New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-06
,rs OF voor-ruREE CHIEF MARKETS


u II H. H. II II II II Il !:
These tables show almost as clearly az y the
roofs Of warehouses were taken off at what
time during the last seven years the record ot
sales was Influenced nv speculation for an ad-
vance The steady fall rom the inauguration
of Cleveland. in March. 1898. 70 July. 1894; the
attempt to hoist prices IN that month. which
failed: the much greater effort, backed by many
canitsIists IN 1une-Augrst 1903. the beginning
Of a lasting rise IN October, 1Soe, when the re-
suit Of the Presidential election was foreseen;
the hating until the Inauguration Of President
Mckinley and the rise after II. with the Weld
ing Of en- overloaded market since February
this wear all are 60 obvious that allowance for
speculative purchases and sales can he maze
with the best Of evidence.
The sales of wool which have for years rep
resented about 81 per cent q the total consump-
ton except IN times Of special speculation, were
3O7. goo 900 pounds in 1929. but only 19l 100
90 pounds IN the twelve months ending with
Arril 1894 Indicating not more than 1000
pounds consumed. With quite active speculation
10 swell them in the summer OF 1904. and the IN
loading early in 1895 the sales only amounted
20 2511oO 900 pounds. which with allowance
q
Of not 50 per cent Of the maximum. less than
10000 900 pounds, IN the year 1894 95. In the
summer Of 1925. when prices rose s cents.
enormous quantities, IT was stated 40OOO0C
pounds. were bought on speculation TO be
slaughtered when the price declined IN the fall
With allowance for such transactions. the sales
represent actual consumption not exceeding
800, 100000 pounds. as the consumption In the
spring Of 1896 was quite low In the summer Of
that year the sales indicated only 40 per cent OF
full Consumption, but began to improve In Sep
ternber and after the election so increased that
consumption for the year 1S96-'97 may be placed
at about 334 900 900 pounds The enormous
buying before the election and continued
through 1897 represented speculation and ac-
emulation Of stocks IN advance of the tariff
far more than consumption. But the record Of
sales in the previous four years. with the other
evidence given, far outweighs any guesses that
can be made. and indicates that consumption
cannot have much exceeded 1442 900
pounds. Reckoning 100000 for the last year.
though Justice Bateman CO. IN their circu-
lar just issued reckon 1t at 320O0000O since
January J. or a. the rate Of 100000, 900 year
we should still have only 1852 O00OO0 pounds
consumed out of a five years supply Of 49,
535534 pounds domestic and o51 1881 479 for
house July I, IN all 2,494 356,31 pounds. This
would imply stocks OF old wool amounting 70
b42356000 pounds on hand July +. 1895 besides
this years clip Of 264 T3305S pounds.
Unless consumption the last year has been
much beyond the greatest known IN the most
prosperous previous years, IN spite Of the
limited use Of carpet wool and the dull market
for wooen goods since last April the estimate
can only be controverted by asserting that CON
sumption IN the four years Of disaster was mora
than all the reports Of hands employed and rec
ords OF sales have indicated Considering that
| the clip OF the last year with imports not re-
naming IN warehouses at Its end amounted TO
329.0O0.000 pounds. 1s1 100000 less than
/ probable consumption. the commercial and mill
stocks held year ago must have been by about
/ that quantity larger than July this year. hut
that Is a low estimate for the excess Of mill
/ stocks at a time VII 81 some Of the largest manu-
| featuring concerns held a years supply
| bought in anticipation Of the new tariff and
others had fortified themselves as they were
able. and sales had been 312 900 600 pounds in
egh. months after the election. It would be
strange indeed undce such circumstance II the
| mills had not laid in fully half years supply
more than they ordinarily carry in June, when
new wool has only begun to come forward. But
II they then held such stocks besides those re-
ported in commercial hands, the consumption
during the previous years canno. have much
exceeded the estimate here given. On the other
! hand II the larger estimate Of earlier consump.
ton were allowed. 100000 600 pounds In the
four years Of disaster. the quantity on hand this
year with the new clip would still be GAS 700 900
pounds, and would equal the maximum con-
sumption for more than full year instead Of a
year and hall without further imports
! One other fact is n he considered The four
/ fiscal years. July /. 1903. 10 July I. 1897 were
years of heavy importatons Of woollen goods
which took the place Of American goods In the
restricted consumption Of hard times. How IS
| II possible that goods costing abroad S145.-
410S61 imported IN these four years could find
! O. market without lessening the use ~ domestic
| products TO the extent of at least four pounds
Of wool TO every dollars worth Of goods Rut
same four years in warns. noils waste rags.
muneo, focks and ehoddy no less than SO 900 423
hounds No one acquainted with the uses 10
! which such imported products put will ques-
| ton that they take the place in manufacture Of
| considerably more than one pound Of American
! unwashed wool for every pound OF such par
TALLY manufactured imports. No can take
this into account without diminishing stll fur
| Their his reckoning Of the quantity Of American
| wool consumed, and correspond increas-
| Ing his estimate ~ the quantity remaining for
| consumption. W NJ GROSVENOR.
YACHT AND SCHOONER ~ COLLISION.
Heyen sohooner