UNITED SIATES TARIFF COMMISSION WASHINGTON A! Al 0! 0! 1 i 4 = 4[ 9i 4 = 4 = 5! Recent Tendencies in the Wool Trade With Special Reference to Their Tariff Aspects, 1920-1922 WASHINGTON GOVERNMENT PRINTING OFFICB 1922 UNIVERSITY OF CALIFORNIA AT LOS ANGELES UNITED STATES TARIFF COMMISSION WASHINGTON Recent Tendencies in the Wool Trade With Special Reference to Their Tariff Aspects, 1920-1922 WASHINGTON GOVERNMENT PRINTING OFFICE 1922 UNITED STATES TARIFF COMMISSION. Office : Old Land Office, Seventh and E Streets NW., Washington, D. C. COMMISSIONERS. Thomas O. Mabvin, Chairman. William S. Culbebtson, Vice Chairman. David J. Lewis. Edward P. Costigan. Thomas Walkek Page. William Burgess. John F. Bethune, Secretary. ADDITIONAL COPIES OF THIS PUBUCATION MAY BE PROCURED FRO I THE SUPERIXTESDEKT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D. C. AT .-> CENTS PER COPV 3 'g"30.i- CONTENTS. Page. Preface v Introduction 1 World production and consumption 1 The world surplus 3 Effect of world surplus on prices 7 Changes in normal price relations between grades 10 The case for and against a specific duty per grease and per scoured pound 13 Connection between temporary abnormalities in the wool market and proposed bases for levying a duty on wool 15 The relative effect of different duties on the consumer 23 STATISTICAL TABLES. Table I. Stocks of wool in the grease and of scoured, pulled, tops, and noils reduced to their grease ecjuivalents, on hand at the end of each quarter from June 30, 1917, to September 30, 1921 24 Table II. Consumption of wool in the grease and of scoured and pulled wools reduced to their grease equivalents, 1918-1921 37 Table III. Quantity of wool entering into manufacture, by class, grade, and condition, 1918-1921 40 Table IV. Imports for consumption of unmanufactured wool, 1900-1921.. . 42 Table V. Government issue prices on domestic wool (clean content), Janu- ary 4, 1919 43 Table VI. Wholesale price per pound of domestic wools in the Boston market. 1919-1922 43 Table VII. Trend of wool prices, London, 1900-1921 47 Table VIII. Argentine wools: (a) Clean yields by districts, 1912-1921 48 (b) Prices to estancieros, 1912-1921 49 190196 RECENT TENDENCIES IN THE WOOL TRADE WITH SPECIAL REFERENCE TO THEIR TARIFF ASPECTS, 192C-1922. INTRODUCTION. In May, 1921, the wool situation was much brighter than the year before. In 1920 both domestic and foreign consumption was low; stocks of the raw material were moving slowly and at greatly depressed prices at home and abroad; wool growers were confronted with serious problems; production costs were far above the pre-war level, but wool prices averaged considerably below the pre-war level except in the case of merino fiber. These conditions were due to a number of causes, among which were surplus world stocks of raw wool, diminished de- mand, in part resulting from constantly mounting prices after the armistice, and financial stringency in nearly all Tines of industry, which both directly and indirectly affected demand. Notwithstand- ing an easing of the financial stringency and a resumption of German buying on a considerable scale, ^ the world's markets still retain many elements of abnormality which react upon the domestic market. These elements of abnormality have aroused much comment as to the basis on which to levy the duties proposed to equalize the com- petitive status of the domestic and foreign wool growers. The follow- ing pages present a brief analysis of the foregoing, with particular reference to the effect of abnormal factors on the basis for levying a duty on raw wool. Several phases of the subject are discussed under the following headings: (1) World production and consumption, (2) the world's surplus of wools, (3) changes in normal price relations between grades, (4) the case for and against a specific grease pound duty on wool as compared with a specific clean content duty, (5) the connection between temporary abnormalities in the world market and the basis for levying proposed duties on wool, and (6) the relative effect of different duties on the consumer. WORLD PRODUCTION AND CONSUMPTION. For the pre-war years 1909 to 1913, inclusive, the world's annual production of raw wool averaged approximately 3,335,242,000 pounds, of which about 30 per cent was carpet wools. Of this amount 587,- 350,000 pounds were produced in South America, 157, 761, 000 in South Africa, and 903,620,000 in Australasia, the three great exptH't- ing regions which supply the deficiencies in production of clothing wools of western Europe and North America. For 1921 world pvo- duction is estimated at 2,770,852,000 pounds, of which the three ex- porting regions above mentioned are credited with 491,209,000 pounds 127,177,000 pounds, and 798,443,000 pounds, respectively, or a (Ic- cline in these areas of 231,000,000 pounds from pre-war production. 1 Mallet, C. F.: Weekly Wool Chart, in Annual Review (Bradford), 1921, p. 411. 2 RECENT TENDENCIES IN THE WOOL TRADE. The rest of the (hn-Hiie from the pre-war total occurred mainly in Europe, where there was a decrease of 250.000,000 pounds. Table 1 presents pre-war and 1921 wool production by countries; it also shows consumption for a series of pre-war years. It will be noted that the grand total for pre-war consumption is slightly larger than for pro- duction. This discrepancy is accounted for by the use of some esti- mates in both columns, from probable duplication in import and ex- port figures, and probably from the omission of an important raw material, namely, "skin" wool, i. e., wool on pelts, in many estimates of production. Table 1. — World wool production and consumption. [000 omitted.] Country. Production.! Average 1909-1913. Average consump- tion. 2 1909-1913. United States. Canada Mexico Central America and West Indies. Pounds. 314, 110 11,210 7,000 1,000 Pounds. 272,-564 24,050 500 750 Pounds. 517,408 18, 794 5,741 1,072 Total. 333,320 297,864 543,015 Argentina Brazil Chile Peru Falkland Islands . Uruguay All other Total South America . Austria Belgium Bulgaria Czechoslovakia . . . Denmark Finland France Germany Greece Hungary Iceland." Italy Netherlands Norway Poland" Portugal Rumania Russia Spain Sweden Switzerland Turkey United Kingdom. Jugoslavia Total Europe. 358,688 35, 000 17, 430 9,940 4,324 156, 968 5.000 587, 350 15, 360 1,030 23, 700 3.508 80, 688 25. 600 14,000 26. 240 1,980 35, 000 3, 55S 8,160 10, 000 13, 228 320,000 52, 000 6,030 1,049 28,000 135, 600 25, 446 8 '0,2:35 283,000 27,000 33, 069 12,000 3,200 125, 000 5,000 491,269 1,025 17, 637 5, 952 3, 508 3,250 39,400 42, 975 16,000 25, 516 1,980 50,000 .5,500 7,247 6,724 6, 2.32 14,000 1.50,000 52,000 5, 3.54 800 101,100 23,800 580, 180 10,361 31,675 3,477 607 17,790 63,910 ' 105, 542 104, 987 44, 803 6,569 597,343 464.771 14, 157 65,292 9,185 11,593 10,479 22.046 * 453, 778 Zi, 495 13, 327 12, 260 5 62.000 615, 937 6 21,060 2, 658, 524 1 Partly estimated. Based on information gathered bv the U. S. Dept. of Agr., Dept. of Commerce, the Tariff Commission, and the Nat . Assn. of Wool .\Itrs., as published in their annual wool review. See report of U. S. Tariff Commission on ihe Wool-Growing Industrv. 1921, pp. 19, 41: The Market Reporter, Oct. 2, 1920, U. S. Dept. of Agr.; Wool Conditions throughout the World, U. S. Dept. of Agr., Sp. Rept., Feb. 24, 1922; and Commerce Reports, Feb. 13, 1922, pp. 360-7. 2 Partly estimated: based on figures in the .Market Reporter, Oct. 2, 1920. ' Austria-Hungary. * Russian Empire. 5 Turkish Empire. « Serbia. RECENT TENDENCIES IN THE WOOL TRADE. Table 1.^ — World uool production and consumption — Continued. Production. Average Country. Average ,„„, 1909-1913. 1 ^^''^ tion. 1909-1913. British India Pounds. 60.000 200,000 60,000 60,000 90, 000 1,000 Pounds. 60,000 200,000 60,000 45, 000 CO, 000 1,000 Pounds. 27, 225 China 157,316 Persia 49, 977 All other 7 10, 236 Total Asia 273, U6 228, 146 244, 7.54 Algeria 35, 221 157, 761 3,735 13, 000 33, 184 127, 177 3,735 13,000 15,3.50 British South Africa 2,723 Tunis 2,829 All other Total Africa 200,717 177,096 20, 902 Austraha and Tasmania 705,146 631,290 198,474 167,153 28, 467 3, 673 903,620 798,443 32, 140 3, 335, 242 2,770,852 3, 563, 245 i Japan . Owing to extensions in the area of cultivated land, and to competi- tion of cattle with sheep, the niniiber of sheep had been declining fairly steadily for a long period prior to the war. Wool production, how- ever, had remained about stationary, owing in part to breeding and selection for heavier fleeces within breeds, particularly in the case of merinos, and in part to the rapid adoption of crossbreeding for mutton production, which also gave heavier fleeces.^ During the war European flocks were considerably diminished, and subsequent turmoil and unsettlement have prevented their rehabili- tation. Furthermore, the sharp slump in wool prices, which began about a year after the armistice, particularly in wool of crossbred fiber, was so pronounced in 1920-21 that millions of sheep were sent to the butcher or were allowed to die, often without removal of their pelts. These two factors account for the sharp drop in wool pro- duction during 1921, as estimated in Table 1. THE WORLD SURPLUS. Prior to the war, with world wool production virtually stationary, but with po])ulati()n steadily increasing, there had been a constant, increase in the use of cotton in combination with or in place of wool, and of reworked wool. Noriually, therefore, there could be no carry-over of new wool from season to season, other than amonnts needed "to thread the mills" and to give reasonable reserves while the brief gaps between shearing and marketing in the Northern and Southern Hemispheres were being bridged. During the war, however, the Central European Powers, which normally import a large part of the world's exports of crossbred wools, were deprived 2 See A Brief History of the Sheep Industry in the I'nitcd States, Annual Report of Am. Hist. Assn., 1918, p. 151 ff.; report of V . S. Tarill ("oinmiRsion on The Wool-Orowing Industr^v, 1921, p. 29 ff.; the intro- duction to chs. 4 to 7, and p. 226 ff.; 314 ff.; 374 ff.; 3'.K» ff.; lioff.; and report of I .S. Tarill Commission on on Sheep and Wool Production in Argentina, 1922. 