New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-07
TOOT AND WOOLLENE.
would do.

se,f-deception does not pay, even n It tends 70
make people feel comfortable Tor tH'e' - no
not Maid the wool dealers nor the manufacture
ere who have faced declining prices TOT
whole year constantly trying 20 persuade them
selves that the vicious conditions had PASSED.
which were created by great imports in anticl-
nation Of new duties Prices Of wool on rep'u
orv averaged for one hundred quotations OF
domestic 1879 per cent lower than year ago,
and last month 40 quotations further declined
about per cent. and the stocks on hand sur
fee for the maximum consumption far beyond
tho arrival Of the new clip. Meanwhile quota
tions representing the important varieties OF
woo,len goods averaged nearly 0 per cent lower
than = year ago Then they were being adj
varced with the idea that prices Of wool would
he maintained but now concessions are asked
and often obtained in the belief that wool VIII
go lower The embarrassment caused 10 TWO
great industries primarily through excessive I'M
ports and then through failure to see the fact'
as they are has been costly.
Data were given last year showing the accu-
mutation Of wool under the Wilson bill through
restriction OF the manufacture and heavy impor-
tations indicating that about 6S1 .O0O.0OO pounds
were on hand when President Mckinley was
elected In the remaining two months or lo'o
net imports were IS sos O39 pounds. ard in seven
months Of 1897 before the Dingley bill passed
no LEGS than 3l2,5i5, 759 pounds more and be-
sides a new domestic clip OF 230, lo3,2ol POUNDS
had come forward. making a further supply
since the election of 607,30I.0i9 pounds. Con-
SUMPTION in the last two months Of 1S"6 was
small as It had been that year. about 4l'GoO.ooo
mounds Waiting for protective duties until
August. and still buried under heavy imports
Of goods the manufacture in seven months or
1891 had much OF It's machinery idle. and cannot
be supposed to have consumed half OF years
supply for full work; but if so much. or 2oo'-
600 900 pounds. were consumed there would yet
remain nearly 997 100000 pounds on hand when
the Dinglev act vas passed. Meanwhile the
value of foreign goods imported was Si60O00Oo
from November l. 1896. to August l. 1891.
For seven months thereafter the consumption
WAS heavy; II is believed larger than ever before.
Good authorities have estimated that wool was
used nm AT the rate Of 100000 900 pounds year
". n nth larger than ever before. which would
make 3JOO0OOOO pounds FOR seven months end
ing with February 1898 All agree that con-
sumption fell off materially by March. and has
not been at nearly the full rate since, except
during the short time when the light weight
season was on hand An allowance slightly less
than the greatest rate ever known perore the
manic and 20 per cent less than the extreme
rate assumed after the Dingley bill passed. or
4OOO0O0O pounds per month for the ten months
March l. 1898 10 January |. 1S90, would seem
very liberal. making 75OO0O000 pounds from
the passage Of the Dlngley bill to the beginning
Of this year But while this would have used
I'm all except 247. 900 600 pounds Of the stock on
hand when that bill passed. net imports from
boy g.
262912 pounds. and the clip Of 1898 was esti-
mated hv the association nj 2G6 7206S pounds.
making 60 G45 pounds more than the con-
err,n;ion ND 10 January l. Of which 57940O26
pounds was reported in WAREHOUSES; At that
date THE Boston Commercial Bulletin" reported
2o1 1GS 800 pounds domestic and foreign wool in
sight not including 11.149l1J pounds OF the
wool in bond at New-York. nor any part Of the
heavy stocks owned by mills East and West
Necessarily the large stocks carried for months
by farmers. who believed in higher prices, and
had been enabled to borrow largely at the West
by the abundance of money in banks, were not
included.
Since January the consumption this year has
heen large and # as large as it was n year ago
NAV have reduced stocks 50,OOO,OOO pounds per
month. while imports have probably been not
larger than in December, 100000 pounds per
month. Yet this would leave March l $4,000
600 hounds or more than eleven months supply
for the greatest consumption ever estimated. al
though a new clip expected to be about 2o9,-
100000 pounds Judging from the department.
return Of sheep January |, will begin to come
forward about May l. It does not seem sur
nr,sing that prices have been weak in February.
II the holders and growers alike should grasp
the situation az IL IT, and sell at such prices as
n clear off much Of the old stock before new
wool comes the manufacture would undoubted-
IL no enabled to increase consumption still fur
thor and consumers would get cheaper goods
and he induced 10 buy more largely so that the
nrospect for marketing the coming clip would
no greatly improved. The foreign goods now on
hand cannot be large in quantity, for only Sli-
75S 23l worth had been imported In seventeen
months under the Dingley bill 10 January |, and
only S23OOOOO worth was then in ware
houses. As long as the buying OF wool by manu-
facturers and buying OF goods from manufact-
urers are both hlndered by certainty that great
stocks of old wool etill hang over the market,
both GROWERS and manufacturers are placed at
a disadvantage
MI Baney's announcement OF his intention TO
In ~~,ae