Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1899-06-14
Up THREE PER CENT IN TWO WEEKS.
Prices for All Grades OF Wool Show 4
Greet Advance, Territories Leading.

Justice, Bateman x Co., wool com
mission merchants Of Philadelphia
In their latest circular, dated a weel
ago, say:
The change in the wool situation
during the last two weeks prove.
conclusively that the market is re
spending strongly to the influence o
increasing consumption in the United
States and higher prices abroad.
The export movement, which was
the natural sequence Of the disparity
between foreign and domestic prices
has caused the return to Europe oi
practically all the marino wool i'm.
ported during the last year, as well
as some experimental shipments oi
domestic territorials to foreign
markets.
1t is. therefore, most gratifying to
be able to record strong and advanc-
ing prices instead of the converse, the
Il grades quoted in this circular
averaging lSKc per pound as against
nearly l74 ON May lG, an advance OF
nearly 3 per cent in two weeks.
| When the Dingley tariff act was
passed In the summer Of 1897, the free
wool supply plus the domestic pro-
duction since then. was ample for the
demands of American machinery for
at least three years with but trifing
importations of carpet wools, which
are not produced here
| TwO-thirds OF these three wears
have now passed and the surplus is
rapidly approaching complete dis
appearance.
Realizing the impOssibility of bring
ing in foreign woods and knowing
that an average advance OF over 45
per cent In domestic prices must take
place before imported wool could
seriously compete with domestic, i'm
porters are turning their attention
to the latter, and areeagerly compet-
ing for it, realizing that wool shorn
in 1899 can be held with perfect safety
from deterioration until the import
ing price point shall be reached.
The margin Is too great to be ig-
nored, and even those holders Of old
wool who, recognizing its' perishable
nature, and disposing of their 1897
and 1898 production, are eagerly re-
placing it at the same and even at
higher cost.
The result OF this desire to obtain
the clip of 1899 has led to the pur-
chase of wool upon the sleeps back
in some sections and at relatively
higher prices than those mt which the
very same operators were recently
anxious to sell their old wool in sea-
bOrd markets.
The greatest change which has
yet taken place in the value Of
domestic wool has been in the So
called territorials, which less than
80 days ago were selling on a secured
basis of Csc for clothing and 43c for
combing. Considerable wool was
bought at these figures by local spec
ulators at a time when manufact-
a, raro ,xapa "a indiffarant
These low prices attract the atten-
tion of European buyers who were
willing to purchase for export on a
basis of 40c secured for clothing and
45c for selected staple, or &c per
pound more than could be obtained
from any American buyer, ana some
large sales were made on this basis
for European account. The possibil-
ity OF this movement assuming
enormous proportions caused AM
erican manufacturer who really
needed the wool but lacked confidence
In prices, to enter the market freely,
but they were too late, and those
who had failed to take advantage
OF the chance to purchase at the
lowest point found that sellers had
been Just as quick to perceive the OPP
portunity to force the prices up.
Woods now unsold are IN ostly
those firmly held by western owners
in the hands Of their eastern commits
sion agent on secured basis Of 4jc
for clothing and soc for the staple,
and today buyers appear to have
more confidence In these prices than
they previously had when the market
was really at the bottom.
This is no doubt owing to the
growing belief that the reaction has
finally set in and that with the
practical disappearance OF the free
wool surplus steadily advancing
market may be expected.