109209—22 2 4 RECENT TENDENCIES IN THE WOOL TEADE. of access to outside supplies, save as small amounts dribbled in over eastern frontiers. Crossbred wools were in great demand for allied military purposes, and the bulk of the world's production was re- served by the allied Governments,' either by commandeer or by purchase. But. notwithstandins; the heavy demand for wool for the clothino; of millions of soldiers and sailors and the high war wastage, the shortage of shipping after 1916 resulted in a slow accumulation of wools in the Southern Hemisphere, particularly in Australasia. As a result, with the sudden cessation of hostilities in November, 1918, there were fairly large stocks on hand. The British Wool Council estimated this accumulation at approximately 1,265,000,000 pounds.*' The effective surplus, however, was much smaller, owing to shortages in most consuming countries. Thus from total imports into Great Britain only 1,190,849 bales had been retained in 1918 as compared with an average of 1,850,000 bales during the preceding 4 years and 1,470,000 before the war.'' In the United States the supply on hand at the end of 1918 was about as large as pre-war normal. Table 2 shows stocks as reported by the U. S. Department of Agriculture from June 30, 1917, to September 30, 1921, the last report available. Table I, on page 24, gives these stocks, by grades, for both domestic and foreign wools. Table 2. — Quarterly stocks of vool, 1917-1921 . Total number of pounds of wool in the grease and of scoured, pulled, tops, and noils reduced to their grease equivalent. [000 omitted.) Quarter ending— 1921 Mar.31 (') 427,287 June 30 ' 584, 731 494, 174 Sept. 30 643,518 I 462,935 Dec. 31 562, 546 ' 585, 808 543,469 674, 431 729,373 623.782 549,059 537,272 521,484 532, 192 622,932 576,524 590,115 ' Began June iO, 1917. ■ Included 313,746,502 pounds in hands of the U. S. Government. Owing to a continuance of shipping scarcity after the signing of the armistice in November, 1918, the accumulated stocks in countries of origin could not be moved as fast as the}" could have been absorbed. Despite abundant supplies, the post-war business boom, with its attendant high wages and free spending, coincided with what really was an effective shortage of wool, especialh^ of fine fiber, in con- suming countries. Just prior to the war fine wools were coming into vogue, while durinoj the war the withdrawal of crossbreds for military uses left only merinos for civilian consumption. As a result, v.hat may have been only a temporary popularity of mermos in 1914 had become the fashion by 1919, and post-war manufacturing demand centered chiefly on fine wool." The price of such fiber therefore rose » See report of U. S. Tariff Commission on The Wool-Growing Indu.stry, 1921, ch. 3. * See the .Market Reporter, U. S. Dept. of Agr., Oct. 2, 1920. Stocks estimated for January, 1919, by the Wool Council. » See Table 7, p. 9. • For consuraption by grades of domestic and foreign wool in the United States, for 191S to 1921, inclusive, see Table II, p. 37. This was typical of foreign consumption as well. Table HI, p. 40, gives these data by grades and subgrades — i. e., by combing and clothing lengths— in the condition reported — i. e., not re- duced to grease equivalent. It is seriously open to ouestion whether there really was a turn of fashion toward fine wools by 1914. or whether, bv that year, tne steady increase in crossbreeding had not reduced the production of fliie wools to a level below normal demand. RECENT TENDENCIES IN THE WOOL TRADE. 5 to record levels after a brief lull following the signino; of the armistice. Crossbreds also remained high, since the extent oi the demand for merinos was not at first fully realized, and for the time being accurate information concerning surplus wool stocks was lacking.^ As Europe in general, and the Central Powers in particular, did not reenter the market to any great extent for medium and coarse wools, an important outlet for these grades remained virtually closed. Because of continued low demand for such fiber in active consuming countries, and the dissemination of accurate information concerning the surplus stocks, a declining market for crossbreds set in soon after the middle of 1919. The surplus of such grades gradually increased during 1919 and 1920, while stocks of merino as steadily decreased. The following tabulation shows the change which occurred in the British-owned surplus. Table 3. — British-owned surplus tvools. [Bales of330pounds.i] Aug. 31, 1919. Aug. 31, 1920. Aug. 31, 1921. 1,202,023 1,412,295 9.53,622 1,754,932 636, 795 Crossbred 1,543,229 Total 2,614,318 2,708,554 2,180,024 1 Reported by the British Australian Wool Realization Association. See also Willingmyre: Special Report on Wool Conditions Throughout the World, Bureau of Marliets, Feb. 24, 1922. Although depressed prices for crossbreds had some effect, the decrease in the surplus sliown on August 31, 1921, resulted primarily from a shortage of 470,919 bales in ike Australasian clip of 1920-21, caused by drought. This greatly curtailed the effective surplus of old wools, and hastened the return to normal relations between supply and demand. Accelerated buying, however, during the last four months of 1921 made further inroads on the Australasian supplies. This buying perhaps signified only that supplies in second hands had increased considerably by January 1, 1922, as compared with January 1, 1921,^ but the surphis in sight at the end of 1921 was considerably smaller than would otherwise have been the case. Furthermore, the rapid movement of the new clip wools in the fall of 1921 was an addi- tional advantage to the: wool trade. Table 4 shows stocks of Austra- lasian wools on hand December 31, by grades, for 1920 and 1921. ' See report of the U. S. Tariff Commission on The Wool-Growing Industry, 1921, p. 13 ff, and News Release of the U. S. Tariff Corninis'iion, Dec. 3, 1919. * Sperlings .lournal, February, 1922, p. 33; Wool Record and Textile World (Bradford), Dec. 1, 1921, p. 1445; and Mallctt, Weclfly \Vool Chart, Feb. 9, 1922. pp. 44, 45. EECENT TENDENCIES IN THE WOOL TRADE. Table 4. — Australasian wool in stock and afloat, December SI, 1920 and 1921} [British-Australian Wool Reilization Association.] [Bales of 330 pounds.] Dee. 31, 1920. Dec. 31, 1921. Australian: .Merino — ("omblng ("lotliing Carbonizing. Total 668,400 142, 843 92, 937 308,449 67, 470 44.230 904, 180 420, 149 Cros.sbred — Combi:ig — Fine, 50/50/60s iMediuni, 44/46s Low, 40s and lower. Clothing- Fine, 50/58/60S Medium, 44/46s Low, 70s and lower. Carbonizing — Fine, oO/oS/nOs Mediiun, 44/4()s Low, 40s and lower. Total crossbred... Total Australian. 434, 197 145,011 61,238 57,993 42, 949 15, 484 83, 936 67, 1.50 23,867 931,825 338,953 121,996 47,432 48, .508 41,343 13,917 f3,9()2 5><,380 21,189 755, 626 1,836,005 1,17.5,775 New Zealand Merino Cros.<;brcd (bulk combing). Fine, 5ii/58s Medium, 4lJ/48/50s Low, 44s and lower Slipes Scoured 3, 181 23,761 184, 123 24.5,681 156,268 160, 529 Total Falkland Lslands. . CJrand total . 772, 943 2,329 2,611,27 2, 732 17, 189 149, 297 210,874 12.1,097 127, 864 634,0,53 ■•:80,.550 1,890,378 » From Wool Record and Textile World, Jan. 26, 1922, p. 250. Stocks reported by the British-Austra- lian Wool Realization Association, formed in Australia in December, 1920, but which did not take over the wools controlled by the British (Jovernment until early in 1921. * Represents entire slocks of old clip South African wools. The above stock as of 1921 consists of: Greasy. Scoured. Slipes. Total. Australian. . . 780,505 395,657 380,092 127,873 73, 880 6, 670 1,176,162 New Zealand 126,097 C.34,062 South African . 80, 550 Total 1,234,477 530,200 126,097 1,890,774 The curtailment of Australasian stocks as of December 31, 1921. was further encouragement to the wool trade in that during 1921 a surplus of some magnitude in South America, chiefly in Argentina, and in South Africa, was also disposed of.^ German buying during the last half of 1921 was chiefl}" responsible for removal of the Argen- tine surplus.^" Thus the year 1922 opened wdth a normal rate of 9 The total surplus on Dec. 31, in all countries, was estimated at 1,050,000 pounds, of which about 200,000 pounds was in South America, particularly in Argentina, and in South Africa. See report of the U. S. Tariff Commission on The Wool-Growing industry, pp. 15, 16, and Mallett, Annual Review, p. 414. " Wool Record and Textile World, Jan. 5, 1922, pp. 26-7. RECENT TENDENCIES IN THE WOOL TRADE. 7 disposal of the new clip, and with wool lofts virtually bare of old stock other than small amounts of defective fiber.'* The amount of faulty wool is too small to clog the channels of world trade in wool. With virtually the entire Australasian clip of 1920-21 sold out, largely because of accelerated purchases in New Zealand during the last months of 1921,'^ the British-Australian Wool Realization Associa- tion stocks given as of December 31, 1921, apparentl}^ constitute the entire world surplus at the present time. Heavy sales since the beginning of 1922 have made further inroads on it, nearly 300,000 bales having been sold between January 1 and March 31 ; of this nearly one-half consisted of merinos.'