Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1901-04-17
The WOOL AiARkET.
Prices VIII Not Lower, But May Not In
crease, Says Justice, Bateman & Co.

N'So'St ooYS JuSueet outeHiu" W VS.
Justice, Bateman & Co., wool com
mission merchants OF Philadelphia,
who are generally not unduly opti-
mistlc, have just issued a circular, In
which they say:
The bulk OF the sales being made
are Of territorial woods.
Sound, staple Merlno clips, suitable
for combing purposes, have been sell
Ing on n basis Of l2ac clean.
A few fancy clips, like the Larabie
clip OF Montana, have brought as
high as i5c clean secured; but short
and tender average clips are difficult
to move at more than Toe clean, al
though old, notify, bankrupt stock,
the clips Of 1897 and 1895, have been
sold az low ms 35c clean.
Buyers have been canyassing the
market on this busis, but most woods
are held ut i0c for poor and at i2gc
for the best grown clips. Very little
Glne territory wool can be bought to-
day below Zoe secured. although
medium can be bought ON n secured
busis oi Doc.
Although there is an apparent In.
consistency between Il tirmer wool
market. aud ut the same time the
lowest quotations since 1897, Yet
these contradictory conditions have
been the essential feature Of the wool
situation during the past month.
Notwithstanding the Improvement
to the tone OF the market, however
so much money Is still offered fOrsalt
that there is no perceptible improve.
ment In prices.
The gradual completion 0fthe llqul'
dalton of bankrupt wool stocks,
which for more than six months have
been such u depressing %iuctor, has
helped the situation; but what has
been of the most Importance is the
growing belief that after II months
OF almost uninterrupted decline prices
seem to haveat last reached bottom.
The firm closing Of the London
wool auctions probably contributed
much To this belief, and while prices
may remain stationary forsomctimc
II seems reasonable TO expect theneXt
movement to be an advance.
AS yet the Increased activity In
wool has no~tdeveloped n correspond
ing Improvement in the demand foI
textiles, and manufacturers are not
only unable to obtain better prices
for their goods, but are still finding
1t difficult to get orders for sntisfac,
tory quantities even ut the present
range OF prices.
The gradual depletion OF the mucl
exaggerated surplus stock of wool il
.clearing the way for recovery in
prices of both wool and cloth. Ow,
Ing IT, the belief that prices for tho
new clip will be so low as to Offer
opportunities for Investment, compe.
tition promises to be keen. and this
may he the lniatiyc of "A substantial
Improvement.
disappointment isprobably in store
for many who expect To replace Will
new wool stocks which they Hrenuw
selling, so as to sell ut Il profit on thu
present bnsis ~ values.
The decrease In the wool supply has
failed To attract attention, because
the reduction has been mostly in ia,
Invisible supply, or what is known
rs the mill surplus"
During 1870 manufacturers carried
lea vicr stocks than during the aver.
age Of several previous years. aud IL
IL this abnormal mill supply" which
has been going into consumption,
leaving that IN the hands Of middle
men and producers (Which IL the
smaller part Ufthe total stock with
out buyers: and, owing to the press.
ure to sell To manufacturers already
well supplied. buyers h9dcxaggerated
notions of the supply Of wool on baud,
This feature of the situation has
thus operated tOcOnceal theiact that,
taking the country over, the aggre,
gate supply Is undoubtedly smaller
than at any time during the pastfoui
years.
While there Is no evidence M yet
that prices will be any better during
the next few months there seems to
he n general opinion that they vii
not be lower, and II Il hoped that
this will prevent any concesslonsfron
quotations.
Although there seems to be consld
cradle apprehension al To- the effect o
the new clip upon present values, II
should not be forgotten that n very
much larger available supply thar
exists at present wns carried oveI
without depressing the prices Of TIN
new clips Oi 1897, lS9S. 1899 and 1900
While the present rate Of coDsump
tiOn il less than during the boon
perlodit has STEADILY reduced the sup
ply. which. however, II still mnrethnI
sufficient for the demand, aud 1t Il
owing To this that prices have fallen
The long, lmpcrfectly UNDERSTOOD
decline seems to have blinded hOtl
buyer and sell to the fact that foreign
markets are lower thnn Mt any tim
In II years, and M IA consequence O
this nm advance becomes increasingly,
more likely than "A further decline.
Even the recent increase In activity
taken In conjunction with the firm
close oithe LonCon auctions, has no
entirely checked the fcvcri-h pressur
10 cell, which has been such n con
spicuous feature, not only In th
United Stntes. but also in the Argen
tine Republic, where there II n larg
accumulation Of crJssbreh wool II
beautiful condition which IL oiiere,