
$50 to AJs or about % points below the
price paid g, ,hs same time for delivery
IN August, lSs6. This rejects the growing
belief that existing prlpos for cotton are
above tho cost or production and likely
10 effectively stimulate plantlns next year.
30 that whatever the shortage OF the
present supplv. Its effect will practically
DC exhausted BY tho end OF next summer.
Upon this point we take fhe liberty OF
quoting the Views OF well known incr-
chant, a friend OF ours. whose auccessful
experience of forty Years entities his opn-
ION to careful consideration Il is as fol-
lows, Crop for wear ending September i,
1875, marketed and unmarkctcd lO.plO, 600,
consumution OF American cotton. mar
ketcd and unmarketcd $4,000. Vlsible
supply marketed aud unmatched 2, 100 OO9
-hNerage estimate cnop lNh, ~ Ooo, yap.
Average price mlddling uplan1s y New
York. iS9l-l5 csc. Approximate average
price m.ddlinr IN New York since SEN
temher !. 1895, Sc, 0ucrv-if spnncrs took
100000 American q, ste. how much viii
years would indicate that they VIII use
about 7,bO0.poo. On this basls We have,
Visible supply American Septcmber I, 1SgA
10000 Crop coming forward f,oo0.oO0,
Total 10000 Consumntiou on September
]. 1895. 100000, Leaving visible supply Sop.
Mlddling upland cotton sold IN New
York on the 10 Ii OF March, lslb, at &c.
That was about ihe time the planter had
20 buy hia fertilizer and mako arrauge-
ment with his factor to carry hun
that IL 10 advance money FOR mules and
supplies to make ha crop Win cotton
AZ &c, the planter had no credit hence
the shipments Of fertilizers from Charles
ton To the Interior were ~ per cent T he
preylous year There was q rrnnortlonnte
reduction IN The land prepared hut this
probably Affects emily the liplnnds, " Gro
fertilizers are used. In the rich DO tom
lands, the i1Nlf htutrB hUl inN Nlk4lltlpni
valley do not require fertlllzcr-, Inorc-
fore. taking the decrease IN the use OF
Fertilizers and the govorumeni reported
decrease IN aCroaLe as an uslinatc. would
Indicate minimum curtnilment Of from
10 to 20 per cent In planting, whioh was
followed by the worst growing season
In many years, resulting probably In n
crop Of 100000 against u crop OF lVOJD,Oll
IN the previous year query What VIII
the planter do IN March, 1896 with 80 for
cotton. IL he even saves himself ut DC,
which nhny OF them did not. he VIII SEQ
q clear 10 per cent at Dc. Tho fcttiiiGur
manufacturers have already csumnted
their sales and expect "a large u d8mnnd
IN 1896 as In 1871 IL 10, tho only question
viii be tho growing season Of 1881 M
age as above OF ia Ger cent and growing
season In 1896 tho same as that OF 1898,
the crop will be N,2UJ,tO1 with the antnc
growing season Hg 1884, lOul,DD. WIN
" growing season equal to average, pUOJ,-
700. IL the report coming In during tho
early summer OF 1896 IL fuvornhic, tue
hmull prospective visible supply OF i,Gud,-
go balca OF Ameican co.tou at an cnd
Of the year VIII not alarm Bpluners and
they VIII not pny W. and II Ne be mann
tanned, the Impetus to planting VIII, with
mn average scaBDn give ua u total supply
visible and prospective on the list or
A deduction from these facts and oa-
Inmates IN that Dc is too high FOR tho
average prlco OF cotton during the cur
rent year. We submit these, not aH our
own vicwg, but rs those OF u conservative
rnd successful man and close student
Of the cotton trade.
Price Mccormick a 20,