New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-06
WOOL FAILNRES.
any way.

Commenting upon the failure Of the Trades
mems National Bank and the previous stoppage
of the Wool Exchange and It's organ. one paper
says that the wool business has been bad OF
late That seems an evasion Of the fact that
the business has been made bad by persistent
efforts TO induce and enable the growers to hold
their wool in order TO force high prices, and In
that effort the Wool Exchange, its secretary
and the editor Of its organ. and doubtless the
Tradesmens National Bank bore prominent
parts. What advances on wool had been made
by the bank or by wool operators who were
then enabled 10 borrow from the bank may not
bc known even after the official Inquiry and re-
port, bur the assurances constantly 01fered 10
induce holders TO send wool TO this market were
such that considerable advances were doubtless
made here In some way. as In other markets. 1t
Is only Il short time since the secretary OF the
Exchange was strongly urging In The Tribune
that the supply of wool was not as large rs
others held. and at the wool convention he was
conspicuous among the speakers who favored n
combination TO send no wool except to dealers
who would agree to advance on 1t and to sell
none until price satisfactory to wool-growers
was reached.
1t Is not intended to crlticise the act of lnd-
viduals who were entirely free to express their
opinion and urge such action as they pleased
But the course of the Exchange, and OF the
bank If 1t participated therein. tended to bring
disaster both upon the wool growers and those
who acted for them. 1t sought to produce In
their minds a settled belief that wool must 40
much higher soon, so that 1t would pay TO hold
II and bear storage and interest. and 10 refuse
dealings with traders who had different opin-
ion of the future. good deal Of responsibility
is necessarily taken by those who urge such
views, however honestly because they Involve
serious loss If the facts do not Justify them.
1t is the fact. not now denied by any, that the
enormous quantity Of wool brought into the
country prior to the enforcement of the new
tariff has not been by any means exhausted. nor
are the supplies of wool clipped last year.
though men differ considerably as to the guam
THY Of wool remaining. Whether the quantity
on hand and not consumed Is enough for one
years full consumption. or half year more. Is
a question about which there has been argu-.
ment, but no one disputes that the supply Is
very large. Instead Of full consumption In
manufacture. moreover there Is now seen
serious shrnkagc. and some longestabllshed
mills like those Of the Sawyer company have
failed. Consumers are not disposed to buy
largely Of goods at prices which would be neces-
sary If wool ut IT'S present cost were exclusively
used. so that mills which have no more old and
cheap wool for mixture have difficulty. Dealers
in goods hesitate to buy because supplies Of
wool are so large that they look for a decline.
And the market Is in fact declining. for Coates
Brothers circular shows one hundred quota
tons on October 1 which average 1911 cents,
against 20.S3 cents for the same qualities as
quoted on February /.
1t is by some thought friendly to the wool
growers to conceal these considerations and per-
suade them that little wool is left for use, so
that they may hold on longer with confidence.
But with consumption seriously checked, the
wool which would suffice for a years full
supply may last for four or six months
longer. and meanwhile another crop will be
coming forward In seven months. 1t ought to
be plain that large use Of wool cannot be
forced by holding It above the price which con-
sumers are disposed to pay for It in the shape Of
clothing. In this business as In all others. the
truest friend Of growers, dealers and bankers Is
he who helps to have the facts fully known and
correctly understood, so that neither will be led
into loss through deception or ignorance.