Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-06-29
OUTLOOK FOR WOOL.
No Probability Of an Immediate
improvement
THE MARKET Is DEMORiLIzED.
VIII the Sheep Men be- Able 10 Hold
their Clip aud Tide over for
Better Marketl

The situation Of the wool growers az
stated Ia the NEWS some time sinoe
hus not improved In the Least. They
aro still feeling blue, and the circum.
stances at present are such as to In.
crease that unfortunate condition.
The growers are now unable To get rid
Of their wool Of any price
that will save them from Hnan.
oinl ruin, 20 there II no way
left but 10 hold their clip, and take
chances on sale at later period.
Utah wool Is now nominally worth o
TO II cents In the market. but nobody
can fell even at that price. There ia
no prospect for On Improvement Tor
The next 90 days. Then Congress
may OF may not bring relief. That
part Of the situation Ia problematic.
j. w. Sunmerhays, Of The Rowe.
Morris'summsrhsys con- pauy, was
met today, and inquired Of regarding
the situation and prospect. Said he,
81 don'l think the situation can be
much worse. Early IA tho eprlng
wool was going at 10 cents In this mar.
kot, anu now II is down to ~ cents for
average. some has been sold M low
a. VI even s cents. ruia represents
loss 10 the Territory Of ut least $780,.
/ 900.
"rhere is at least 5000, 900 pounds OF
wool ON hand here yet Of this
years clip, and no prospect Of dispos.
lnR Of II nj present for n fair price.
Last year there went from this market,
through the handling by local iirms
aud men from tho east who did their
business with Salt Lake banks, about
| lb,OOO,uOO pounds " wool from Utah,
western wyoming southern liahO
and northern Arizona. 1hls year
fully one-third Of that quantity L. yet
unsold, anu likely 10 remain 70 Tor
/ some time. W. aye out OF tie market
ourselves, because We cnnnul dispose
OF any wool.
"Mr. Morris Ia now I'm the ens, and
has been fot n week. He went 10
looN up the market and zee whether
anything could be- done In tho way OF
b-ying wool with a prospect oi dis.
posing Of II In u reasonable time. 1
have received telegram from him
which certainly offers no encourage.
ment for n course Of that kind. Ho
ttlegraphoi that we are 40 10 buy Or
take wool on cOmmiH8iun, for the mar.
ket ~ completely demoraliEed.
"Ihlb mezue u good deal TO Utah
men, and there Ia no immediate pros.
pect for movement In wool. All
agents tent out by eastern buyefn have
been called home. My advice would
be 10 growers 10 store wool here and
insure IT, III they send 1t east In the
present condition and leave IL with
commission houses, there IL n chance
OF losing II all. Ia the present
stringency, no one here knows when
one or mere OF the eastern commission
houses will go down, and II any Of
these should fall, the man who has his
wool with them II gone. Growers will
do better TO keep their wool within
their reach, aud insure II here.
"At present there art twelve or
thirteen houses that fix tho price OF
wool In this country. Congress may
give relief early In tue season by deal.
ing with both silver and wool. The
latter may DO placed on the FREQ llst
and additional protection be given u
| mnnuihctufefs. III thiH Il done II may
give temporary relief, but not permR-
nent, Tor Australia, which has now
10000, 900 sheer, eau support 800, OO0,-
900 more, and would be likely 10 IN.
crease It's present number 10 NJ TO
get the advantage OF cur free market.
Then wool would 20 down again.
"rhe question now Il, can the wool
growers hold ON to their wool Til the
market moves, when they can get n
fair price and meet their obligations?
II they can, there ~ prospect Of com.
| ing out In some shape. II they can.
not II viii be pretty hard with them.
That IL about how the matter stands.
Looking at II from the most favorable
point u view, the wool question Ia In NJ
BAD condition ~ the silver question,
with probably less chance OF improve.
ment at present."