The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1915-09-18

and, In discussing, | an not going
10 take any individuals idea of the
crop. The best information that the
world can get of a cotton crop is
gathered by the government, and l
I'm going to speak of it on tne basis
that the governments figures indi-
cate practically twelve million
crop. Ii you will only think q
twelve million crop is not as large in
1916 as the 10.s6o.0o0 crop was six
years ago in 1909, for the simple
reason that the increase in consump-
ton per year is about three and one
third per cent. This will make an
increase in consumption since 1909
of twenty per cent aside from anv
consumption for war purposes. A
mental calculation will show you
that the above is fact.
The elimination of Germany and
Austria as manufacturers of cotton
does not mean the elimination of
| anything except about one million
bales, which is the actual consump-
| ton of those countries in cotton, as
| the manufacturing which they did
| for other countries can be easily
cared for by those countries at peace
lit is obvious that much more
than a billion bales of mill waste,
fnx ho
been burned up in this war and that
now the higher grades OF cotton must
be used for such purposes and with
telling effect upon the statistics
within the next few months.
when you ask bear why he is a
bear he points out to you the foreign
exchange situation and the carry-ov-
er from last years crop. As to ex-
change, it is just as important for the
simple fact that We have cotton,
wheat, oats and other commodities
to sell them in addition TO this, war
ammunitions and other kinds of
manufactured goods.
Europe mas sent a delegation to
New York to confer with the finan-
cial interest TO regulate this matter
and, in my opinion, no one need
have any fear of exchange except the
man that has to have it Immediate
".
AS to the carry-over, my eonten-
tion is no earry-over, from one crop
TO another, is ever a burden for
once having been financed that cot
ton comes out only at remunerative
prices.
History bears me out in this
statement.
I'm 1878 the United States pro-
crced two II Ia million bale crops.
If you think up the records you will
find that the crop of 1898 was a
crop below the consumptiye require
ments, and the price Of cotton, re-
gsrdless OF the big carry-over from
the two former large crops, practical
Is doubled in value.
"In 1904 the United States pro-
duecd the first 13is million crop and
cotton sold at &c, During this
time the southern Cotton Association
was formed, and held meeting in
/ New Orleans, and many of You Will
remember that Mr. Theodore Price,
wao was very bearish. wrote an arti-
Gle which he termed An Undeliyered
/ Address, taking issue with the pur-
! posses OF this convention which was
trying to devise means TO protect
the price of cotton, in fact. practi-
cally ridiculing the idea OF advancing
cotton when there was such an enor-
nous amount of cotton TO be carried
ever into the next year. Neyerthe-
| less in 1905 We had an la crop
and cotton again. regardless OF the
| big carry-oyer, practically again
doubled itself in price. Again in
1908 there Was a big crop raised, in
excess OF consumption. and we enter
ed 1909 with another big carry
user. The same thing occurred
again. Cotton sold at lao in 1908
and in 1909 sold for 10 i2e.
III seems TO me that it is evident
rom these facts that the bears ar