Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-08-07
Prospects of the Wool Market
What Boston s. New York
Papers Say About IL.
BOSTON.

iii
Papers Say About IL.
BOSTON.
The Wool Market is weak, and prices
lower and tending down says the Bulletin,
but it can hardly be characterized as dull,
since at the reduced rates the article is BELL
ing quite freely, and transactions for the
past week foot up a large aggregate. The
receipts of new wool have been very heavy
of late; and, with stocks rapidly accumu-
latings on the hands of dealers-who, in
most Gases, have made large advances on
conslgnments-there is a general DISPOSE
ton on heir part to meet the market in a
liberal spirit
The fact is, our commission merchants
are putting out too much money, consider
ing the small margin on shipments and
the present market value of wool. Prices,
though low in the country, are relatively
still lower, upon the seaboard and it Is
rather Involvement, as well as hazardous
business, 10 carry large stocks, the current
value of which is nearly or quite covered
by advances. Hence many receivers, who
have been over-liberal with their cash for
the purpose Of stimulating shipments, find
1t necessary to realize promptly in order
TO turn over their capital and ave their
commissions. Thesnatural and inevitable
consequence of this pressure to sell, is, of
course, seen in g giving way of tho mar
ket, which, just now, is not very absorp-
tive, and swallows large lots OF staple with
rather a poor and reluctant appetite.
So far as buyers are concerned, they
would generally prefer waiting till there
is some movement in the goods market
which will relieve them of at least n por-
ton. of their accumulated products. But
when raw material is offered uDon their
own terms, and the prospect is thai it may
be higher as soona as general trade starts
up and receipts begin 10 fall of, the temp
tstion is strong for them to lay in stocks
for their future requirements. This they
are accustomed to do at this stage of the
season; and they woeld do so quite viii
lingly at fair prices, if their products
were selling to the usual extent and At re-
munerative rates. .f.
Though the new clip is coming forward
about as rapidly asst did at the correspond
ing time last season, there is no excite
ment in the Western markets or wool
growing regions. On the contrary, coun-
try prices are almost every whore weak and
continue TO shade of, with very little COM
petition among buyers. One notable fea-
ture Of the trade this season, Is tie almost
entire absence Of manufacturing agents in
the corps of operators now engaged IN buy
ing up the clip. This is not strange under
the circumstances, however, since manu-
f~acturers can do much better to take their
chances in the Eastern markets, than they
possibly could by going into the country.
1t Is altogether useless to speculate in
regard to the future course Of trade,during
the balance of the year. We ely know
that, from causes above mentt wool
is selling for consumption At rldieulOusiy
low prices. Whs!her these causes Of de-
preston will continue to operate for any
length Of time. it is impossible TO foresee.
Such a result must depend almost entirely
upon the extent and charactess Of the de-
mandfor wooden goods, watch still remain
in allegiance. But. there is one point in
the problom which seems to admit of but
little doubt. That is, that when 8 staple
and imperishable commodity, like wool, Is
depressed much below its intrinsic and
relative value, the chances are strongly IN
favor of its recovery at no distant day.
Sales of domestic for the week have
been quite liberal, and foot up some 1,00O,-
900 lbs. st a range Of 25960c for neece,
and 45@474c for the various grades of
pulled
The staple comes in moderately from
the West, says the Economist perhaps
some would say freely, but such is not
actually the case It must be understood
that there is a large amount Of wool pro-
duced IN this country, and also a large
amount consumed; and in proportion 70
the amount consumed and produced, COM
pared with former years, the amount ar
irving is small, and the stock upon the
market for this season of the year small
Yet, Notwithstanding. this, manufacturers
buy very slowly; they are not disposed to
lay in stocks; they are DESTROYS of still
further depressing prizes. Western deal
ers purchased expecting to sell at low
figures, but manufacturers desire to pur-
chase at eYen lower rates. Few commits
sion houses, however, are disposed to take
the responsibility of making such sacrifices
as the manufacturers would require in
order to make anything like safe invest
ments and some Eastern commission
houses have learned a lesson which may
be of some service. They have found out
that it is not always safe 70 visit the West
after taking too much responsibility.
We have it on good authority that there
are some houses, and not all Of them in
Boston, who have advanced more than
they can realize in the market to-day; yet
itlis too bad that others should suffer on
their account And then some Of the
Western dealers have been somewhat
shrewd in this matter-they have drawn
more than they paid. And ONE mani
facturers, though few, have bought in the
country, have paid higher prices for their
wool, through their agents, than the coun-
try dealers would have done had the mar
ket not been excited by these agents, few
as their numbers have been. and now these
same men are bearing the market all they
can.
The general impression is that wool has
been bought low; in some instances il has,
and in some it has not as high as SOC has
been pad in Michigan, and it is q question
which wa best bought, some which cost
40c or that at SOC; and strange as it may
appear, we are told, and that by persons
whose veracity is undoubted, that 10000
have been paid for the very choicest clips
of Ohio and Pennsylvania.
This class Of wool is very scarce, and
there is, and viii be, a great demand for
it, now that We have such heavy tariff,
and our manufacturers must have this
style of woobo abandon their enterprises.
The production of this class of wool has
been to a great extent abandoned within
the past twenty years, but the time has NJ.
rived when it viii again be profitable; and
we think that7some of our Michigan far
mers might engraft this upon their stock,
which isl very hardy, with success and
profit LET those who have some Of the
hnsst Yfocks supply themselves with 81
lesian rams. We hope, however, they
viii not all do it; the great failing OF
Americans Is that what one does all must
=