Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-06-01
Goodalo.. WOOL Report for May, 1sss.
~ CITY WHARF, boston,
100, BANK ST., CLEVELAND.

SIR Very limited quantities Of wool have
changed hands during the month past. The
activity characterizing the market in March
and April. has entirely subsidized, and prices
usually favor the buyer. In some instances
large concessions in prices have been made.
During the past week, we noticed a clip Of
fleece wool change hands, in the Cleveland
market, at SOC. Many lots Of pulled from
30 to 6Oc. In Boston limited transactions in
foreign woods are taking place; in domestic,
prices are nearly nominal.
On presenting to the public a monthly re-
port Of our wool market, it has been custom
ary for eleven years, to briefly review the
past and from the lessons of experience, to
predict somewhat Of the future. This has
usually been done in our May circular; or on
the eve of clipping time. Previous to this
rebellion a long experience had enabled US
TO feel quite confident that as the past has
been, so would the futore be. We fear, how
ever, it would now be quite futile te review
the past for the purpose Of acquiring knOwl-
edge Of the future.
We might, perhaps, overleap several years,
and 60 back to 1885, and derive some lessons
OF wisdom from that memorable period.
Then, like 1923, one dollar a pound was
not regarded very high price. At that
time the undue imitation in prices resulted in
ruin to thousands. No one can predict that
the prices which wool has ruled at during the
past four months, if continued, Will or will
not bring about the same results. It is true,
We are an excitabIe and impulsive people, in
all our relations in business, and the duties
Of life. Excepting, perhaps, in our Stock
operations in Wall or State streets, nowhere
is this peculiar national characteristic so full
IL developed as in the commercial transae-
tions Of wool, and when wool has arrived at
a very high point, we usually become so in
fatuated, that we can see nothing in the fu-
ture that will not lead to still higher prices.
This is a chronic disease Of our nature. Of
course there are individual exceptions, and
they are becoming more numerous every year,
who occasionallyapplythe brakes, and hOldup.
Atthe present time of writing, this may be re-
garded as the situation Of the wool market,
to great extent, and whilst the breakers are
on let US take a limited survey Of the field.
When wools are selling a. from 20 to 30 cents
per pound at the opening of this outbreak,
We pointed out clearly the advance which
must take place, based on the fact which we
we're all unwilling to admit, that cotton
was king" We we're posted on the limited
amount Of Wool grown on this continent
compared to the amount consumed. We
we're also aware that the immense quantities
of cotton used to supply the place Of wool,
and worked with and made to answer the
place of Woolen goods. For these, and 9TH
er reasons, we advocated the benefit Of our
patrons the propriety of holding Wools. The
same regard for the wool growers, interest
will lead US to hope that wool will not
bring over fifty cents this year, for we are
on the eve Of a great change, aud cotton
is already dethrOned Of its power. Eng
land boasts at this very time Of hold
ing 1900, 900 bales. Three years Of active
experiments, have accomplished much at
growing cotton in the foreign nations, and
among our northern farmers large quantities
are being grown, and even the latter day
saints, have quite quantity on its way to
market, some very choice specimens of which
we have examined.
We have thus already begun to aggregate
large supplies from many sources. Again,
in the fabrication of wooden goods, the use
Of cotton is no longer thought of. Other and
cheaper articles, such as hemp, fax and
shoddy, form very important substitutes in
making up this great supply, and in time will
aid greatly in reYoluuonizing the price,
Then perhaps a crowning feature is the situ-
alton of our army in the West. We're we to
look for results from our great Eastern Poto-
mac Army which has become by word in
the west, and not far behind that where ii
originated, we might count on the cOntinu-
anee Of the war for a long time. But the
Western army is desperately in earnest
respecting an outlet to the gulf, and it mat
ters not what the difficulties to be overcome
that great channel Of commerce will be open
ed, and kept open, and then down gees cot
ton, for it is there and will come out with the
fall of Vieksburg and Port Hudson sufficient
to supply the world for year.
These are some Of the reasons, briefly given
Why caution should be exercised. Though
they may be somewhat opposed to the wishes
Of present holders of wool, they are Of too
gIaring importance not to be considered by
them in making up their opinion, though We
are free to admit, We would not advise any
one to sell wool but leave all to act frsm theil
judgment, for the future is not without great
uncertainties. S. N. GooDALE & Soy,
Wool Brokers.