-^ Trade absorption outstripped production during 1921 by approxi- mately 450,000 bales of Australasian merinos, and 90,000 bales of crossbred,'* besides the South American surplus, which consisted almost entirely of crossbreds. In the last third of 1921, merinos and fine crossbreds were selling at a rate of 70,000 bales a month faster than they were grown. Accordingly, it has been estimated that the stocks of Australasian merinos, including the 1921-22 clip, will be about sold out by or before the fall of 1922, and that the surplus of crossbreds will have been disposed of by or before 1924.''' EFFECT OF WORLD SURPLUS ON PRICES. The fact that the world price of wool was affected by the presence of large surplus stocks, particularly medium and coarse crossbreds, has been noted. It would be unfair however, to attribute wholly to the world's surplus the general decline in wool prices after about April 1, 1920. Financial stringency and curtailed demand were also major factors. The curtailed demand resulted, in part, directly from financial stringency, and in part, indirectly, through industrial stagnation and unemployment, and the general necessity for a return to normal in all industrial activities. To these dej)ressing factors was added the wool surplus. Financial stringency and lowei" prices iiad been anticipated by conservative bankers,'" and !ip|)ear to have first become acute in the Japanese silk reeling industry about Alarch 1, 1920. By April, rising interest rates had begun to affect the merchancHsing of wool and wool manufactures in both Europe and America, and cancellations of orders previously placed at almost any price were already reacliing the mills. Depreciated forcMgn exchanges had also l)egun to react on the wool trade. The market for crossl)red wools had been j^oor and prices had been tending downward fairly steadily since the fall of 1919, but mei'itios had remained firm at record prices. Bv the end of April, however, th " " ■ • me; English bankers began an extensive curtailment of ovei-(hafts, he factors just (hscussed resulted in a sharj) droi) in the |)rice of lerino wools in England, the world market.'^ Early in May I lie 11 Wool Record aid Textile World, Feb. 2, 1'922, p. .323, and Deo. 1, 1921, p. 1445. See also the Review of the River Plate, 1921, p. 12a3. 12 Wool Record and Tnxt.le World, Def. 1, 1921, p. 144."). '1 Mallctt, r. v.: Wecklv Wool Chart, Apr. 27, 1922, p. 1-3.3. n Spprlinir's. Journal, p. .33; Statist, p. 2K0; and Wool Record and Textile World, Jan. 19, 1922, pp. 174-.5; M-illett, .Vnniial Review, p. 414. i;- Wool Record and Texlil^ World, .Ian. 19, 1922, pp. 174-5; Mallctt, .\nniial Review, p. 414. and, Weekly Wool Chart, Jan. 12, 1922, p. 12; Jan. 19, pp. 19, 21. 16 Wool Record and Textile World, Apr. S. 1920, p. s(iO; May 6, 1920, p. 1116. i; Ibid, 1920, Apr. 29, p. 10.")1; .May (>, pp. lll.")-l(i, 1119; .May 13, p. 11K.3; May 27, p. 1.30S. 8 RECENT TENDENCIES IN THE WOOL TRADE. which soon convinced the wool trade that the existing period of specu- lative merchantlising was at an end."* As a result, the wool market continued to sag, and that in the United States responded.''' Then, in an effort to release "frozen credits," the Federal Reserve Board decided on a policy of credit curtailment for nonessential industries which, though not intended to affect the wool trade, for a number of reasons proved disastrous.-" American wool growers had failed to see the significance of refusal on the part of bu^^ers to bid for their medium and coarse clips during the winter and spring of 1920; it was a consignment year for virtually all domestic wools below half- blood in grade. But when the buyers suddenly found themselves unable to secure funds for the purchase of fine wools, and could take care only of old customers on a consignment basis with very small advances against the wool,-' it became apparent that something was wrong with the wool trade. Range buying ceased almost over- night at the beginning of the last week in May, 1920. Quoted prices declined at once and became almost nominal in the American wool markets, while prices in the world market were also unfavorably affected by the American collapse. Table 5 shows the decline in prices in London and Boston at the beginning of the world crisis in the wool trade. This table is not intended to compare prices, by grades, in the United States and England. It would be extremely difficult to make such comparison with any degree of accuracy, owing to wide variations between given lots of wool. The table is presented to show the concurrent declines, hence English currency is not reduced to Ajnerican, since such conversion is unnecessary for the purpose of the table. Discrepancies in percentage of decline may be explained by the fact that American prices had to a con- siderable extent become nominal by early June, 1920. Differences in exchange also had some effect. Table 5. — Prices in London and Boston at beginning of vjorld crisis in wool trade. Quality. 80s 70s 64s 60s 58s 56s 50s 46s 44s 40s 36s Clean cost of colonial wools,a at close of London auctions (pence per pound). Superior, free wools. Top-making wools. Per March. April. ^^^7 cent of March. April. '\\f'J~ June, decline.; •'""®- 165 160 148 130 108 87 66 37 33 29 28 160 156 144 120 102 86 65 33 30 26 25 110 105 95 82 69 62 46 32 30 26 25 33.3 34.4 35.8 36.9 36.1 28.7 30.3 13. 5 10.0 10.3 10.7 150 142 130 115 95 75 60 34 31 27 26 150 140 118 100 88 72 55 31 28 24 23 105 92 80 70 62 54 38 30 28 24 23 Boston market, range wools, f" (dollars per pound). March. I May. [2. 10 ! 2. 10 |l.90 ! 1.90 |l. 35 1. 30 |l.l75 1.15 } . 725 . 625 .lune. 1.875 1.625 1.175 .975 .550 Per ceut of decline. 10.7 14.0 13.0 17.0 24.1 o Wool Record and Textile World, 1920, pp. 1446, 1120, 734. b Scoured price, Territory fine staple to braid. From the Commercial Bulletin, Boston. ^ Wool Record and Textile World, Apr. S, 1920. p. 860; May 6, 1920, pp. 1116-17; 1121, May 13, 1920, p. 1181: May 27, 1920 pp. 1307-S.: and Annual Wool Re\ie\v, Natl. Assn. of Wool Mfrs., 1920, pp. 50, .57. i» Statement of bankers and dealers at Conference of Wool Growers and others with the Federal Reserve Board, Washington, June 21, 22, 1920. «i See report of U. S. Tariff Commission on The Wool-Growing Industry, pp. 14, 15. " Ibid., ch. 11, for details of range buj-ing. RECENT TENDENCIES IN THE WOOL TKADE. 9 Table 6. — Consumption n! the United States of iroolin the grease and scoured and pulled wools reduced to their grease equivalents. [In thousands of pounds.] ' Month. 1918 * 1919 1920 1921 1922 January 65, 107 6:i, 791 71,993 70, 738 74, 672 65, 232 62, 3&3 63,921 58,328 60, 080 47, 193 38, 280 38, 253 27,303 34, 380 45, 669 52, 413 55,7.32 63, 217 56,007 60, 266 69, 230 60,593 63, 821 72, 721 63, 738 67,907 66, 935 58,589 46, 578 37,097 38,055 36, 297 38, 444 28,096 24, 372 29,806 36, 204 47, 180 53,070 56,929 59, 593 53, 076 58,262 62, 132 67, 287 65, 326 61,282 61 191 February 63,244 March . .". April May June July Augus t September October Noyember December Total 741,718 626, 884 578,829 650, 147 Domestic 300, 732 440, 986 304,651 322,233 251, 297 327, 532 358,966 291, 181 Foreign With the decline in wool prices, cancellations of orders previously placed with the mills greatly increased in amount," and mill con- sumption in the United States decreased sharply, averaging only 33,546,000 pounds -^ per month during the eight months beginning July 1, 1920, as compared with 60,485,000 pounds during tiie pre- ceding eight months, and an approximate monthly pre-war average of 45,000,000 pounds. The change in British consumption is indi- cated by a decline in total imports of raw wool into the United King- dom from 287,846 bales in June to 139,000 bales in November, and a decline in imports retained for consumption from 220,929 to 122,382 bales during the same interval.-'' Table 6, showing monthly consumption of raw wool in the United States during the past four years, is presented for its general interest and for convenient reference. For the same reasons, Table 7, which shows total imports of wool into the United Kingdom, as well as reexports and imports retained for consumption, from 1910 to 1921, and monthly during 1920, is also presented. A detailed statement of consumption in the United States, by grades of domestic and foreign wools for 1918 to 1921, inclusive, is shown in Ta])los II, ])age 37. and in Table III, page 40. Table IV, page 42, gives imports of wool into the United States, by classes, from 1900 to 1921, inclusive. Table 7. — Imports of colonial and foreign wools into Great Britain, reexports and im- ports retained for consumption. [In bales of 330 pounds.) Year. Imports. I Reexports. Retuined. 1921. 1920. 1919. 1918. 1917. 1916. 1915. 1914. 1912. 1911. 1910. • 2, • I 2, • 3, ■ ' I, 1, - 1, •I 2, .' 2, . 2, 2. .1 2, .' 2, ■.>m, 193 6)8.908 1.58,78.0 2;-.2. 787 895, .'<-12 877, 227 807,212 1.W.I49 420, (X)2 44.% 017 407.620 419,016 1.012.197 66.-), 344 .V)6,2.')n 61,9.38 87,609 137,492 372. .'2.5 894. 178 92.H. 728 l,02:i,2.-.S 921.842 1.014,(170 " See report of U. S. Tariff Commission on The Wool-Growiiic Iiidu.strv, 1921, pp. 14, 15. " Consu/ni)tion of gr^'ase wool and g.-case c(;uiyalent of scoured and pulied. 2< Wool Record and Textile World, .\pr. 14. 1921, |). 10.35. 1.293,996 1. 98.3, .-.64 2, 6.52. .OS.'} 1, 190.819 I.. SOS. 113 1,7.39,73.') 2,4.34.687 1, 20.';, 271 1,497.274 I.421.7.''>9 !,4.s.'->.778 1,405,846 10 RECENT TENDENCIES IN THE WOOL TRADE. Table 7. — Imports of colonial and foreign wools into Great Britain, reexports and im- ports retained for consumption — Continued. • [In bale.s of 330 poiind<;.] Year. • Imports. Reexports. Retained. 1920- •Vpril 202,874 287.620 287, 846 263,300 245, 044 205, 462 215, 145 139,000 190,313 209,92.3 216,687 149, 148 57,947 67, 305 66,917 34, 328 22, .596 28,033 .5.3, 106 16,618 37, 763 6, 4.30 70,836 81,003 144,027 Mav 220,315 220,929 July 228,972 222,448 .September 177,492 162.039 November 122,382 1.52, .5.50 203,493 145,861 -March 68. 