Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1873-01-15
Whole No. 2937
Review Of the Wool TRADE In Is7s,
and Prospects for 1878.
CFrOm Walter Brown Z sons Circular. New

IRON walter Brown & Sons Circular New
York. -Jan-1. IS73J
A Review Of the Wool market.
during the year just closed. reveals
many peculiar and not altogether un-
interesting features. The wear 1872
opened on an unusually active and
buoyant market, with prices strongly
tending towards war rates. This
state of things continued through
January and February, during which
period manufacturers, most Of them.
laid in large supplies. High prices
drew hither large supplies of raw
material from all the markets of the
world and it was now seen that the
deficiency in our own Domestic clip
was more than made up. Consumers
were, however, disappointed in the
sale OF their productions, andsudden-
ly withdrew from the markets, and
prices as suddenly fell. The subse-
quent dullness, and the steady decline
IN values which followed, was nearly
as great as the activity and high rates
which had previously prevailed.
For nearly six months the Trade
labored under this depression: but
during the interim the supplies in
the seabOard markets. which had
been materially augmented, became
reduced, and reaction set in, which
by November established an advance
Of five per cent. But manufacturers
were not eager to take hold, and
bought only as their needs required.
The Boston fire gave an impetus to
this advance, and prices rose rapidly;
but 1t being found that losses by the
nre bore heavily on many manufaetu-
rers, directly and through their COM
MISSION houses, cash buyers were
offered inducements in the way of
concessions; and by this means, as
much as by any other, extreme val
ues were not reached
1t Is, however quite noticeable that
nrm feeling pervades the whole
trade, with the general opinion that
early in the New Year higher figures
will be obtained resulting probably
from the fact that stocks of Domestic
WOols in the Eastern Markets are
very light, and such Woods as still
remain in the West are mostly held
by farmers and second hands at ex-
treme rates, with no indications Of
yielding before the near approach of
the New Clip; also that few, il any,
6'AAC 1OAOd4 AOL OlElkA
Wools, owing to the unremuneratiVe
| character of last seasons operations.
The month Just closed, usually a
quiet one in the Wool Trade, was
marked by many large transactions,
and there was more or less activity
throughout: but the stringency in
the Money Market and very high
rates ruling for all mercantile paper,
wool and woolen paper being under
a cloud since the Boston fire, and
more closely serutinized than any
other, have probably prevented any
speculative movement, which other
wise would have taken place. With
relief from this quarter, such an event
is not unlikely to occur the present
month.
Stocks of all descriptions In the
markets are quite small, and holders
are firm in anticipation of further
improvement and the facts we have
stated seem to warrant the opin ion
that, should the machinery of the
country continue to be actively EN-.
ployed, a short supply during the
next few months is Inevitable, except
it beincreased from abroad at necces-
Sarily higher values than now prevail.