New-York tribune., 1895-10-18
UOOI AND WOOLLENS.

Certain Democrats are trying 10 persuade peo-
ple that the manufacture of wool is really doing
more than ever. because the sales Of wool In the
prIncipal markets have been remarkably large
With g0SOOOO bales Of cotton produced over
~ Ooo 600 bales were sold last year in New-Iork
alone. but nobody supposes that consumption
was quite a large
II is known TO almost everybody that transac
tions in speculative market are heavy, as ruie'
when there are important changes IN price,
Those who sell largely for decline have TO Duy
lust as much in order to realize their prohts, ana
so purchases for a rise involve corresponding
sales great advance in prices Of wool was
expected in the summer, so that purchases were
considerable in June and in July amounted 10
20 SJ1 314 pounds at the three Eastern MARKERS
Speculative holders in those markets secured
control Of practically all the domestic wool theh
available The price did rise some, though not
as buyers had expected but they resolved 10
hold until the needs Of mills should compel them
to pay still higher prices. II was not very
sensible With foreign wool coming in at the
rate of 39,O5S,327 pounds in the single month
Of August including 1.J1O,01O Of so-caled waste,
the speculation had poor chances of success.
The price rose so far that the average for all
domestic wool was LIP cents per pound higher
August | than June /. but stuck there The
mills bought as little rs they could. the specu-
lators traded with each other, and the price
Welded a small fraction until September l. Then
some Of the men who had bought concluded that
their load was too much for them. and that some
BODY else had better carry it, Advancing prices
abroad heped to persuade other spectators that
prices here must 90 up further, and thus holders
I,J Dis
tcmbcr. but not without depressing the price
about an eighth of Il cent for all classes even
while prices were rising abroad. These sales
were not enough and in two weeks ending
August II further sales Of 22209.i0 pounds
were recorded. Thus in seven weeks the sales
were - S4557O pounds. When all the mills of
the country were fully employed in 1892 the sales
through the same markets. by which n great part
If the machinery in the country II supplied aver
aged about G,OO0O0O pounds per week The total
consumption of all mills in the country. accord
ing 10 the census Of 1890. 3I3.0O0,OOO pounds
i'm condition as purchased. or about I.OOOOOO
pounds per week
Transactions exceeding the entire consumD
ton OF all the mills In the country if all had been
in operation. would have advanced prices ma
terially if they had not been mainly Of the sort
described unloading by one set OF spectators
upon another set. Actual sales TO manufacturers
form part Of the aggregate OF course. and sales
Of foreign wool brought over and not consigned
direct to mills. But the imports show clear
" why the speculation has not prospered. In
eight months ending with August 1881, $50
pounds foreign wool were imported. Adding
only 80 10000 pounds for September, the guam
tity i'm nine months would be 210,0O0,0O0, more
than the country ever imported in any previous
full wear and more than half the entire consump-
ton according 10 the last census. With the in
crease Of five years in population, and consider
able Increase prior to 1893 in capacity Of ma
cbnery the production would have increased
with prosperity But 1t is known that many
mills are idle and many others at work less than
their capacity, and the imports of foreign goods
show why.
In eight months ending with August the I'M
ports were Of woollen cloths 27,601 1913 pounds
Of dress goods 2l3s7.452 pounds and of yarns
29146S5 pounds; total in these classes alone
81. .9O3 $50 pounds In manufactured forms
equivalent to about 207,600,000 pounds raw
wool In 1892. the year Of heaviest foreign trade
the imports We're OF cloths 1O,469. 145 pounds In
the same eight months; OF dress goods. reducing
yards to pounds, l594ss37 pounds, and OF yarns
sl0.57l pounds; in all 81 ,237 .553 pounds in manu-
featured form-equlvalent to about 1890 900
pounds raw wool These are figures for eight
months only, and do not include the unknown
quantities OF carpets, knit goods and other manu-
features. IL continued. the movement would
amount 10 about 7S,00O,0OO pounds of manufact.
ured goods In a ycar-epuivalen to 3O0,000.OO0
pounds raw wool. This would be e"""' three