145 CHANGES IN NORMAL PRICE RELATIONS BETWEEN GRADES OF WOOL. Post-war inflation and concentration of demand for merino as contrasted with crossbred wools, in connection with the world sur- plus, have profoundly affected the normal price relation between tlifferent grades of wool. In pre-war years merino wools in the grease usually sold for a little less than crossbreds; in the scoured condition they brought considerably more. During the war the extreme demand for cross- bred wools for military purposes raised the price of such wools as compared with merinos. After the armistice all wools declined slightly for a time; then medium and coarse wools returned to almost wartime levels, which they maintained until the fall of 1919, while the price of fine wools averaged considerably above the war level until the spring of 1920. After the wool market broke in 1920 all prices declined, medium and coarse wools declining faster than merinos, since the mills continued to use the latter in preference to crossbreds. The already abnormal spread between fine and coarser grades which prevailed in the spring of 1920 thus widened still fur- ther. Table S shows the pre-war spread (October to December, 1909 to 1915, inclusive) between grades on the Boston market, and the spread which prevailed in October, 1919, before the price of medium wools had greatly declined. It will be seen from this tabulation that, prior to the war, the price of fine territory staple averaged 18 per cent higher than medium staple, i. e., a combination of grades ranging from about half-blood to quarter-blood combing. In Jan- uary of 1919 this spread had already widened to 22 per cent," and b}' October it had increased to 40 per cent. Table 8. — Prices "^ of standard grades of icool — Pre-war and 1919 average. [Ciuts psr pDund.fc] Grade. Territory: Fine staple Fine cl )thing Medium staple... Medium cl ".thing. Grea.sie ba.sis. Scoured basis. 1909-19151 1919 1909-1915; 1919 22 19J 23^ 20 64^ 54i 54 45i 64i 58f 59i 52J 190 155 135 120 a Approximate. b See report of U. S. TarilT Commission on The Wool-Growing Industry, 1921, pp. 225, 226. '-■ .\s shown by Government issue prices for Jan. 4, 1919. These issue prices showii in Table V, p. 43. RECENT TENDENCIES IN THE WOOL TEADE. 11 Table 9 shows the changes in Boston prices during 1920 and 1921. It will be noted that by April 1, 1920, territory three-eighths blood and cjiiarter-blood combing had fallen to an average of $1.22 per scoured pound, while fine territory staple had risen to S2.10 per pound, or 72 per cent higher. By October 1 , 1920, quotations on three- eighths and quarter-blood combing had become largely nominal, but had fallen to an average of 77.5 cents; fine staple to Si.375, or 80 per cent higher. Three months later these two lower grades averaged only 47.5 cents, and the fine staple only 82.5 cents per pound, but the latter remained about 80 per cent higher. The differential in favor of fine staple widened between January 1 and April 1, 1921, being nearly 90 per cent at the latter date; thereafter it gradually narrowed as the heavy importations of wool in anticipation of the emergency tariff were used up, and manufacturers had to draw more heavily on the medium grades as stocks of fine wools were depleted. By January, 1922, the differential in favor of fine staple had narrowed to 60 per 3ent. Table 9. — Wholesale price per pound, domestic wools,^ Boston. Grade. Territory (scoured): Fine staple Half-blood Three-eighths blood Quarter blood Common and braid Fine clothing Fine medium clothing... Fine and fine medium clothing Ohio and Pennsylvania (grease): Delaine Half blood Three-eighths blood Quarter blood Common and braid Fine clothing Half-blood clothing 'i and i blood clothing. . . i, i, and J blood clothing. Michigan and New York (grease): Delaine Half blood Three-eighths blood Quarter blood Common and braid Fine clothing J blood clothing I and i blood clothing... i, J, and i blood clothing. 1920 Janu- ary. April. $2.00 1.S25 1.35 1. 125 .725 1.725 1.625 $2.10 1.90 1.30 1.15 .625 1.80 1.70 .93 .85 .70 .66 .415 .71 .885 .81 .685 .66 .415 .675 . 985 .84 .695 .665 .29 .75 .995 .81 .675 .65 .29 .715 July. $1.70 L.'M 1.025 .875 .55 1.50 1.475 .71 .69 ..■)4 .49 .29 .61 .68 .675 .5,35 .49 .29 .59 .50 Octo- ber. $1. 375 1. 225 . 875 .675 .55 1. 225 1.025 .625 . 575 .44 . 405 .29 .545 .60 .56 .'46.5' .29 .51 Janu- ary. .825 .675 .525 .425 .19 .465 .,34 .275 .255 .135 .305 . 255 .235 .245 .445 .33 .265 .245 . 125 .295 .40 April. $0.90 .725 .,540 .4.35 .19 .675 .39 .33 .295 .28 .145 .325 .255 .235 .245 .37 .315 .285 .27 .1.35 .305 .24 July. .355 .30 .265 .255 .16 .275 .255 .235 .245 .32 .29 .26 .25 .16 .285 Octo- ber. $0.83 .70 . 525 .40 . 215 .345 . 295 .265 .242 .1,55 .285 .245 .215 .23 .32 .285 .26 .2.37 . 1,55 .265 .22 1922, Janu- ary. $0.91 .795 .60 .515 .315 .72 . 405 .36,> .34 .315 .195 .335 .295 .255 .275 .385 . 345. . 325 . 315 .195 .295 .265- . 2,35- 1.25 ' From the Commercial Bulletin, Boston, for date Tieare.st to first day in specified months. Territory prices are per scoured pound. Other wools are quoted per grease pound. For prices by months, 1919-1922, see Table Vf, p. 13. 2 Averaged from i and jj and i blood clothing. In the world market the dislocation of normal relation l)clweon values was ecjually pronounced. In July, 1914, when a change in fashions brought about an increased demand for merinos, 04/70s fleeces averaged 31.25 pence per clean pound in London; cro.ssbreds of 46s to 50/56s quality, i. e., American ([uarter to three-eighths- blood, averaged 19.5 pence, a differential in favor of the merinos of 1092G9— 22 3 12 RECENT TETTDENCIES IN THE WOOL TRADE. 37 per cent. By April 15, 1921, these crossbreds averaged only 15 pence per pound as compared with 36.5 pence for the merinos, which therefore were 140 per cent higher. By the middle of January, 1922, London prices had improved, and the crossbreds referred to averaged 19.5 pence, or the July, 1914, price. Merinos, however, had risen still more, averaging 50 pence ])er pound, or over 150 per cent higher. This increase in the London differential is especially significant when compared with the decrease in the Boston (hfterential for January, 1922 — i. e. to 60 per cent. Table 10 shows the course of prices in the world market for July, 1914, and during 1921. Table VII, ])age 47, shows changes in the world market since 1900. Table V, page 43, shows Government issue prices on January 4, 1919, and Table VI, page 43, gives Boston market quotations at or about the first of each month for 1919 to 1922 to date. Table 10. — Wool values at the London sales ^ — First cost, clean, without oil, London {price per pound). Description. July, 1914. 1921-22 Mar. 5. Apr. 15. May 12. June 18. July 28. Sept. 15. Combing. 70's super fleeces 64/67 's good mediiun fleeces. 60/64 's good medium fleeces. 64's good pieces 60 "s good pieces 58/60's good medium fleeces. 56's fine crossbred fleeces 50/56's fine crossbred fleeces. 46/50\s crossbred fleeces 46's crossbred fleeces 44 's crossbred fleeces 36/40's crossbred fleeces Capes. 10/12 month's combing. 6/7 months' good clothing Carbonizing. 60/64's good pieces 60/64's pieces and bellies 60's average locks 64's average lambs 32 304 30" I 28 1 27 29 : 26 23i 18 17 1 16 I 15i 51 39 30 33 24 30 24 17 14 2 12 (=) (3) 32^ 22 f3) 2 32 2 22 42 36 30 34i 27 30 24 18 15 13 II 9 36 Description. Combing. 70's super fleeces 64/67's good medium fleeces. 60/64's good medium fleeces. 64's good pieces • 60's good pieces 58/60's good medium fleeces. 56's fine crossbred fleeces . . . , 50/56's fine crossbred fleeces . 46/50's crossbred fleeces. . . . , 46's crossbred fleeces , 44's crossbred fleeces 36/40's crossbred fleeces .... Copes. 10/12 months' combing 6/7 months' good clothing . . Carbonizing. 50/64's good pieces , 60/64's pieces and bellies . . . . BO's average locks &4's average lambs 1921-22 Oct. 15. 53 45 39 41 34 34 24 22 15 12 3 10 38 Oct. 29. Nov. Dec. 25. 8. 46i^ 47J 41J 42 36 36 35 36 32 32 31 31 22 23 20 20 14 15 11 12 9 10 Jan. 12. 33 30 2 24 2 27 8* »35 2 24 53J 46i 42 43 36 36 26 22 17 13 12 10 Feb. Mar. 2. 10. 53 .57i 47 46i 41 41 43 40 37 37 37 37 26 25 22 22 16 17 12 13 10 11 9 9 37A 39 30 30 34 33 30 30 26 25 30 31 May 19. 1 From the Wool Record and Textile World, Bradford, England. 2 Nominal. 3 Unsalable. rece:n^t texdexcies ix the wool trade. 13 THE CASE FOR AND AGAINST A SPECIFIC DUTY PER GREASE AND PER SCOURED (CLEAN) POUND. The dislocation of normal price spreads between different grades of wool, described in foregoing pages, has caused considerable'disturb- ance in the normal relation between equalizing duties proposed for raw wool and the value of imported wools, i. e., it has affected the normal ad valorem equivalent of the proposed duties on raw wool. It is this effect which appears to be responsible for differences of opinion concerning the basis of levying the duties proposed to offset advantages possessed by foreign wool growers. Three oases for levymg these wool duties have been proposed. One is a straight ad valorem duty on raw wool and its derivatives. At ffrst glance the theory of such duties seems logical, but in practice serious difficulties arise. Thus an ad valorem duty should normally, on many commodities, adjust the protective feature fau'ly well, since high or low price levels would be attended in the long run by high or low costs, with corresponding need of protection. But variations of special com- modities or groups of commodities from the general level, and sudden general changes, particularly downward, are inadequately met b}^ ad valorem duties. This is especially true in the case of agricultural products, where there is not a close connection between market prices and costs of production. A specific minimum duty to provide for such variations would in some measure meet this objection so far as the protective principle is concerned. But in so variable a commod- ity as wool, or manufactures of wool, difficulties arise which make ad valorem duties undesirable. The former Tariff" Board made an ex- haustive study of the applicability of such duties to raw wool. Because of wide variations in prices of apparently similar qualities in the same foreign markets, and variations betwec^n different forcrign markets, as well as price variations between ranch and country points and market centers, both in the same year and from year to year, the board concluded that such duties would be extremely difficult to apply to raw wool.-" If such duties were applied to the American valuation of foreign wools these difficulties would j)r()bably be somewhat mini- mized, but a further objection remains. This concerns the compensa- tory duties needed to offset the increased cost of raw wool to domestic manufacturers.'