The Fort Worth gazette. (Fort Worth, Tex.) 1891-189?, 1891-04-02

New ORLEANS, March 2S.-Ae have al
ready entered the second half of the cotton
season Of ls90-9l, and the comparison with
the last cotton year is very striking.
Ii will be remembered chat .. the COM
menCement Of the year 1880 prices began "a
sharp upward movement, which by Mis-
time year ago had carried the priS&f
July delivery TO u.21, and on May AeM
record shows that July delivery sF a
1879, aad December at 1881, the Highest
prices reached during the season.
We naturally look for the cause OF such q
decided improvement, and find it in the fact
that the crop, which ia the fall had been
estimated Us ranging about seven and 4 half
millions, later promised yield Of less than
seven and quarter, and the world was
face TO face with the prospect OF consump-
tive demand in excess of the supply.
The influences operating upon the market
during the season Of 1891, have been ex-
actly the reverse Of those controlling its
course during the previous year Esti-
mates have steadily risen from 100000,
until now il IS believed by q great many
that the total yield will reach 5000 600
bales. While consumption has uuQuestion-
ably mad, . good advance, encouraged by
the low prices, and part OF our increase
has been otfSe. by falling off in the supply
from C,her sources Of about two hundred
and fifty thousand bales, there Will still re-
main. Ut the enc OF this season, an amount
Of cotton TO be carried over, vnrioUslv es-
timateI - between i've hundred thousand
anc cue million bales, largely composed of
the low grades and undesirable styles,
which have been SO Plentiful this year.
Such is brief comparison Of the crop
conG! ions Of the two Seasons.
Convinced from the reports which we re
ceived from our numerous correspondents.
;hat the yield promised to exceed all ex-
peCtattous. We have steadily cautioned our
friends against buying and nave pointed
our, Gay by day, in our dispatches TO the
Associated Press, the reasons for the
Steady and pronounced decline which We
FlcdiCted.
III our market reports. as published daily
in :. number Of the leading journals of the
South. We have made our remarks upon the
situa ion as applied to actual cotton spe-
Cial feature, and rs crop estimates in
creased during the season We felt that an
iuEtren. weakness IN spots would develop
that would prevent any permaaeat advance
IL futures.
The only reaction Of consequence that has
taken place throughout tbs past six
months occurred in January, impelled by
the buying OF those who looked for q repe-
tition Of the course pursued by the market
about same time the year before, regard
less Of the almost entire reversal Of the
conditions then existing. Such u senti-
mental advance could noI but fail to hold and
the downward turn which prices then
took was rot arrested until market con-
tracts had declined sc. When June was
selling ~ sc on for February /, and there
seemed general inclination TO consider
El,.t price as Offering al opportunity for
cheap purchase, we predicted without
eqGivccation, that crop in excess OF
5000 OO0 bales meant, IL this market, Sc
ior June and July. The record shows that
since than June has sold IS low as $40 and
July al 81, while spots languiShed. with
only nominal demand at 81 for middling.
Our os.isf in a monster crop has been de-
cided since the beginning of the season,
though Of course we did not expect any
thing like SO largo yield as now seams
Likely. and we have taken actual cotton as
oaSIs tor anticipating lower prices. So far
rs such d belief would have any effect, we
have encouraged speculation on the bear
side sioce prices were cents higher, with
considerab bic profit to those of cur many
friends who have followed our advice,
The Question 10 determine new Is.