Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1869-07-20
Grant Gonntp 6eral0.
New York Wool Market.
From the Economist.
EpInAv ExrrNrNn Tplxy q 40

FRIDAY EVENING, July 9, so.
WooL.-"A change has come over
the spirit of the dream" the market
is neither as active nor as strong as
a week ago, the tightness in the mons
ey market has had its effects, togeth-
er with the price to which wool had
been quoted in the West. Orders have
gone out recalling buyers andHord-
ers have gone out from commission
houses to,dfaw no.more. Money is out
of our reach, and so circumstances
have compelled people to be sensi-
bio.
Perhaps there never has been a
time when circumstances were so adj
verse, that there were so many buy
ers in the field, and such reckless
buying, carrying prices above the
Eastern markets, and above every
chance for fair return. There is
not much doubt but somebody has
got their fingers slightly burnt, and
they may feel thankful if slightly is
word which willcoverthe results of
their recklessness, They have no
one to blame but themselves, and
were sufficiently forewarned this is
what we have pointed out for several
weeks, that wool must open at last
years prices, if bought we'll. and we
further stated that this could only be
done by buyers being very conserva-
tive, and manufactures keeping out
OF the West; bu it has been, and is
such q time, honored custom for wool
mon to go West and take leave of
their senses, that as bad as times arc,
bad as trade is, and tight as the Mons
ey market is, they could not with
draw the temptation Of another thirty
days excitement and folly, let the
consequences be what they might
And the result is they have paid from
3 to per cent. more for their money
than they ought to have done, and
from 2 to 5 cents per pound more for
their wool. Without a good fall
trade, there must be q loss on much
of the wool SO bought.
But there has been reckless buying
in another form. A few weeks ago
wool buyers were passing resolutions
all through the West, that unwashed
bucks 10 were be,discounted one-.half,
washed bucks and all other unwash-
ed one>third, and great many other
things, to show buyers how we'll they
were going to do it. And they have
done it, and they have taken every
thing they could buy, without regard
to resolutions or anything else, and
now the buyers are coming home,
sadder, but not wiser men they viii
go over with the same follies another
year, and Eastern buyers, for their
faults, will curse Eastern dealers
from this till next year, and then
they will be equally foolish. We
hope that these poor, forlorn and
wool sick operators will just look
over our reports for the past few
weeks, and say if we have not been
faithful.
This market for fleece is unsettled.
Manufactures begin to hold off, ex>
pecting that prices will make, before
long, very bad break. 1t is sup
posed that many Of the dealers have
advanced more than they could car
ry, and wool must be pushed upon
the market in order to realize and
meet paper; SO that we now are in a
very unsettled state, and it will take
few weeks to determine what will
be the result of the trade in woolens
and the strength of dealers. No Its
tie depends upon the condition of
Western holders. Ifthey are strong
enough to hold on a few weeks, and
only let small amounts upon the
market, they may be saved from
some loss; at the present it looks
very dubious. The commercial world
cannot long sustain these repeated
financial shocks without working
disaster somewhere, and all we can
say is that it is to be hoped that
we may be saved from that disaster
which appears so imminent. Houses
cannot pay these heavy discounts
without impairing both their means
and their credit, and particularly at
a time when profits, if there are any,
are so very small.
Pulled woods are as unsettled as
fleece; but combing woods and de-
laine bring good prices. But cloths
ing woods of every description are
very uncertain property at present.