The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-07-27
WOOL AND HIDES GO UP.
-. Vow Tariff Puts Higher Prices
~ These Products.

on These Products.
-,, tariff bill is regarded as directly re-
-a,,. for an increase in the market
-.,s o., two commodities of commerce
,sa, are dealt in extensively in Savannah.
-. arc wool and hides, upon each Of
- tbe tariff. it is presumed, has had
-. Eject of running the prices up to fig
chat are considerably above those
nat prevailed last year.
Nh rise in price has not followed the
.sssga Of the tariff bill, but preceded it..
Iss 4ba massage of the bill the price has
oo.iarca5 but little; the rise having begun
- 9fter the beginning of the present
ssg4.,iristratfon The knowledge that the
rarty. in power was pledged TO its Srinci-
po1d that 1t would put protective du-
- an American industries induced the
o5vanoe in the price of many OF the favor
81 articles which competition on the part
- foreign producers had served to run
down to a low Inquire.
The rise was rapid, being in the case
- vol an advance of about 80 per cent
On tbe nrice at which the commodity closed
~ season. 1t has been estimated that
tho wool growers of Georgia, have gained
eo- 5oo tbis season on account of the prob
sbfifv of the passage of the tariff bill.
This estimate is based on the wool that
has already been marketed, 10000 pounds,
gbich was sold at an average advance of
scents upon the closing price of last sea-
son.
The season for wool runs from May to
October. During that time there is con-
si5arabIa amount of wool received in Sa-
vannah Much of it is shipped to the fac
tories of North Carolina, but the bulk
goes 10 Boston, the greatest wool market
of The country. 1t is sold there now at
about % cents per pound, a price but lit
te in advance of what it is bought for
here. There is the brokerage of 1 cent per
mound and the freight rate of 80 cents to
he deducted. and but little profit remains.
Some of the buyers in Savannah are hold
ing the product on a speculation, thinking
that since the advance has already been
20 per cent of the tariff, or discounted
the tariff 50 per cent, as they say, that
there is a chance for an additional adj
vance of at least % per cent. This duty
IS 2 cents on the pound. In the case of
hides it is 10 per cent. ad valorem.
Six months ago hides began gradually to
rise, and they are now on the market at
2 cents per pound. Wool has advanced
steadily since the opening of the season.
II started at 1914 cents on May 1, which
was I cents higher than its close last sea-
son. H. opened ldSI season at llH2 cents.
Since May l the rise has been constant,
the price on June l being 15% cents, June
TO- Is cents, July /, 1874 cents,
and to-day about IN cents.
These figures represent the prices
paid producers by Savannah merchants.
Until it was protected by the new duty
Of z cents wool had been on the free list
since the Wilson bill revised the tariff.
The production of vol in Australia, the
greatest sheep-raising country in the
world, has been short, and some effect
upon the price was doubtless caused
thereby. Since none of the foreign wool
will now be imported, this shortage in
the production will not effect prices here.
The London market, where sales of the
commodity are conducted by auction, is
about 10 per cent. higher than it was
three months ago. There has been a
great deal of wool bought abroad and
brought in before the passage of the tariff
oil. Many manufacturers of wooden goods
nave supplied themselves with enough of
the raw material to last them for year.
IL Is upon the exhaustion of this foreign
Supply that SPECTATORS in the American
product are relying for their returns. II
lhe % per cent tariff discount advances to
% per cent. and they have a good supply
OF the wool on hand, the Savannah specu-
iators will have made a pretty good thing
Of their venture,