Fergus County argus., 1902-01-22
Business in the Wool Markets During
1901 Was in Very Healthy
Condition.
A BIG DEMAND FOR CLOTHS
Wool Machinery Busy and Firm
Market on Raw Material at
Close of the Year.
(The Commercial Bulletin.)

1896 we prophesied that there was
hope for good business in 1901. The
hope has been fulfilled. Business has
not approached the boom year 1897,
when nearly four hundred million
rounds of wool changed hands in the
Boston market, or that OF 1899, when
5O.OO0,OO0 pounds were sold here.
There has been, however, a slow and
gradual recovery from the low figures
of last spring. with actual shipments
OF wool for consumption from Boston
alone of over 2G00O0,00O pounds, an
amount that is but forty million
bounds less than the entire clip OF the
United States.
The business has been eminently
healthy. Till within a month there
has not been the slightest hint OF
speculation. The demand has been
by mills and for goods. Though the
sales of wool do not compare favor
fbly with those in boom years, it is
not too much to say that the actual
ronsumption of wool by the American
peoDle has neyec been as great as in
1901
The century opened with large
stocks OF wool on hand and bad
scare. A statement in which the ac.
tual supply was inflated by hundred
and twenty million pounds of wool
that had no real existence was widely
circulated and frightened timid buy
ers from the market. The business
done in the first week Of 1901 was the
smallest done in any week in five
years. Yet in the second week the
effect of the canard had passed. New
overcoatings were opened. The drop
in raw materials enabled manuiactur.
ers to cut the opening prices down
from the high opening rates of 1900
to the comparatively figures of 1899.
Buying of goods set in swiftly and i'm.
mediately. Buying of wool improved.
Antwerp and Melbourne advanced
slightly. The first London auctions
in January showed an advance of 5
per cent over October rates at the
opening but quickly fell back. Lot
after lot was withdrawn and in sym
bathy the American market sagged
heavily towards the end of the month.
February opened with a general dis
play OF new heavyweight worsteds at
a cut Of twenty-five per cent from the
high prices Of the year before. The
early sales were excellent. The ship
ments and receipts of wool from Bos.
ton shownd that in January the stock
on hand had been cut down ten mil
lion pounds. Nevertheless prices on
wool, thanks to European and South
American slumping. gradually weak.
cned and large sales were only accom-.
Tlished by cutting prices. The death
OF Queen Victoria did not improve the
European situation. Old wools held
by spectators began to be flung on
the Boston market at any old price
TO close accounts. Idaho wool, I'M.
washed delaine and Irish wools figur.
ed largely in these transactions.
western banks. too, grew tired and
dropped their holdings. The loss on
enc lot OF wool sold by Boston spec
ulator was 100000. Montana wool
bought at 90 cents was sold at iGis
cents, and the widest yarns as to wool
and wooden credits began to be circu.
lated.
March saw some most unpleasant
cuts in cheyiot cloths, even from the
low opening rates. The steady de-
crease in wool imports, however, be.
gan to exercise a good effect.
Prices at the second series of Lon.
don wool auctions, in March. showed
nc Improvement. Crossbreds. indeed
declined, Queensland and Gcelong
woods were flung on the Boston mar.
ket at cut prices from the stocks OF
spectators and bankrupts. The Bos-
ton supply was pushed steadily down
Ly free sales and large shipments
Masses OF motheaten territory were
dumped, and towards the close of the
month the wholesale clearance pro.
cess began to show results. Ordinary
fine medium territory clothing was
worked down to 35 cents clean by
these sacrificed sales. and the tiptop
Of the market for selected genuine
fine territory delaine was not over
as cents. This acceptance of the sit.
uation brought buyers into the market
and the last week in March showed a
D.g business. The trust bought 5000.
600 pounds of Montana of 1899 clip
but paid an advance on prices for sim.
liar woods bought earlier in the month,
and the London sales closed in the
same week at slight advance over
opening rates.
In the first week of April new Ari.
zona wool of the 1901 clip opened the
years campaign with a sale in Bos.
ton on a basis of 43 cents clean.
Floods and freshets materially check.
ed the activity of machinery and the
volume of business was light in the
earlier part of the month. Prices re-
mained steady. Nevada woods opened
at IL cents in that state. There was
less and less doing in Boston as the
month progressed and at its end dull.
ness ruled again. More ancient Irish