Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1870-07-14
farm aud 4ausehnId.
About Wool.

Scarcely q day passes that we are not
inquired of concerning the probable
future of the wool market, aud as to
weather tits best to hold the clip now
ready for the buyer, or submit to a re-
duction of from five to eight cents from
the low price of 1860. We have, several
times indicated our opinion, but pro-
pose now to give a reason, or the faith
that is I'M US. EEsfEs GFs@ i5sf
+ When the war commenced in 1861 ! it
was estimated that there were about
| 16, 900 looms running on woollen or
cotton and woolen goods. The new
avenues oftrade which that year and
the next opened proved the supply far
below the demand, and what had been
fair business in SO, '59, aud $50 became
a remarkably good business il 1861 and
g.. Wool went up from 80 cents in
1850 to one dollar a pound in 1858, and
at that price more money was. made Tor
as much) as had ever'b been made in any
single year in the woollen business. In
fact, affrios. every man who made wool
len goods in '6S and 's4, and did not
hold them till the great fall consequent
upon the Termination of the war, was
made rich.
T. OF course, as soon as it was ascertain
ed that nothing paid like making gov
ernment blankets or cloth for blouses.
hundreds OF mel who had money at
command ransacked.. the. country in
search OF water-power, and finding it,
and buying itp many times at fabu-
lous rates, began to build woollen- mills.
| till, in 1865 and '66, the number of
looms had increased from 10000 to
between 1000 and $4,000; the last 90. :
0O0 casting, with what appertained to
them, more than three times as much
as those put in operation prior to 1860.
When these mills were ready to begin
the manufacture of goods, the war was
over, and the demand occasoned by it
had ceased, and from that day to this
seven eighths ofall the woollen-milIs in
the country have been run at a loss:
nearly one half Tor quite) have sank all
their capital, and beeni sold to pay cur
rent debts, till to-day there are less
looms in operation than there were in
1850, and even these are not paying ION
an average) more than their running
expenses.
81 AS some sample of the wreck, we are
prepared to direct parties to mills that
cost over 500 900, that can be bought
for $40 900 1--WE think less), and to Others
that cost over $500 900, that are offered
by the creditors for $125, 900, and would
be sold for 100000, if a purchaser could
be found even at these figures; the stock
holders in both instances losing every
dollar they expended in building the
mills and buying the machinery. And
these are about samples of scorces of ex-
periments of the same kind
Men who could wait and keep their
help together have waited, but waited
in vain, for better times, until it has
come to pass that fortunes built ND dur
ing the war out of the sale of wooIlen-
goods (shoddy, some say) are wasted,
and the men once millionaires are again
poor.
Meantime, wool has been going down
for the reasonethat, melted thereto byJ
the offer of a edallar pound, farmers
went into sheep, and no stock in the
country can be as soon doubled or
quadrupled as this. There has been and
still is more wool in the country than
the country needs, and until the equili-
brium is restored; until the population
takes the goods that are now made.
and poys, therefor "a fair profit to the
manufactufer; until the supply oftbel
raw material is less than the demand, |
as it will not be in the year 1870 I'm our
opinion), wool will not go higher; and
we therefore advise our..farmer friend
to sell at the market price, whateverit il
is, rather than hold over. 1t is possible
that it will be higher in six months
than it is to-day, but not probable..
Ofcourse the fall in gold and the oper-
ations of the tariff have some effect
upon the wool market, but the great law
Of supply and demand, the workings of
which were never more palpable thanl
with regard to the matter we have con
sidered, uuderlies all values in country
where every one is not only free to EN-
bark in any business that paws. but
generally able to do it, Hearth and
Home. ..-. .... ..-.........lJ ..'-.