The morning news., 1889-05-29
THE WOOL TRADE.
The Shipping Season Open-What
Dealers Say About Prices.

The Shipping Season Open-What
Dealers Say About Prices.
The wool market opened few days ago
at % cents. About sixty bales have been
received in this market since the season
| opened, and while the wool has been dis
posed of at prices above the opening figures
of last season, the market is somewhat fat
| and dealers say that is not likely that q
much higher price will be paid during the
| season.
Last season the market opened at %
cents and closed at from 26 u 27 cents.
There was a good demand all the
| time, and every pound of wool found a ready
| market. Mr. Herman Myers, one Of the
largest wool dealers in Savannah said that
the low prices Of wool this season and the
irregular and unsettled market is mainly
owing 70 the large amount Of foreign wool
and foreign goods that were imported in
anticipation of the recent customs changes.
Some Of the northern appraisers of the
various ports, have agreed that the prices
of importation are too low, and they are
endeavoring to change them, but the mat
ter is in embryo yet, as the treasury depart
ment will have to confirm it before the
action can avail anything. This IS expected,
however, at any moment.
The appraisers have decided that semi
manufactured secured wool, in the shape
of broken tops and similar articles, sha Ill
now pay 60 cents per pound, az against 10
cents per pound during the past four years,
and the woolen cloths known as worsteds
shall now pay a specific duty of 30 cents per
pound instead Of II cents, Is cents, or "A
cents per pound, according to the value, as
heretofore The season sets in fairly
after June1 Savannah gets in the course
of a season about !, 900, 600 pound of wool.
The amount shipped here was between 200.
900 and 100000 pounds larger before the
Mobile wool dealers began to come into
Savannah territory by building new rail
roads.
Savannah at one time had an immense
trade with wool raisers along the line of the
Savannah, Florida and Western railway
and good distance.below Chattahoochee
and toward Pensacola, but the railroad line
extending from Chattahoochee to Pensacola
has taken the trade away from here, and
what formerly came here from territory
adjacent to the line, and indeed from some
parts of the Savannah. Florida and Western
railways territory finds it way to Mobile,
from whence it is shipped via the Louisville
and Nashville railroad to the north at
cheaper rates than it could be shipped up to
Savannah and from here to New York A
good deal, and in fact, the bulk of the pro
duct that comes to this market comes from
up along the line of The Central railroad.
Inc tOuO wing IS comment from large
Philadelphia wool commission merchant:
"a more hopeful feeling and faith in better
times in the near future is the growing
sentiment in the markets, mainly based on
the prospect of decreased competition on
both wool and manufacturers of wool from
abroad. 1t is true many manufacturers
have been seriously embarrassed by the
severity Of the foreign competition. Some
failures have occurred, but they have not
lessened confidence in the maintenance of
present prices, although any higher
prices than are now current are
not looked upon as likely to be
permanent 1t is possible that some excite
ment may occur in the interior at the open
ing of the clip which may temporarily
stitfen values here, but until the coming
session of congress passes a new tariff
law, no permanent advance can reasonably
be expected. TIE feeling among holders of
old wool is to sell at the cost of new wool
laid down in the eastern markets. At pres
ent old wool is cheaper than the cost of any
new wool that can be had up to this time. y