New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-05
THE WOOL TRADE.
IT'S CONDITION AND PROSPECTS.

VIEWS or NEw-YORR MEGCHANTs-GENEiALc CONT
DENCE IN THE PROTECTIVE POuCy-THE TRUE
CAUSES OF DULL TRADE.
The present condition of the wool industry is en-
gazing the attention Of the commission merchants OF
New-York who are the most extensive in the country,
AS well as of city capitalists who are largely IN
terested especially in the New-EnglaDd mills. The
interest in the matter was increased by MI. Weiss
letter and the comments thereon IN The TRIBUNE of
Saturday. A member of a leading commission house
made the following remarks 10 q TRIBUNE reporter
who called upon him Ia learn his views:
"Wool" he said, lis now cheap enough 10 enable our
manufacturers to make goods with profit hut there is
no demand for them owing to the overprodnction OF
the last year Of wooden goods far this year
has been by no large II was last year. when
many persons purchased on speculation Now they buy
Only they need for the time being The purchases
for instance Of one city merchant with whom we
do business are $4,000 less than they were mp TO tins
time last year The tariff is not responsible for the par
tal depression in the wool business. The fluctuations in
the price the true cause NJ the losses some
manufacturers have suffered They bought wool when
it was DEAR and afterward found thahe price OF goods
did not correspond with tho Of the raw ma
tera owing the great quantity of fabrics thrown on
the market. Its well known In the trade when the
market il overstocked and Of course prices decline
Manufacturers ought 10 stop onehalf OF their ma
chinery and business would improve more quickly than
by any other course that could be adopted.
Free trade would he absurd. II would wipe out our
manufacturing industries would not want to hold
stock IN any factory adopted. II Is the interest
o manufacturers 10 retain the wool tariff Is. II the
duty Oh wool is lowered that wooleDs will inevitably
be reduced also The West however, viii never sane
ton a reduction Of the duty foreign woods There is
very little reason to fear competition III low-prceh
goods which are protected both by the specific and nd
valorem rates and fire cloths will be imported whatever
10 bn q
American goods the preference some persons accord
foreign fabrics These fine goods III some cases cannot
be excelled but manufacturers are improving rapid
y in the weaving and dyeng OF cloths and in due time
viii attain great excellence
Another member of the same firm observed:
The wool tariff was framed mainly TO meet the re-
ourements of the West, and by no means adopted
exclusively IN the interest Of Eastern manufacturers We
cannot on account of the Of labor, compete
with foreign manufacturers unless there protective
duties The liberal rates paid for labor may he Judged
from the fact that in Rhode Island the deposits In the
savings banks amount sl2OOOoOo and last year they
increased s60CO,0O0"
In an interview with an extensive woolen mer-
chant who has been many years in the trade. and is
generally regarded favoring low tariff the fol
lowing conversation took place:
Merchant-I read with great deal Of interest Mr..
Wess letter and the comments thereon in The TRIBUNE
Of Saturday an not satisfied with the Tariff because
IL limits our export trade by advancing the cost OF homo
products so that when markets become oyerstOcked,
as they present. we have no means OF getting rid
Of the surplus.
TriDune Reporter-Is MT it unreasonable for us TO
think OF exporting fabrics go long as importing
them and that England is able to make them much
oheaper than we are aud has established trade ra
fying throu ghOu the wOrld l. Il not better for to
suuply fully our own markets first before seeking
othersl
MerchantThe price Of labor advancing In England,
and the general OF production is great 10
eouaze the difference which hitherto existed In the cost
OF making fabrics there and here. Ten years ago it
would haye been deemed absurd TO think OF exporting
iron 10 England; now il ia quite likely will DO 80 ere
| long.
r. Rive Protectionists claim that the progress you
refer 10 Ia the result OF the Protection maintained during
| the last decade.
Merchant-I am a Free Trader, but favor making
raw materals free OF duty. Why, not long ago we or
dered cargo Of wool from Liverpool which had arrived
there from Buenos Ayres it ought TO have come here
| direct
| T. RS not tho producer OF material as
wen entitled 70 Protection the manufacturerl We
hold that Protection cheapens permanently the raw
/ material, so That the manufacturer Is better of
eventually lhnn when he depended for iron or wool
on foreign rarlets Is evident from the abundant
supply Of American have, wnle the price In
England l. enormously high and the supply compare
| tyely smaI. The cargo Of wool You mention would
doubtless have been consigned "a England even il wool
was free OF duty tor In the ordinary course OF trade
goods seek the great markets.. II IS not unusual for
articles made l ScW-EnGand and Pennsylvania factO
es 10 be sent here for sale and Do brought back by
tail dealers TO the very towns whence they But
seeing that o tirnon raw wool win not he altered,
would IL not hc better Tor manufacturer " they need
| a. 10 sccl, hl .hcr rates on wo0icusi
M.--They want no highor protection. n woul1 he
placing things f1isc basis scoL thai remedy.
e. r. Iau'tii hettor topy the American woolerowcr
s,mcihag more Tor bis hoecc thn the foru ncr and
ulus retain money ia The country auI secure pur