The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1904-03-10
FACTS ABOUT WOOL
MARKET
Demand Is Steady and Firm,
Supply Decreasing, Con-
sumption Growing

The Silver State il in receipt OF a
circular letter from Justice Bateman
& Co.. the Philadelphia wool commits
son merchants. from which the follow,
ing wool market pointers are taken:
Wool is steady and Arm. and al
though the supply Is decreasing and
consumption increasing, neither OF
these conditions have been sufficient
to raise prices, which since our last
on most grades.
Low medium. or quarter blood Is
scarce and a shade higher.
The stock of merinos. In comparison
with last year. Is greatly reduced: yet
.ne reduced supply is still ample for
The probable wants Of machinery until
after the new clip is available.
Wool imports and domestic produc-
lion in 1903 decreased about 6h per
cent from 1902. When these facts were
suspected, buyers became eager to BE-
cure the 1903 melino territorial clip,
Is on q secured basis 1t was zoe per
pound cheaper than competing grades
Of foreign. from which fact higher
prices were expected. But the result
aas been disappointing. much having
oeen sold without profit. Prices for
.hese wools, While for a long time
steady and without change, failed to
lealize the expected advance to which
eastern dealers looked for their profit.
This may be accounted for by the
that uyhilo norto ona ofi In,
ell off 6H per cent, consumption fell
,f nearly Is per cent.
Labor troubles and the stock panic
IN Wall street may have been respon-
sible for some of the decrease in wool
consumption, owing to lessened de-
| nand from consumers for textiles
| ..om these causes, but 1t is generally
ng decrease OF S5.000,000 pounds In
ne consumption OF wool. and prevent
ng an advance to the parity OF for
.ign, was the use of cotton as q sub
ititute for wool. Since the process
Il mercerizing cotton has been invent
d. giving it the appearance of silk.
Is use as blend with merino wool
as greatly Increased.
American buyers are turning their
attention toward the possibilities Of
some decentralization In the foreign
markets for cross-bred grades. and
seems likely that, more than ever
,efore. the duty paid cost of foreign
..ossbred wool. rather than scarcity
n the United States. will be the chief
price making factor for the coming
lear.
The prices foreign woods will bring
viii depend much upon financial condi-
ions abroad. Money markets In Eu-
ope have an important bearing on the
-ondon wool sales. and the latter DOM
nate the rest of the worlo. Since the
.iusso-Japanese war has begun the
.ntire fabric of foreign credit waits
Ipon the possibilities of that conflict:
Ind as Eu4 ope remains in doubt, spec
4lative movements in wool have ceas-
d, although a shortage of 10000 bales
n the supply is admitted.
Alarm is now felt in European fin-
-ncial centers. emphasizing the danger
If a crisis that may result from the
var at time when the public debts
If European countries have been ex-
~anded enormously. No European ma
ion is living within its income. and
he next stress upon European credits
will be felt when one or both of the
sombatants wish to borrow. and both
must seek to do so within the next six
months. SO that no one just now ven-
ures to forecast the future of foreign
WOOL prices. which 1t is now conceded
more than any other cause must DOM
nate wool prices I'm the United States.