Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1901-06-19
Justice, Bateman g. CO. Of Philadelphia
Write Intelligently Upon
This Question.
WILSON LAW STILL MlSCHIEVOUS
A Table Showing the Price Of Kin,
dred Qualities Of Wool in Lon,
don and Boston Markets.

Philip /. Moule OF Bercail, has kind
ly given Us the privilege ofpublishing
the following letters, received by him
from Justice, Bateman & Co., the
well known wool commission house
of Philadelphia. Their views, which
have always been considered as reli-
able, will be found of interest at this
time. 1t will be seen their statements
are supported with data and figures
that are undeniable:
To Mr.. p. |. Moule, Bercail, Fergus County
Montana
Philadelphia, May II, 190l.-Dear
Sir: We have yours of the 9th inst.
The reason why secured territorial
wool has twice reached the low price
of 10 cents in the eastern market
since the tariff law was passed in
1897, has been traceable mainly
to the fact that we over-imported
wool to such an extent when there
was no tariff that our markets have
ever since been feeling the effect Of the
over supply of free WOOL"
Speculation twice lifted the price
first in 1897 and again in 1899; but
speculation could not keep the price
up under the enormous weight of
surplus free WOOL" and the exces-
sive "free wool" importationsi in time
got in their work and brought the
price down. For instance, on the
3l5t OF December, 1897, just after the
tariff act was passed, there were
practically S00,O00,0 900 pounds "of free
wool In the United States. That was
n two years supply for theconsump-
tion of that period, and while manu-
factuters were using up the free wool
American wool was showed aside
until much of ii became SO moth
eaten that ii had to be sold, regard
less of its tariff value.
As long as prices were rising during
the boom of 1899 holders were not
disturbed by the moths so long as
wool was apparently increasing In
value; but after the market broke in
1900 there was n world wide tumble
in wool prices, and then the effect of
the accumulation of moth-eaten
domestic wool, which had been
thrown out of use while the free
wool surplus was being used up, had
a depressing effect upon prices, and
thus tumbled them down to 40 cents
secured. This was a cause entirely
outside and independent OF tariff in
fluences.
The decline abroad was greater
than that in the United States. II
we had not had the tariff, fine
territorial wool would probably
have remained at Is cents, which was
the lowest price of the free wool
period. 1t would have been ~ cents
instead of 10 cents, or IS per cent.
higher in May, lS99, ana it would
again have been y cents instead of
40 cents in March and April, 1901. So
that the primary cause of the market
having fallen to 40 cents in the
United States twice since the tariff
was passed is traceable to the Wilson
tariff law, and at the expiration OF
the Wilson tariff period, as stated
before, there was s00,O00,000 pounds
of wool ia the United States, and
which we calculate by December3lst,
1901, will have been reduced to about
400, 900, 900 pounds. Consumption by
that date will have gained upon
supply to that extent.
y II there il any man who does not
believe that the tariff does not pro-
pct, what has he got to say about
Suth American crossbred sklrted