The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1875-06-08
THE WOOL MARKET.
FennO, Son & Co.'s Annual Circu.


lar. M
On reviewing the course of events for
the past twelve months we finl that
trade has been without much animation
and on the whole unsatisfactory. The
market opened in the country last year
at fair prices-a5out 42c in Ohio and 3S
to 40c in Micbfgan-but the competi-
ton between Spectators and a few
Manufacturers who wanted early sup.
plies, soon ran prices up about five
cents pound, which precluded all pos
sibility for a profit in Eastern markets,
and the consequence was that major
ity of operators closed the season with
a loss, and only those that bought and
sold early, made any money. There
has been no speculation in the Eastern
markets, and prices through the year
have been remarkably uniform. The
lesson to some buyers has been severe
one, as the same causes that depressed
the market last year are still prevailing
with even greater force, we trust more
caution will be exercised The bust
ness of manufacturing woolens contin.
ues greatly depressed, and many large
mills are lying idle, while a majority are
running on short time 2l'
AS the greatest loss has been on the
finest fabrics, manufacturers have turn
ed their attention to low cost goods and
consequently there has been large de-
mand for California and other cheap
stock. to the disadvantage Of the finer
woods of Ohio and Pennsylvania, while
the increase and comparative prosperity
of the Worsted interest has created a
large demand for medium, long stapled
wools, including all the Combing and
Delaine varieties, which have met with a
ready sale at very firm prices.
The question is constantly asked US
'What will it do to pay for wool in the
country for the coming clip2' From
the best light we can get, we should not
advise paying over the opening prices
of last year--say 40 to 42c for good
conditioned wool in Ohio and Pennsyl-
vania, and 3S to 4oc in Michigan and
Wisconsin. Clips running largely to
good medium or half-blood will be low
and hard to sell.
Great attention should be paid by
buyers to the condition of the wool and
to getting PROPER sHRINKAaE on all
cotted, seedy and hale washad fleeces, as
many bright anticipations of profit
have not been realized on account of
the difference in the throw between
buying and selling.
The recent addition of ten per cent
to the duties on Foreign wool has ef-
fectually stopped importations, which
have been about 10000 bales. or 25,-
! 900, 900 lbs for the year 1874, against
900 bales, or 20, 100000 lbs. for 1878
at the prices now ruling in the London
market Australian wool could not be
laid down here to cost less than 81 16,
currency, for the secured pound, which
would be equal to choice Ohio Xxx
feeces at 5Sc in this market. A decline
in that market, however, is generally
expected, but while gold rules at 81 16
there is not much to apprehend from
Foreign wool.
There has been a large increase in the
clip of Californis and Oregon, and in
fact of all the territories west of the
Rocky mountains, and we are glad to
notice an Improvement both in the quail
ity and condition of these wools, which
are now being largely used by our man
ufacturers.
The policy which we so earnestly adj
vocated last year, Of making EARLY
SHIPMENT and SALES, turned out to be
eminently correct, and profitable, and,
as the condition of the Eastern markets
closely resembles that of last season, we
feel convinced that the same course will
be the BEST THIS YEAR
The spring trade has evidently been
failure in all departments business, ,and
all prudent men will be extremely eau
tious in their operations We do not
look for any sound and healthy busi-
ness, until we can have CURRENCY of q
SOUND and PERMANENT VALUE. aeagRl
'ay Very respectfully, s. ao
FENNo, Son Il Co.
Boston, May "a, 1875.
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