^ Variations in wool prices, already referred to, seri- ously affect the ratio of raw material to conversion cost, since an}'- given ratio fluctuates considerably as wool prices change. Then, too, in any given year the same grade of wool may, and does, enter into difl'erent falu'ics in which the ratio of raw material to conversion costs varies widely. In addition, the ratio of raw material to vahu^ of dif- ferent fabrics has in some cases varied from as low as ."JO per cent to as high as 70 per cent, with corres])()nding variations in convei'sion cost of from 30 per cent to 70 pvv c(Uit of cost of finished goods. A compensatory duty based on the mean of these material costs would be incorrect for the extreme. For all these reasons ad valorem duti(^s have not for many years been given serious consitleration in framing tariff duties on raw wools. " See Report of the Tariff Board on Schedule K, 1912, pp. 392-394, and report of the United States TarlfT Commissioii on The VVool-Urowing Industry,. 1921, p. ■lo.l. 2' See Seniile Hearings, ComuiiUee on Finance, 1922, Schedule U, ]). 3.")39. 14 RECENT TENDENCIES IN THE WOOL TRADE. The second basis proposed for the levy of wool duties is a spe- cific rate per pound of wool in the o;rease. The third is a specific duty per pound of clean content of imported wools. It is the last two tliat have received most serious consideration, and it is pri- marily concerning the last two that differences of opinion have arisen. Prior to 1883 the duty on wool was usually on a compound specific- ad valorem basis, lieginning in 1883 a flat specific duty per grease pound was used, and except in the case of carpet wool under the act of 1890.^** was continued until 1913. The specific grease pound basis has been sharply criticized on the ground that, among other defects, it severely penalized importations of heavy shrinking wools as compared with light shrinking fiber. Thus a duty of 11 cents per pound on wool shrinking only 33.^ per cent was equivalent to a duty of 16.5 cents per pound of clean content, while on wool shrink- ing 66§ per cent the equivalent duty per pound of clean content was 33 cents. This inequality, it was urged, bore much more heavily on the woolen branch of the industry than on the worsted.-* In practice, in order to secure the largest possible amount of clean wool for every dollar of duty paid on imports in the grease, American buj^ers bought only tlie lighter shrinking foreign wools. Such wools had their shrinkage further reduced by removal of belly, neck, britch, and leg wool, and the dirtier portions along the lower Eart of the flanks. Then, too, this "skirting" was often more eavily done in the case of wools suitable for the American trade, or bought for shipment to America.^" Woolgrowers have severely criticized the specific grease pound duty for the foregoing reasons. Because of the preponderance of light shrinking wools in imports of fiber suitable lor the manufacture of clothing, they have also criti- cized this duty on the ground that, througfi the importation of virtually nothing but light shrinking wools, the apparent protection given the domestic growers was greatly reduced.^^ The Tariff Board found that the grease pound duty of 11 cents on wools actually imported was equivalent to a duty of only 18 cents per pound of clean content.^^ The increase in price per grease pound of domestic wools, owing to the duty of 11 cents per grease pound under the acts of 1890, 1897, and 1909, lias been estimated at approximately 8 cents. In any case, since the average shrinkage of domestic wools is about 59 per cent (i. e. 100 pounds in the grease gives about 41 pounds of clean scoured wool) the figures of the Tariff Board indicated an effective protection on domestic wools of onl}^ 7.38 cents per pound instead of the apparent protection of 11 cents. A specific duty per clean pound meets the objections to a specific duty per grease pound, which permits imports of heavy shrinking wools only at a very high duty per pound of clean content. With a specific duty per clean pound, all wools, wherever grown and what- ever their slu'uikage, are on an equal footing with reference to the 28 See A Brief History of the Sheep Industry in the United States, Annual Report of Am. Hist. Assn., 1918, table of tariff rates, p. 192. Sec also Report of U. S. Tariff Commission on The Wool-Growing In- dustry, 1921, p. 417 fl. M Itiiii., p. 432: also Tariff Hearings, 1896-9", yol. 2, p. 1609. 30 Sec report of Tariff Board on Schedule K, 1912, pp. 381-391. See also reports of U. S. Tariff Commis- sion oil The Wool-Growing Industry, 1921, p. 432 ff, p. 151 ff, and on Sheep and Wool Production in Argentina, 1922, p. 27. M See report of U . S. Tariff Commission on The Wool-Growing Industry, 1921, p. 452, and report of Tariff Board on Schedule K, 1912, pp. 382, 384. 32 Report of Tariff Board on Schedule K, 1912, p. 382 fl. RECENT TENDENCIES IN THE WOOL TRADE. 15 duty on wool in the condition as used by the mills. That is, the wool supplies of the world are open for selection by American buyers, and whatever the shrinkage, the duty is based only on the clean content of the wool, and not on the grease and dirt m addition to the clean content, as with specific grease pound duties. Such a duty, of course, shows a varying ad valorem equivalent on the clean value of different grades of wool, but on a normal market this variation, as will be shown later, is much narrower than that of the equivalent clean content duty of specific grease pound duties. A specific duty per scoured pound also meets the approval of wool- growers in that it protects them approximately to the full extent of the duty written m the bill. The Tariff" Board after an exhaus- tive investigation of the different bases for levymg a duty on raw wool, said: -'^ A full consideration of the above facts would seem to indicate that some method of assessing a specific rate on the clean content would remedy most of the primary faults of Schedule K; that it would best safeguard the important revenues derived by the Government from wool duties; that it would insure greater stability in the industries directly concerned than any other system. The Tariff Commission also investigated this matter and likewise decided jo. favor of a specific duty per scoured pound. ■* The Na- ti(yiwiTZt'^^mKu&ft Ji d Wool Mt'mufaeture r s also favored a specific duty per clean pound in 1913. '" CONNECTION BETWEEN TEMPORARY ABNORMALITIES IN THE WOOL MARKET AND PROPOSED BASES FOR LEVYING A DUTY ON WOOL. As would be expected of any specific duty on a commodity as variable as wool, a specific duty per clean pound has an inherent weakness, just as has a specific duty per grease pound. The fault in a specific clean content or scoured content duty lies in the fact that its ad valorem equivalent bears somewhat more heavily on light shrinking wools than on heavy shrinking fiber, i. e., the duty in the case of coarse wools forms a larger part of the cost per clean pound. This is true to some extent on a normal market, though, as will be shown later, it would then seem to be of relatively small importance. However, the range in ad valorem was especially wide on the abnormal wool market which prevailed during the sum- mer of 1921. This resulted from the dislocation in normal ])rice variations between different grades of wool. Coarse wools were selluif^ so low when compared with fine, that any of the proposed specific duties showed wide variations in ad valorcMU eouivalent. The foreign price of some coarse wools was sometimes less than half as much per clean pound as the amount of the duty pr()|)()sed. The Tariff Commission took cognizance of the excessive ad valorem equivalent of proposed specific clean content duties in the case of coarse wools, and recognized the desirability of minimizing it. At the same time, however, the commission pointed out that existing abnormal price spreads between different grades of wool were only temporary. It further stated that, since existing conditions were only temporary, "the examination of the effect of a specific scoured pound duty should be based on pre-war prices in oruer to obtain a " Report of the Tariff Board on Schedule K, 1912, p. 398. »< Report of the U. S. Tariff Commission on The Wool-Growing Industry, 1921, p. 458. ''- Tariff Hearings, Ways and Means Com. of the House of Rep., 1913, vol. 4, p. 4219. 16 RECENT TENDENCIES IN THE WOOL TRADE. fair basis for comparing the effect of such a duty on wools of varying shrinkages and vakies. " ^'^ The pending tariff bill was being considered during a period of abnormal wool values and price spreads between grades. Those opposed to a specific clean content duty were greatly concerned over the possible effect of such a duty on certain grades of wool. When the bill H. R. 7456 was under consideration by the Committee on Ways and Means, the following tabulation was therefore presented to show the ad valorem equivalent of different duties on the clean cost of different grades of foreign wool. At that time the world market was beginning to rebound after its prolonged decline, but in the case of coarse wools prices were at almost the lowest point. It will be seen that, on the basis of foreign valuation at port of ship- ment, there was a very wide range in the ad valorem equivalent of both the grease pound and the scoured pound duties proposed at that time and later written into the bill. Table 11. — Ad valorem equivalent of specific grease pound and scoured pound wool duties on clean value of foreign icools, based on foreign valuations as of June 8, 1921.^ Grade. Shrink- age. Yield. Foreign price per pound. Scoured pound equiv- alent of specific grease pound duty of 11 cents. Ad valorem equiv- alent on foreign value per clean pound, specific duties. Grease. Scoured. Grease pound, 11 cents. Scoured pound, 25 cents. 1 2 3 Per cent. 2.5 40 50 55 4 5 6 7 8 Merinos: Per cent. 75 60 .50 45 Cents. 10.5 17.0 28. 5 35.0 Cents. 42.0 42.4 57.0 63.6 Cents. 44.0 27.5 22.0 20.0 Per cent. 104.8 64.7 38.6 31.4 Per cent. 59.5 5.8.8 Australian— 61s .... 43.9 70s 39.3 Variation in points . . 73.4 20.2 Crossbred: South American— 50s 35 31 26 30 28 25 65 69 74 70 72 75 15.0 11.5 9.5 22.0 18.0 10.0 23.1 16.7 12.8 31.4 25.0 13.3 16.9 15.9 14.9 15.7 15.3 14.7 73.3 95. 7 116.4 50.0 61.1 110.0 108.3 46s 150.0 36/40S 195. 3 New Zealand — 50s 79.5 46s 100.0 .■^6/40s 187.5 Variation in points. . 