New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-02
THE WOOL SITUATION.

Wool in Government warehouses January l
was. of the first class. 13.l54,T5 pounds: second
class 326.9 $3.50 pounds and third class 3o4'o'-
969 pounds This. with the supplies reported by
THE Boston Commercial Bulletin" 123.300OOO
pounds domestic and - 500 900 foreign would
make 1913. 33S. $50 pounds in sight besides the
always unknown stocks held by mills through
out the country Just at the opening Of the heavy
weight season and the stocks carried by scat
tered dealers and growers by whom no report
is given. VIGOROUSLY such scattered stocks are
most scantily reported when there is in progress
a great speculation for higher prices. Also II is
certain that the mills at such time DO not
allow themselves to be caught without STOCKS
for their heavyweight season, for II they were
wholly or even largely dependent upon the va
carries of the market for the cost OF material
to be put into goods about to be opened for sale
they could not with safety name any price for
such goods. 1t has long been customary for the
mills to provide themselves before opening that
season with wool approximatng the quantities
and kinds they expect to need before the new
clip comes in about May /. and they would be
much more likely TO do so than usual II the mar
kets were completely controlled, as they had
been prior TO the middle OF December. by com
bnations to compel higher prices
ConcIusively confirming this view IS the fact
that sales since early in December have been
as to cause material concessions in prices in or
der to effect sales. The American Wool and Cot
ton Reporter" has noted transactions at from two
to three cents below the current asking prices,
and has also stated that even at such conces-
sions the sales to manufacturers, although large
enough to fill up deficiencies in various qualities
OF goods likely to be required were not heavy
nor general. Obviously they bore only small
proportion to the quantities required for the
heavyweight season, which was opened about
two weeks ago with great success 1t is, there
fore a conclusion not easily TO be escaped that
much the greater part of the wool reported by
The Boston Commercial Bulletin" which ex
pressly excludes stocks owned by mills and of
the quantities held in warehouses. being to-
gether 81 100000 pounds more than four months
consumption at the maximum rate hitherto
namely. 10000. 900 pounds yearly. will proba-
bly, be found in excess over mill requirements
for the third OF year ending May |.
Whether no more remains may be questioned
In September 1898, The Tribune printed details
Of evidence that somewhat less than 19520O0000
pounds had been used in manufacture during the
five years ending July of that year, out of sup
ply of ., 494 600 900 pounds produced and import
ed, not counting the clip of that year, afterward
officially pronounced 266 T20 GS4 pounds, which
would give a surplus stock OF S09,076,000 pounds
at that date 1t was more, because the estimate
of consumption in 1S0I-'9S was Intentionally
placed as high possible Another crop of
272 191 $50 pounds came in 1899 and net imports
have been 11G. 391, 11G pounds, making the supply
for eighteen months ending January l over l.
197 500 446 pounds The consumption in the last
half of 1898 was by few estimated at more than
30 coo pounds, and in 1899 the consumption
was by no considered tenth more than the
old ma xmum rate or 900 pounds But de-
Quoting for these eighteen months 715O00OO0
pounds possibly consumed. there would re-
main January !, 1900, at least 423 600 900 pounds
of which little over 1913 600 900 pounds was then
in sight as above stated. This would leave for
mill stocks held at the beginning OF the heavy
weight season enough for third of year at the
rate of 600 900, 900 pounds yearly and at least
100000 pounds more for all traders and grow
ers' stocks not reported. by THE Boston Com
mercial Bulletin" or in warehouses.
The case becomes still more clear il II is con-
siderel that carpet mills have until recently been
very slow 10 share any Improvement, many
doing othiAg much of the last year. According
to the their consumption was slightly
less than 5T.O00.000 pounds and in the four
years Of prostration with foreign imports in
goods more than four times those OF the most
prosperous previous year 1892, cannot have been
at greater rate than in that year Probably all
will recognize 1t a most liberal estimate to
allow for four and a half years of depression
no greater decrease below the census rate of pro-
duction than is allowed for increase over that
rate in two and half years OF Improvement, in
that branch slow and limited. But that would
ACCOUNT for only 1000 600 pounds used IN the