The San Francisco call., 1897-04-08
PROSPERITY
DAWNS ON
WOOL MEN
Prices Sent Upward by the
New Administra-
tiOn.
THE FOREIGN PRODUCT
rs TABOOED.
An Unprecedented Awakening
and Large Buying Iuaugu.
rated.
A HEAVY DUTY ALREADY PRE-.
Walls.
The Final Action of Congress on the
Dingley Bill Looked Forward To
With Joy.

1t is not the dawn but the midday of
prosperity that now shines on the WOOL
growers of California as the result OF the
incoming of the new Republican admin
istration.
After four years of dismal darkness and
stagnation OF business in consequence Of
the murderous free-trade policy of the
Democracy, all is now light. There is q
boom on right now in the local market
such as has not been Witnessed in veri-
table age. A complete reaction has set
in and the woolmen are bubbling over
with Joy.
The present rapid advance in prices is
acknowledged by buyers and growers
alike to be rather speculative for the time
being because of the fact that the new
tariff bill has not as yet passed through
the Senate and no definite duty rate has
been decided upon, but nevertheless it is
considered more than safe speculation
and those who are buying are satisfied
that they are taking no undue chances. 1t
is positively certain that Congress will
impose heavy duty on foreign wool, but
just what the rate will be is, of course, at
present purely q matter of conjecture.
The Dingley bill, as it left the House of
Representatives, fixes the tax al IL cents
pound. but it is the general belief among
the wool men that when the Senate gets
through with the measure the rate will be
found to have been reduced. 1t may come
down to cents and possibly 8, but even
this will assure continuous prosperity.
The wool men feel confident that the duty
will go no lower.
In anticipation of the action of Congress
prices in the local market have already
advanced from 2 to cents pound on tle
various qualities of wool over the prices
that prevailed last year. For example, in
1896 San Joaquin wears wooP' brought
but 6L cents, ana in isolated cases 7K
cents, while the present rate for the same
article ranges from 81 to 10K cents.
Last year Los Angeles wool was quoted
at 21% cents, but now it cannot be bought
for less than cents. Here is another:
Livermore wool averaged between 6L and
S cents here in 1896, but now they are
offering as high as 13 cents for it while it is
still on the Sleeps backs, and it is hard to
get at that figure.
The buying of wool which is unclipped-
that is. wool which is still on the sheep-is
something that has not been done in these
parts, except in a few isolated cases, since
1872. But it constitutes the bulk of the
business being now transacted. 1t is
almost IN precedented, say the Dealers and
they see in it prophecy of boom times
Of course, there is q great deal of foreign
wool here al present, and more is coming
here over the sea. This will all have to be
worked off before the home product can
readily take possession of the American
market, and it is estimated that about a
years time will be required to accom- plish
it. But in the meantime, as the foreign
article is taken up and used, the home
wool will gradually I'LL in the gap until
there is none of the competitive product
left.
The foreign supply will be increased by
the arrival of the cargoes that are now en-
route in various sailing vessels, as these
will necessarily have to be admitted free
of duty; but any wool ordered after the
LIST of April will have the H. cent duty i'm.
posed upon it, and will therefore be los
ing purchase.
"Yes, sir, these are great days for the
wool men," said Ed c. Denigan of the
firm of Thomas Denigan, Son & Co., yes
terday. 1.-The market is on the jump and
there is every indication that prosperity
VIII con ue- we are ali conHuenC that
the tariff bill will go through all right
enough, but of course do not know Just
what the duty will be on foreign wool.
We are satisfied, though. that it will be
sufficient to benefit the home producers.
They are certain to get some protection,
and heaven knows they need it.
During the last four years we have had
a declining market. Now we have a
beautifully rising one. and naturally we
are all iubilant. In fact it has been so
long since we have seen any prosperity