66.4 108.0 1 Data supplied by the Nat. Assn. of Wool Mfrs. It vdW be noted that the equivalent scoured pound duty of the 1 1 cent levy per grease pound (column 7 of Table 11) gave a much wider range in ad valorem equivalent on merino wools than the 25 cent clean content duty (column 8). This illustrates the inherent weakness of a specific grease-pound duty in eliminating from availa- ble supplies the heavy shrinking foreign wools. In the case of cross- breds, o\Aang to depressed wool prices, the range in ad valorem equiv- alent of the specific grease-pound duty was much narrower than is indicated in column 8. This increase in the ad valorem equivalent of the clean content duty on crossbreds, and the greater variation in this ad valorem 35 See report of U. S. Tariff Commission on The Wool-Growing Industry, 1921, pp. 26, 457. EECENT TENDENCIES IN THE WOOL TRADE. 17 equivalent, seemed to call for some means of minimizing the appar- ent burden on coarse wools. The means suggested were: (1) An ad valorem percentage limitation; (2) a limitation on the equivalent grease wool duty of the above clean-content duty; (3) a step rate in the clean-content duty to give a lower lev}- on wools shrinking more than 25 per cent but less than 40 per cent and a further curtailment in the case of wools shrinking less than 25 per cent; and (4) a limi- tation of the clean-content duty in the case of wools below domestic half-blood in grade. The first of these was finally adopted by the House, with the ad valorem limitation fixed at 35 per cent. The world wool market improved fairly steadily, however, after June, 1921. Table 12 gives data^^ similar to that in Table 11, but for the date of March 4, 1922. In the case^f merino wool the ad valorem equivalent of the 11 cent grease-pound duty (column 8, Table 12) still shows a much wider range than the 25 cent clean-con- tent duty (column 10). In the case of crossbreds, however, the range in ad valorem equivalents in column 8 is much narrower than that of the 25 cent clean-content duty. The extreme range on all grades of the 11 cent duty is also considerably narrower than the extreme range of the 25 cent clean-content duty. It is evident from the foregoing change in ad valorem equivalents of corresponding rates, as shown in Tables 11 and 12, that the temporary depression in price of crossbred wools was being steadily corrected as the world wool market returned to normal. By March 4, 1922, the specific duty per clean pound had been ten- tatively fixed at 33 cents, although there had been some suggestion of a specific grease-pound duty of 15 cents per pound. It happened that on March 4, the ad valorem equivalent of the 33 cent duty per clean pound (column 11 in Table 12) shows nearly as wide a range as had the 25 cent duty 8 months before (column 8 of Table 11). In other words, the wool market had improved to that extent during the intervening months. Table 12. — Ad valorem equivalent on value per dean pound of specific grease pound and scoured pound wool duties, based on foreign valuations as of March 4, 1922 fi Grade. Shrink- age. Yield. Foreign price per pound. Grease. Scoured. 1 2 3 4 5 Merinos: Patagonia... . Per cent. 75 63 50 45 Per cent. 25 37 50 55 Cents. 17.8 27. 5 46. 54.0 Cents. 71.2 74.3 Australian — 64s 70s 92.0 98.2 Crossbred: South American— 50s . ... 29 25 24 30 2S 25 71 76 70 72 75 25. 20. 10. 28.0 17.5 13.5 .35. 2 46s 26. 7 36/40S New Zealand — oOs . . 21.1 ■10. 46s 24. W 36/40S 18.0 a Data supplied by the Natl. Assn. of Wool Mfrs. " Cape merinos are substituted for West Australian in Tablf 12, and Patagonia merinos are calculalcd the same shrinkage basis as in Table 11. 18 RECENT TENDENCIES IN THE WOOL TRADE. Table 12. — Ad valorem equivalent on value per clean pound of specific grease pound and scoured pound uool duties, based on foreign valuations as of March 4, 1922^ — Continued. — 22 4 20 RECEXT TENDENCIES IN THE WOOL TPwVDE. grease-pound duty in column 11 shows a range a little narrower than the clean-content duty in column 13. Columns 12 and 14, of course, show a slightly wider range than columns 11 and 13. It will be further noted that in the case of merinos the extreme ad valorem equivalent in column 13 is 12 per cent lower, while in the case of cross])rcds it is 12 per cent higher than in column 11. The same relation holds in columns 12 and 14. In other words, the excess ad valorem of the clean-content duties in the case of crossbreds is offset by the reverse in the case of merinos. Since the figures in Table 12 as compared with Table 11 indicate a marked curtailment in ad valorem equivalent on foreign valuation for the same duties, it is of interest to compare the ad valorem equiva- lents of these duties on a pre-war foreign valuation. As formerly stated by the commission,^^ the pre-war valuation is the fair basis to use. since the abnormally low prices for crossbred wools are steadily being corrected. Since Table 13 shows a further curtailment of the ad valorem equivalents when figured on American valuation, it is also of interest to show these ec|uivalents on the pre-war American valuation. Table 14 is therefore presented to show ad valorem equivalents on both foreign and American valuation on the pre-war basis. In this table, prices as of July, 1914, for specific grades at the London auctions are used in connection with the same shrinkages as given in Tables 11 to 13. This gives partl}^ estimated results which deal with the different grades with approximate fairness and with sufficient accuracy for purposes of comparison. In Table 14, on the basis of foreign valuation (columns 14 to 17, inclusive) , it will be seen that the specific grease-pound duties give a much wider range in ad valorem equivalents on merinos than the specific clean-content duties show in the case of crossbreds, while the extreme range in ad valorem equivalent of the 11-cent duty for all the grades is considerably wider than that of the 25 cent clean-content duty. This comparison, therefore, favors the specific clean-con- tent duty. The same is true when the extreme ranges in columns 16 and 18 are compared. On the basis of pre-war American valuation (columns 10 to 13 in Table 14) , it will again be seen that the specific grease-pound duties give a wider range in ad valorem equivalents on merinos than the clean-content duties show in the case of crossbreds. The extreme range on all wools in column 10 is also considerably wider than the extreme range in column 12. This comparison again favors the specific clean-content as against the specific grease-pound duty. The same is true when column 11 is compared with column 13. * See report of the U. S. Tariff Commission ou The Wool-Growing Industry, 1921, p, 457. RECEXT TENDENCIES IN THE WOOL TRADE. 21 Table 14. — Ad valorem equivalents of specific grease pound and scoured pound,^ wool duties on pre-war clean value of foreign ivools, as of July, 1914- Shrink- age. Yield. Lon- don .2 price per clean pound. 2 Scoured pound equivalent of specific Boston clean cost with specific duty per— Grade. grease pound duty of— Grease pound of— Clean of pound 11 cents. 15 cents. 11 cents. 15 cents. 25 cents. 33 cents. Merinos: Pataeonia Pcrccn'. 75 63 50 45 Perceni. 25 37 50 55 Cents. 48 54 60 64 Cents. 44.0 29.7 22.0 20.0 Cents. 60.0 40.6 30.0 27.3 Cents. 93.0 84.7 83.0 85.0 Cents. 109.0 95.6 91.0 92.3 Cents. 74.0 80.0 86.0 90.0 Cents. 82.0 Cape 88.0 Australian— 64s 94.0 70s 98.0 30 28 25 70 72 75 Crossbreds: Australasian — 46/50S 36 34 31 15.7 15.3 14.7 21.4 20.8 20.0 52.7 50.3 46.7 58.4 55.8 52.0 62.0 60.0 57.0 70.0 46s 68.0 36/40S 65.0 ' Ad valorem equivalent on Boston value per clean pound of specific duties per- Ad valorem equivalent on foreign (London) value per clean pound of specific duties per — Grade. Grease pound of— Clean pound of— Grease pound of— Clean pound of — 11 cents. 15 cents. 25 cents. 33 cents. 11 cents. 16 cents. 25 cents. 33 cen ts Merinos: Patagonia Per cent. 47.3 3.5.1 26.5 23.5 Percent. 5.5.0 42. 5 33.0 29.6 Percent. 33.8 31.3 29.1 27.8 Per cent . 40.2 37.5 35.1 33.7 Percent. Percent. 91. 6 125. 55. 75. 2 Percent. 52.1 40.3 41.2 39.1 Percent. 68. 8 Cape 61.1 Australian — 64s. 36.7 31.2 50.0 42.7 55.0 70s 51.6 Variation in points. 23.8 25.4 6.0 6.5 60.4 82.3 13.0 17.2 Crossbreds: Australasian- 46/.50S 29.8 30.4 31.5 36.7 37.3 38.5 40.3 41.7 43.9 47.1 48.5 50.8 4:i. 6 45.0 47.4 59.4 1 69.4 60. 2 i 73. 5 64.5 1 80.6 91.6 46s 97.1 36/40S 106.5 Variation in points. 1.7 1.8 3.6 3.7 3.8 5. 1 11. 2 14.9 1 Prices per clean pound at the London auctions in July, 1914, from the Wool Record and Textile World. To these prices are added 1 cent per pound to cover tran.s])ort;iti(>n charges (approximate), and the duties shown in this table, to arrive at Boston clean value. The same shrinkages arc used as in Table 10. Pata- gonia merinos arc assumed equal in clean cost (London) to ('ai)e clothing. * One penny equals 2 cents. A further consideration in connection witli the foregoing tables is that the foreign grade of 3G/40s always sliow^s the higliest ad va- lorem equivalents of tlu^ proposed specific clean-content duties. wheth(>r figured on foreign or American vakiation. The ad valorem e((uiv- afents of the specific grease-pound (hities an^ always highest in th(5 case of Patagonia merinos. Tlie latter have been iigured at an aver- age shrinkage of 75 per cent, the former at 25 to 26 per cent.""* Those 35 For detailed shrinkage figures on Argentine wools, by Provinces and Territories, from merino to the coarsest braid, sec Table VIII (a), p. 4H. Table VIII (b), p. 49, which gives ranch prices in .\rgentlna for pre-war, war, and post-war years, is added for its gen^'ral interest. 