Connecticut western news., 1873-07-11
The Wool Market.
Decline in Prices --- An Unsatisfactory

Decline i'm Prices ---A An Unsatisfactory
 A New York paper, in reviewing the wool market, says the season for the last clip of wool, which is almost over, has been one of disappointment and disaster. Grocers and dealers have been dissatisfied with the course of prices, and manufacturers have expert enced declining market for their goods. There have been @ nummber of failures, and altogether the season seems to have been an unsatisfactory one to all parties. Speculators and leaders who were led to believe in an advance after the destruc- tion of a large quantity of wool at the Boston fire in October have found that large stock, and an unfavorable mar ket for woolen goods, have been more than enough to counterbalance the ad- vantage given them by that event. Prices are now decidedly lower than last year, when speculation was active, for then there was disposition to buy for an advance. Domestic fleece in January ruled as high as 85 cents, whereas the highest figure for xxx , Ohio fleece is now AS cents. By the 1st of June, 1872, there was falling off in prices, and the figures for average qual- ity of domestic fleece wool were about 65 to 70 cents, while the range of prices for pulled wool was 63 to 80 cents. For California wool, prices were from 39 to AS cents forSspring and 30 to Az cents for autumn clip, whereas prices are now 28 to 30 cents for spring and Is to 24 cents for fall clip, showing decline of IS cents per pound on spring clip, and an average decline of about Is cents in fall clip. At the same time Cape ot Good Hope wool was quoted AZ to 45 cents, while prices are now about lC cents less than these figures. Australian wool at that time ruled at 60 to 72 cents, according to quality, while to-day full quotations would be 50 to 60 cents. Buenos Ayres wool, which was then B to AZ cents, may now be quoted 30 to 35 cents as the highest. Thus it will be seen thst prices are now much lower than at this time last year, and it is believed that the lowest figures have not yet been reached.
 The causes of this unexpected turn in affairs have been The large supply of wool on the market. The declining market for woolen goods. Manufactur- CTS have been obliged to offer their pro- duct at favorable figures in order tc stimulate trade. They have been en- cumbered by large stock of old goods. The stringent money market, which has embarrassed operations.
 Manufacturers stocked up largely last year at high prices and have been obliged to sell at a loss. The specula- tion of last year resulted Ill an un' healthy advance that could not be sus' tained, and it is not at all surprising, taking into consideration the adverse influences that have borne on the mar. ket, that prices have shown the marked decline which the figures represent. Last spring the first American buyer was in Australia to purchase wool. This was something new, it being customary before that to buy in London. But prices were high here, and it was deemed an object to purchase in Australia in order to secure wool at more favorable figures than in London, the additional expense of shipping to that market and then New York being thus avoided. Purchases were accordingly made in Australia last spring to the extent o1 20, 900 bales. This relieved the London market of prospective burden and had favorable effect on prices there, while 1t threw that large amount on our mar kets at the reduced figures. The orders sent into the foreign markets after the fire at Boston had an unfavorable effect when vessels began to arrive. Since then the foreign wools have continued to pile up, and with good stock of do mestic have been one of the main draw backs to steady price. The Brooklyn warehouses are full of foreign wool Australian, Cape, Montevidee, ani Buenos Ayres. It would be wellfor oul home growers to profit by the expert ence of the past season. This holding on is apt to produce disappointment the policy of selling promptly has many advantages, and may prove more satis factory at the end of the season. Afte, the war 'prices ruled so unsatisfactory that the clip was considerably reduced farmers killing their sheep in prefer ence to accepting the ruling prices fo, wool, but there has of late years been !. steady increase in domestic wool grow ing.