East Oregonian : E.O. (Pendleton, OR) 1888-current, 1904-11-25

The extraordinary wool situation in
the East is summed up tersely by the
shepherds Bulletin of Boston, as fol-
lows:
The situation in wool is most re-
markable one. being seldom il ever
before paralieled in the history of the
trade. The demand has continued ac-
tive for so long a time: and this year
clips have been taken so freely by
large consumers that there remains
now in the seaboard market but a
small percentage of the stock usually
on hand at this time of the year.
! In fact. there is less wool in the
Boston market today thar is usually
found there at the beginning of Feb
ruary. There is every indication of
very large consumption of wool during
the next six months, as the mills are
enjoying generally a good business
and the prospects are that there will
be an excellent heavy weight season
for the manufacturers as the result
OF the cleaning up of stocks in the
hands of the trade caused by the ex-
ceptiOnally cold weather experienced
last winter.
With large consumption of wool
facing the trade. and with supplies
reduced to such low limits. there is
increased anxiety as to where they are
to obtain sufficient stock TO meet the
wants of their usual customers
The buying of the past few months
has been mostly by the large consum-
ers. and while the wants of the latter
must be. by this time. pretty we'll
supplied. the fact that a number of
them are still in the market looking
for desirable selections. and that the
smaller concerns have not yet by any
means supplied their wants. renders
it pretty certain in the minds of the
wool merchants that they will be
down to bare boards" before the clip
Of next year becomes available. and
that to meet the needs of this country
it will be necessary to import large
quantities of foreign wool.
But il is not easy to secure large
and desirable selections abroad except
az continuously advancing prices
This is especially true of coarse wools
which have enjoyed the best demand
for the past two years.
seldom have foreign markets been
so well cleaned up as they are at pres
ent. the war in the East having slim
ulated a demand for many lines OF
wool which are usually available for
export to this country. The situation
in fact. increases steadily in strength
as the weeks pass by. and holders of
what wool remains here are reluctant
sellers except at advanced prices.
1t is perfectly natural. therefore.
that there should have been more or
less suppressed excitement in the wool
trade the past week, and that in their .
desire to make suitable provisions for .
future wants some wool men should
have yielded to the temptation to con-
tract for the 1905 clip.
This has been done to some extent .
in Idaho and Utah as well as in Ore /
gon and Montana. Never before. at .
such an early date, has the attempt
been made to contract for woods of .
the following season. and it is. per-
haps. needless to state that these con-
tracts have in a number of cases been
made at very high prices.
The conservative members of the
trade. however. regret this tendency,
as it indicates to their minds the in
crease of speculative spirit. which.
If continued. may result in a scramble
for the clip of next year. even before
1t is off the sheep's back.
II is, of course. absolutely impossi-
bic to determine what the character
of the next years clip will be
whether it will be well grown or
short. whether of strong or weak sta
pie, whether Of heavy shrinkage or
light shrinkage. whether larger or
smaller in quantity; and to contract /
for next years wool under these con-
ditiOns comes about as near being 1
gamble as any business operation in
which a merchant can indulge.