22 RECENT TENDENCIES IN THE WOOL TRADE. heavy shrinking merinos, and others of similar type, are highly desirable wools, particularly for the carded woolen industry in the United States. The former specific grease-pound duty virtually prohibited importation of such wools, for which domestic mills have an especial need to meet the recent demand for fine fiber. The light shrinking braid wools are also highly desirable, but when used in the manufacture of clothing a large proportion enters into special fabrics turned out by relatively few American mills. In addition to some coarse worsteds and woolens, these very coarse wools are worked up into braids, high-grade coat linings, lustrous dress goods, and "mohair" and "alpaca' summer suitings. Owing to the uses to which these coarse wools are put, and to the fact that but rela- tively small quantities are consumed each year, it is open to question whether these very coarse wools should be considered in comparisons of ad valorem equivalents. From 1918 to 1921, inclusive, the annual consumption of "low" wools in the United States ranged from 7.14 per cent of the total in 1918, when military demand greatly stimu- lated their use, to 2. 58 per cent in 1921. The average for these four 3'ears was less than 4.5 per cent of the total.""' As a matter of fact, the average consumption of merino fiber of clothing length was much larger than that of low wools'*^ which in addition to braid or Lincoln, also include fiber similar to domestic "low c[uarter-blood" and "common" grades. It is open to question whether, under a specific clean-content duty, heav}^ shrinking fine wools imported from abroad would not be of greater importance to American mills and to xVmeri- can consumers than the very coarse, light shrinking foreign wools. However. 80 per cent of the annual consumption of low wools during the past four years consisted of imported fibre. From the foregoing it is evident that specific clean-content duties remove the tariff discrimination against imports of heavy shrinking wools which has characterized specific grease-pound duties. So far as the shrinkage is concerned, a duty on the clean content can not but bear ec|ually on all grades of wool, wherever gro^vn and whatever the shrinkage may be, since the world markets are freeh' opened to buj^ers for export to America on an equal basis, and the wool is bought, taxed, and consumed on the basis of clean content. This was not true of specific grease-pound duties, which taxed dirt and grease as heavily as the clean content, and the disproportionate levy on clean content of heavy shrinking wools made it impracticable to import them. From the foregoing discussion it is also evident that whether on foreign or American pre-war valuation, the ad valorem equivalent of clean-content duties — i. e., the relation of such duties to cjuality of wool — shows a smaller range and a smaller high limit than the grease-wool duties with which they are compared. That is, of the two main factors which determine price and the burden on the mills of any specific duty, a clean-content duty eliminates the effect of variations in shi'inkage and minimizes the effect of variations in quality. *o For consumption, by grades, of foreign and domestic wools for each of these four years, see Table II, p. 37. This table gives consumption of grease wool and grease equivalent of scourGd and pulled wool. *i Table III. p. 40 is added to snoiv consumption in condition reported by grades of domestic and foreign wools, and also by combing and clothing subgrades. •RECEXT TENDENCIES IN THE WOOL TEADE. 23 THE RELATIVE EFFECT OF DIFFERENT DUTIES ON THE CONSUMER. The heavier ad valorem equivalent of clean-content duties on coarse wools on a normal market, therefore, would not seem to be of vital importance to the mills, which buy wool on the basis of clean content, and which on a normal market would be more nearly on terms of strict equality in securing their raw material under a clean- content than under a grease-pound duty."*^ In fact, a clean-content duty should be of advantage to the wool manufacturers as a whole, although it might sharpen competition between the woolen and worsted branches: in that case it should react favorably on consumers through the opening up of large supplies of foreign wools which were not available under specific grease-pound duties. The reason that the question of the form of duty to be adopted would seem to be of little real import to the mills is that under normal conditions most or all of any duty paid on wools, whether or not taxed on the clean con- tent, is passed on to the consumer — that is, the increased cost of raw material is added to the cost of the finished product of the mills. It is therefore the consumers who are chiefly concerned in whether or not the duty on wool, if levied, is placed on the clean content or on the grease pound. Viewed from this angle, it is important to deter- mine which form of duty bears more heavily on the consumer. The following tabulation compares specific duties on the clean content with the efi'ective duties per pound of clean wool which result from the use of specific duties on the grease pound. This comparison is pertinent, because the consumer is concerned not with relative ad valorem ecfuivalents but with the specific additions to his clothing bill in dollars and cents by one or the other form of duty. In this table specific ^ease-pound duties of 11 and 15 cents are compared with specific clean-content duties of 22 and 30 cents per pound on the assumption that the average shrinkage of foreign wools is approxi- mately 50 per cent, a figure which is reasonably accurate. If grease- pound and clean-content duties in the foregoing tables had been compared on this basis, the results would have been more favorable to the clean-content duties than the comparisons already made. Table 15. — Comparison of specific clean-content duties and equivalent duties per pound of clean content which result from use of specific duties per grease pound. Shrink- age. Yield. Equiva- lent duty per clean poimd of grease wool — duty of U cents. 3 Clean- content duty. Difference per pound of clean content in favor of consumers of— Equiva- lent duty per clean poimd of gicase wool- duty of 15 cents. Clean- content duty. Difference per pound of clean content in favor of consimiers of — 11 cents grease- wool duty. 22 cents clean- content duty. 15 cents grease- wool duty. 30 cents clean- content duty. 1 2 4 5 6 7 8 9 10 Per cent. 75 66if 60' 50 40 33ii 25' Per cent. 25 33 J 40 50 60 661 75 Cents per pound. 44.0 33.0 27.5 22.0 18.3 16.5 14.7 Cents per ]X}und. 22 22 22 22 22 22 22 Cents per pound. Cents per pound. 22.0 11.0 5.5 Cents per pound, m. 45.0 37.5 30.0 25.0 22.2 20.0 Cents per pound. 30 30 30 30 30 30 30 Cents per pound. Cents per pound. 30.0 15. 7.6 3.7 5.5 7.3 5 7.8 10.0 " See report of U. S. Tariff Commission on The Wool-Growing Industry, 1921, p. 26. 24 RECEXT TENDEXCIES IX THE WOOL TRADE. From an examination of the figures in Table 15 it would seem that a specific clean-content duty favors the consumer more than a specific grease-pound duty. Making allowance for recovered waste, and assuming that 3h pounds of clean wool are required for a suit of clothes, the first cost of this raw material to domestic mills is in- creased by 77 cents in column 4, and by SI. 54 in column 3, in the case of wool which shrinks 75 per cent. With a shrinkage of 25 per cent, the cost of the raw material for a suit is increased by 77 cents in column 4 and by 51 cents in column 3. If the high shrinkage limit is placed at 66 § and the low at 33 J per cent, which is fair enough, there is a considerable difference in first cost of raw material m favor of clean-content duties. If 50 per cent is taken as the average shrinkage of foreign wools, there is no apparent difference in first cost, or in cost to consumer, for either form of duty, but the clean- content duty makes available to domestic mills and to consumers, the heavy shrmking, but otherwise highly desirable foreign wools which are kept out by a specific grease-pound duty. This removal of discrimination against heavy shrinking foreign wools seems desirable from the standpoint both of consumers and of at least a considerable part of the domestic wool manufacturing industry. Examination of the foregoing tables supports the recommendation, alike by the Tariff Board and the TariflF Commission, of a specific duty on the clean content in preference to any other form of duty. The recommendation of the Tariff Board is worth restating: "A full consideration of the above facts would seem to indicate that some method of assessing a specific rate on the clean content would remedy most of the primary faults of Schedule K; that it would best safeguard the important revenues derived by the Govern- ment from wool duties; that it would insure greater stability in the industries directly concerned than any other system." *^ Statistical Tables. Table I. — Stocks of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September 30, 1921. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, JUNE 30, 1917. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. Fine: Domestic 52,099 46,247 9,857 16,915 4,211 1,617 66, 167 Foreign 64,779 Total 98,346 26,772 5,828 9,089 10,631 150, 666 One-half blood: Domestic 29, 803 20,335 6,019 4,6.57 4,842 371 40,664 25,363 Foreign Total 50, 138 10,676 5,213 9,496 7,460 82,983 Three-eighths blood: 29,044 34,342 11,791 10,480 7,698 1,876 48,533 Foreign 46,698 Total 63,386 22, 271 9,574 8,426 6,267 109,924 " See report of the Tariff Board on Schedule K, 1912, p. 398. RECENT TENDENCIES IN THE WOOL TRADE. 25 Table I. — Stocls of ivool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalerit, on hand at the end of each quarter, June 30, 1917, to September 30, 1921— Continued. [Ill thousands of pounds ] QUARTERLY WOOL STOCK REPORT, JUNE 30, 1917-Continued. Class and grade. One-fourth blood: Domestic Foreign Total. Domestic. Foreign . . . Carpet: Foreign. Total.. Grade not stated: Domestic Foreign Total. Total: Domestic. Foreign . . . Grand total. Wool in the grease. 22, 632 56,532 79, 164 3, S12 24,613 34, 7.54 34, 754 10, 722 5,058 15, 780 148, 112 221,881 369,993 Grease equivalent. Scoured. Pulled 7,194 18,416 25, 610 1,633 2,645 4,278 2,955 2,955 433 8U 36, 927 56,879 4,695 6,490 11,185 1,110 2,173 3,306 3,306 328 80 408 22,884 15,913 Tops. Noils. 