The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-05-26
WEEKLY WOOL REPORT.
The State of the Market as Reported From
Boston

The State of the Market as Reported From
Boston.
The following weekly wool report is re
ceived from Fenno Bros. & Childs, under
date of Boston, May IS:
1.-The market has been particularly I'M
interesting during the past week, the at
tention of buyers and sellers having been
largely devoted to the operations, both real
and imaginary, that have been reported as
occurring in the country. Prices appear
to be ruling in the interior which are
scarcely warranted by the condition of
business in the various distributing mar
kets, and what the probable result
of it all will be is so hard problem
to solve, that the commission houses are at
their wits end to know how to advise their
constituents when called upon for informa-
ton. Statistically wool is certainly in a
strong position, that is to say, the old clip
has seldom been so closely worked up, and
stocks, both in dealers and manufacturers
hands, are rarely 50 light as they are to-day.
At tie same time the foreign markets are
so strong all over the world for wool, wool
yarns and goods, that there is less prospect
than usual of importations of these articles,
and as consequence more than ever must
reliance be placed on our domestic clip.
Again, the attitude OF the administration is
III ldNOl VI PlOtCCOlOI, anu lOpo
and various kinds of wastes are likely to
be entirely shut out, also a ruling of
Congress will probably at some time dur
ing the next session be made, putting wor-
steds upon the same basis as woolens,
which in .the future, doubtless, is going to
greatly benefit our manufacturers. All these
points are favorable to the present attitude
| of the bulls in the country, and furnish
some ground for the hope that prices here
may advance correspondingly. But at the
same time the reverse side of the picture is
so evident and clearly defined, that the
wisest of the usual army of operators are
hesitatiug, and many are inclined to touch
wool for the present very lightly, awaiting
further developments This reverse
side is the present very unsatisfac-
tory condition of the wool manufac-
turing industry throughout the coun-
try. The past twelve months have
not been what manufacturers had hoped
| for, and many have lost great deal of
money. The American Wool Reporter,
which is undoubtedly one of the very best
authorities, says under date Of May 16:
Within short time six mills, consuming
annually about eight million pounds Of
wool, and located in or near Philadelphia,
have stopped, mainly by failures, and some
bad ones at that. These six mills used
about one-sixth of the clothing wool
handled in PHILADELPHIA This, by the
way, is likely to be serious matter to the
Philadelphia wool trade this season, if
their outlet forwoolis so greatly restricted
as this report would indicate These six
mills are only sample OF what exists all
through the manufacturing districts, and
it is certainly fact that the mills
have nothing either in the present or
future prospect which will warrant their
paying more than to-day's values for wool,
which in general way are 10 per cent.
higher all round than year ago; now,
since consumers in most cases govern the
price of raw material, always having the
ability to shut down if they cannot afford
to run, the conservative view certainly has
a good deal of sound sense in it, and we are
inclined to favor it.
Sales for the past week foot up about
J 10000 pounds against about l,500, 900
pounds for the corresponding week Of last
year, and about $500 900 pounds for the
preceding week of this year.