The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-12-16
WEEKS SUMMARY OF BOSTON
WOOL TRADE.
MONTANA LEADS WESTERNS
TWenty-one Cents Asked by Holders
for Choice stock--RuIing Rate
But Little Less.

OOolOA 1llol lClS 1SorL,ooo
pounds, including 2,056,0 900 pounds
territory at II to 20 cents a pound.
The market has been characterized
by no large transactions the past
week, the estimated sales since our
last report being about a million
pounds below those for the previous
week, says the American Wool and
Cotton Reporter. The snowstorm and
the cold weather have probably kept
buyers out of the market to an ap-
preciable extent, though Of course the
atmospheric conditions which have
developed recently should, other
things being equal, be regarded as a
bull feature in the situation. Some OF
the large buyers have been looking
around during the past week, but their
takings have not been very large; and
moderate sized mills have purchased
to some extent. The activity in the
market has probably been diminished
somewhat by the fact that the end of
the year is drawing rapidly near, when
manufacturers are very apt to be
busy taking their inventories and clos
ing up their accounts. The mills have
bought sufficiently freely during past
weeks to supply their immediate
needs, and probably those for some
little time to come; hence they are
under no pressure to spend much time
in the market at this particular juno
ture. The market is devoid of any
trace of the speculative spirit, what
business there is being strictly for act
ual consumption.
Prices.
Prices are firm, and there is NO in
dication in any quarter of a tendency
to make concessions. Offers of half
a cent under the quoted rates have
failed to bring out any wool. The aim
of the trade is not to find out how
much prices should be shaded, but en-
tirely to ascertain how far they can
safely be marked up in the near flu
ture. The thing which most persons
are striving to determine is, how
much farther can the upward tend
ency be carried without defeating it's
own end by stimulating a freer use
Of substitutes?
Viewed Broadly.
Looking at the situation broadly, it
is all that could be asked for. Prices
have had a good advance this year;
but when the course of quotations is
looked at broadly the present level
cannot be considered as specially
high. Bearing in mind that the Ding
ley tariff bill vas expected to impart
great strength to wool quotations and
to recover for them the position which
was lost under the free wool tariff of
1894, it can be stated that prices have
only recently begun to reach the level
which it was confidently expected
they would attain to long before now.
Taking into account all the different
grades of wool, it can hardly be said
cred the ground which was lost SUBJ
s~cequently to 1892. The four years fol-
lowing Mr.. Cleveland's election were
very discouraging years for the wool
trade. Prices experienced a most
pronounced decline, and by the sum-
mer of 1896 conditions were on all
sides regarded as exceedingly gloomy.
The election of Mr.. Mckinley was
hailed as a bright omen by the trade,
and on the strength of it there was
a premature attempt to advance wool
quotations. In 1897, however, the
prospect of a speedy reimposition of
the duty started a gigantic specula-
tive movement in the commodity,
which resulted in OVERRIDING the bus
mess. That is to say, the enormous
increase in the importations of both
wool and goods resulted in a surfeit,
which it took a very long time to
WIN oH. IL ID Ollly recently ina WOOL
quotations have attained to the level
which the imposition of an 11-cent
duty led the trade to believe thew
would reach.
= Prices Since 1892.
A comparison Of prices of certain
representative grades of wool on Dec.
Is, 1892, August IS, 1896, and Des. II.
1892, shows, in many instances, that
the full II cents. of the Dingley tariff
has been gained in wool quotations in
this market, although, of course,
there would, under such general bus
mess conditions as have characterized
this country since 1897, have been
considerable advance in wool, tariff
nc tariff. These figures also in
dictate that wool has advanced proper
tionately less than many other COM