Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1893-03-16
THE WOOL L

circular, have the following to say in
relation to the wool market:
The outlook for a prosperous business
for 1898 could not be better were it not
married by threatened tariff changes. The
mills are nearly all running to their full
capacity; the surplus OF wool for the first
time in many years is about exhausted;
but il the result OF the November elections
meant anything it meant free wool, and as
its effect was expected to be discounted in
prices, manufacturers refused to buy for
about two months after election.
The severity OF the winter, however,
ca used such an unusual demand for wool
ems as to force manufacturers to buy for
immediate use, and this in a measure re-
| stored for a time the confidence destroyed
by the election.
Since the middle OF January the market
| has been in a strong and healthful condi-
| tion, but pending the attitude OF the in
coming administration C. The question OF
"free WOOL" the demand has slackened,
although prices are still very firm. The
prospect OF placing wool on the free list is
as alarming to manufacturers as to grow
ers, because, with the removal OF the duties
from wool, manufacturer lose a specific
protection to the extent of A cents per
pound upon the finished cloth, which, in
their estimation. is u loss not compensated
for by the supposed advantages OF free
WOOL"
Wooden manufacturers are almost anani-
mously opposed to any change in the Nc
kinley law, which has during the past year
given such a stimulus to the w~oolindustry,
and over 80 per cent. OF them have petit
toned the United States senate against
Mr.. Springer's attempted repeal OF the Nc
Kinley schedules. All calculations as to
what should be paid for the coming clip are
based, first, on the probability OF an extra
session OF congress-, and, second, on their
probable action in regard to the tariff.
All grades are sold on a basis Of secured
value, and as the average price for secured
woods outside OF the American custom
house is but little over one-half the price
OF the same when the duty is paid, the
problem of getting down from protected
wool worth an average of nearly 60 cents
per secured pound for wool of merino
blood, to free wool worth today an aver
age of but little over 32 cents per secured
pound, is engaging the attention Of both
manufacturers and dealers.
If no extra session of congress is called,
and the present enormous consumption OF
wool is not checked, the clip of 1898 will
have mostly passed into consumers hands
before wool can be put on the free list. II
there was any assurance that there would
be no extra session of congress, trade would
undoubtedly continue in it's present thrifty
condition, and the coming clip, owing to
the great activity of wooden mills, would
no doubt bring as much or more, than was
realized by the clip OF '92. Ii, however, an
extra session of congress is called, the clip
II 80 will have to stand the brunt OF the
change to free wool prices, and, pending
this outcome, values for the coming clip
| will necessarily be uncertain. 1t is believed
by some that the placing OF wool on the
free list will cause an dvanc in prices
abroad, owing to the prospect OF larger
| sales OF foreign cloth to America. 1t is not
believed, however, that foreign woods will
advance o per cent. which they should
do to reach the present protected price on
this side side OF the water.
Dealers and manufacturer are endeav-
oring to determine what price they can
afford to pay for the coming clip in the face
Of tariff changes. The universal opinion
seems to be that it will be hazardous to
buy it except at it's free trade or London
value. American wool growers are hardly
prepared to accept very considerably less
than the prices received for last years clip.
The consensus of opinion seems to be
that the mova of the present duty of IL
cents per pound upon ~unwashed wool will
cause some slight advance abroad (vari-
ously estimated at from 3 cents to 4 cents
per pound, and a decline OF possibly z
cents or s cents per pound on American
wool.
In the absence OF any previous expert
ence by which to determine to probable
effects Of the removal of the duty, present
| The increased demand from America to
supply the deficiency in of the
increased consumption OF wool, and the
almost total exhaustion of the clip of 1892,
has had the effect OF only barely sustain
ing prices in the London market. The
qualities not usually bought there by
Americans have declined, and the auctions
which have just closed, are but slightly, il
any above December prices, notwithstan nd
ing the largely increased American demand