12, 256 2,381 309 38,797 46,246 8,259 1,337 1,570 35,889 QUARTERLY WOOL STOCK REPORT, SEPTEMBER 30, 1917. Fine: Domestic 54,844 36,832 9,669 21,838 2,341 797 66,854 59 467 ]• oreign Total 91,676 31,507 3,139 8,792 11,032 146, 145 One-half blood: Domestic 45, 737 18,483 11,108 3,830 3,867 537 60, 712 22 850 Total 64,220 14,938 4,404 9,887 9,231 102 680 Three-eighths blood: Domestic. . .. 36, 3.55 26, 679 11,767 13, 245 6,162 1,505 54 284 Foreign . 41 429 Total 63,034 25, 012 7,667 7,200 9,296 112,209 <,ne-fourth blood: Domestic . ... 32, 964 45, 182 12, 139 31, 128 3,807 3,944 48, 910 Foreign 80 254 Total 78, 146 43,267 7,751 13,374 12,441 154,979 Low: Domestic 6,790 23,908 1,761 3,219 1,262 4,2:J2 9,813 31,359 Total 30, 698 4,980 5,494 0,003 2,502 49,677 Carpet: 36,354 5,052 3,384 44,790 Total 36,354 5, 052 3,3&i 1,870 1,564 48,224 Grade not stated: 18,380 6,087 1,824 2,092 175 427 20, 379 9, 200 Total 24,467 4,510 602 19 29,004 26 RECENT TENDENCIES IN THE WOOL TRADE, Table I. — Stocls of wool in the grease and nf scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June SO, 1917, to September 30, 1921 — Continued. [In thousands of pounds ] QUARTERLY WOOL STOCK REPORT, SEPTEAIBER 30, 1917— Continued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. PuUed. Tops. Noils. total. Total: 195,070 193,525 48,268 81,004 17,614 14,826 260,952 289, 355 388,595 129, 272 32,440 47, 126 43,085 643,518 QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1917. Fine: 42,846 34,267 7,713 21, 043 2.110 468 52,669 55,778 Total . 77, 113 28,756 2,578 7,099 10, 957 126 503 One-half blood: 26,705 15,280 5.130 2,632 2,337 482 34, 172 18, 394 Total 41,985 7,762 2,819 9,316 8,755 70, 637 Three-eighths blood: 28, 781 22,330 10,464 10,651 6,112 1,453 45 357 34,434 Total 51,111 21,115 7,565 8,946 7,016 95, 753 One-fourth blood: 24,732 52,227 9,895 31,983 5,637 2,947 40, 264 Foreign 87 157 Total 76.959 41, 878 8,584 13,970 11,581 152 972 Low: Domestic 4,709 18,001 1,952 2,106 1,055 2,430 7 716 22,537 Total 22,710 4,058 3,485 5,757 1,653 37,663 Carpet: Foreign 31,342 4,599 3,745 39,686 Total 31, 342 4,599 3,745 1,451 2,202 43 339 Grade not stated: 8,749 19,012 4,137 3,217 365 13, 251 22 229 Total 27, 761 7,354 365 99 100 35 679 Total: Domestic 136,522 192, 459 39, 291 76, 231 17,616 11,525 193 429 Foreign 280, 215 Grand total 328,981 115, 522 29, 141 46,638 42,264 562 546 QUARTERLY WOOL STOCK REPORT, MARCH 31, 1918 Fine: Domestic 25, 357 31,719 8,415 20,286 3,061 578 36.833 52 583 Foreign Total 57, 076 28, 701 3,639 6,358 8,961 104 735 One-half blood: Domestic 14,309 10,441 4,190 2,631 4,328 532 22 827 Foreign 13' 604 Total 24, 750 6, 821 4,880 7,921 6,367 50 719 RECENT TENDENCIES IN THE WOOL TRADE. 27 'Table I. — Stocks of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917 , to September 30, i9;2i— Continued. [In thousaud^f pounds.] QUARTERLY WOOL STOCK REPORT, MARCH 31, 1918— Continued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. Three-eighths blood: 13, 480 19,789 8,839 8,003 7,071 1,275 29,390 29,067 Total . . 33,269 16,842 8,346 7,171 5,436 71 064 ■One-fourth blood: 12, 161 42, 805 6,301 24,453 4,154 8,251 22, 616 75,509 Total 54,966 30, 754 12, 405 11,295 10, 220 119,640 Low: 2,879 17, 561 1,364 1.509 809 1,738 5, 052 20, 808 Total 20, 440 2, 873 2,547 4, 812 1,615 32, 287 Carpet: 24, 812 4,851 5,307 34, 970 Total 24,812 4,851 5,307 1,785 1,996 38, 751 Grade not stated: 3,778 3,724 1,859 418 22 5,659 4, 142 Total 7,502 2,277 22 2 288 10, 091 Total: 71,964 150,851 30,968 62, 151 19,445 17,681 122,377 230,683 222,815 93, 119 37,126 39,344 34,883 427,287 QUARTERLY WOOL STOCK REPORT, JUNE 30, 1918. Fine: 42,514 23,722 6,783 13,879 3,267 917 52,564 38,518 Total 66,256 20,662 4,184 5,008 8,475 104, .565 One-half blood: 1.5, 103 12,386 3,875 2,135 5,116 652 24,094 15, 173 Total 27,489 6,010 5,768 5,294 7,161 51,722 Three-eighths blood: 18,013 18,357 5,387 4,851 5,057 1,164 28,4.57 24,:}72 Total 36,370 10,238 6,221 6,951 6,248 60,028 One-fourth blood: 17, 4.33 44, 777 4, 251 12,020 2,727 2,273 24,411 .'■)9,070 Total 62,210 16,271 5,000 9,723 9,458 102, 662 Low: 3,433 23,906 1,465 3,849 744 861 5,642 28,616 Total 27,339 5,314 1,605 5,065 1,120 40, 44:{ 28 RECENT TENDENCIES IN THE WOOL TRADE. Table I. — Stocks of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, 'June SO, 1917, to September 30, i92i— Continued. [In thousa%ds of pounds.] QUARTERLY WOOL STOCK REPORT, JUNE 30, 191S— Continued. Wool in the grease. Grease equivalent. Grand Class and grade. Scoured. Pulled. Tops. Noils. total. Carpet: 29,863 3,2.50 3,240 36,353 Total 29,863 3,250 .3,240 609 1,088 38,050 Grade not stated: 83,207 5,794 634 264 451 79 84,292 6,137 Total 89,001 898 530 275 90,704 Total: 179,703 158, 805 22, 395 40,248 17,362 9,186 219,460 208, 239 338,508 62,643 26,548 32,650 33,825 494, 174 QUARTERLY WOOL STOCK REPORT, SEPTEMBER 30, 1918. Fine: 57,085 20,204 6,084 15, 149 1,842 1,806 65,011 37, 159 Total .... 77,289 21,233 3,648 4,655 9,678 116,503 One-half blood: 28,193 13,792 3,714 2,929 3.301 999 35,208 17, 720 Total 41,985 6,643 4,300 3,317 6,020 62,265 Three-pighths blood: 24, 791 20,082 4,156 5. 790 7,437 1,313 .36.384 27, 185 Total 44,873 9,946 8.750 5,014 6,153 74,736 One-fourth blood: 21,661 30, .563 3,328 10,370 2,224 2,024 27,213 42,957 Total 52,224 13,698 4,248 8,879 7,701 86,750 Low: 3,068 15,585 611 1,024 583 1,702 4,262 18,311 Total 18,653 1,635 2,285 2,608 973 26,154 Carpet: 24,243 2,965 2,082 29,290 Total 24,2t3 2,965 2,082 750 1,310 31,350 Grade not stated: 53,345 8,947 618 1,587 23 198 53,986 10, 732 Total 62,292 2,205 221 48 411 65, 177 Total: 1S8, 143 133,416 18,511 39,814 15,410 10,124 222, 064 183,354 Grand total 321,559 58,325 25, 534 25,271 32,246 462,935 RECENT TENDENCIES IN THE WOOL TRADE. 29 Table I. — Stocks ofivool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September SO, ^9^/— Continued. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1918. Class and grade. Wool in the grease. Grease eqmvalent. Grand Scoured. Pulled. Tops. Noils. total. Fine: Domestic 25,475 11,100 6,581 10,645 1,445 309 33, 501 22, 054 Total 36, 575 17,226 1,754 3,814 10,856 70 225 One-half blood: 13,636 3,694 3,507 1^118 2,666 410 19,809 5,222 Foreign Total 17,330 4,625 3,076 3,411 3,870 32,312 Three-eighths blood: Domestic 13,3.58 4,373 4,057 3,433 6,131 430 23,546 8,236 Foreign Total 17,731 7,490 6,561 4,244 5,933 41,959 One-fourth blood: 11,685 11,354 4,326 6,343 2,733 2,279 18,744 Foreign 19,976 Total 23,039 10,669 5,012 8,366 11,316 58,402 Low: 2,843 6,174 710 2,764 1,253 1,113 4,806 10,051 Total 9,017 3,474 2,366 3,216 1,752 19,825 Carpet: 14, 336 6,719 1,603 22,658 Total 14,336 6,719 1,603 547 988 24,193 Grade not stated: 21,, 505 992 627 1,497 1.57 67 22,289 2,556 Total 22,497 2,124 224 36 265 25,146 Total: 88, .502 52,023 19, 808 32,519 14,385 6,211 122,695 90,75a Grand total 140,525 52,327 20,596 23,634 34,980 1272,062 QUARTERLY WOOL STOCK REPORT, MARCH 31, 1919. Fine: 64, .3.59 61,. 5.37 6,a34 24,896 2,165 822 73,3.58 87,255 Total 125,896 31,7.30 2,987 5,446 8,071 174, 130 One-half blood: 21,764 18,601 9,668 1,700 3,615 668 35,047 20,969 Total 40,, 365 11,368 4,283 3,108 2,891 62,015 Three-eighths blood: 26,0.56 18,279 7,101 8,096 6,378 907 39,538 Foreign 27,282 Total 44, .335 15,200 7,285 5,406 5,8.32 78,0.58 1 There were, in addition, Government-held stocks of 313,746,502 pounds for which data by grades are not available. 30 RECENT TENDENCIES IN THE WOOL TRADE. 'Table l.—Stocls of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September SO, 1921 — Continued. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, MARCH 31, 1919— Continued. Wool in the grease. Grease equivalent. Grand Class and grade. Scoured. Pulled. Tops. Noils. total. •One-fourth blood: 16,958 41,364 7,939 14, 126 6,840 3,451 31,737 58,941 Total ... 58,322 22,065 10,291 11,175 7,564 109,417 l,ow: 2,613 .32,984 5,017 11,058 1,113 3,183 8,743 37,225 Total 25,597 16,075 4,296 2,408 984 49,360 Carpet: 23,386 17,611 4,862 45,859 Total 23,386 17,611 4,862 821 938 47,618 Grade not stated: 21,475 862 76 300 31 21,851 893 Total . . 22,337 76 331 127 22,871 Total: 153,225 187,013 36,638 77,487 20,411 13,924 210,274 278,424 Grand total ... 340,238 114,125 34,335 28,364 26,407 543, 469 QUARTERLY WOOL STOCK REPORT, .JUNE 30, 1919. Tine: 69, 592 60,601 9,042 20,766 2,994 1,263 81,628 82,630 Total 130, 193 29,808 4,257 4,385 8,549 177, 192 One-half blood: 32,331 20,211 6,261 4,066 3,789 1,422 42,381 25, 699 Total 52,542 10,327 5,211 4,075 3,480 75, 635 Three-eighths blood: 34,556 37,458 9,669 7,241 5,915 2,922 50,140 47,621 Total 72,014 16,910 8,837 5,819 4,610 108, 190 One-fourth blood: 23,779 80,990 6,386 32,356 4,802 9,510 34,967 122,856 Total 104,769 38,742 14,312 10,754 6,309 174,886 Low or Lincoln: 5,772 16,946 1,098 3,855 1,127 3,783 7,997 24,584 Total 22,718 4,953 4,910 3,194 801 36,576 Carpet: 31,855 17,099 5,594 54,548 Total 31, 855 17,099 5,594 729 664 ^~ 55,941 BECENT TENDENCIES IN THE WOOL TRADE. 31 Table I. — StocJcs of ivool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September SO, 1921— Continued. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, JUNE 30, 191»-Contmued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. ' Tops. Noils. total. Grade not stated: 39, ,571 2,173 3,129 286 100 32 42 800 2 491 Total 41,744 3,415 132 j 319 401 46,011 Total: 205,601 250,234 35, 585 85,669 18, 727 24,526 259,913 360,429 455, 835 121,254 43,253 29.275 24, 814 674 431 QUARTERLY WOOL STOCK REPORT, SEPTEMBER 30, 1919. Fine: 61,787 51,862 10, 181 22, 282 2,2% 1,862 74, 264 76,0% Total 113,649 32,463 4,158 8,397 9,944 168,611 One-half blood: 41,828 18,593 7,441 6,149 2,927 1,306 52 1% 26,048 Total 60, 421 13, 590 4,233 4,%9 3,997 87, 210 Three-eighths blood: 45, 2:^0 41,584 12, 896 7,:»l 8, 522 2,776 66,648 51,661 Total 86,814 20,197 11,298 6,169 4,386 128,864 One-fourth blood: 31,765 90,497 8, 573 34,301 4,898 7,749 45.236 132, 547 Total 122,262 42,874 12,647 15,144 .5,704 198,631 Low or Lincoln: 6,481 22,838 1,449 4,741 1,154 4,167' 9,084 31,746 Total 29,319 6,190 5,321 4,002 805 45,637 Carpet: 39,849 9,6% 3,320 52,865 Total 39,849 9,696 3,320 1,661 1,003 55, 529 Grade not stated: 41,311 1,149 1,.')46 276 377 20 43,234 1,44.5 Total 42,160 1,822 397 18 104 44,891 Total: 228, 402 266,372 42,086 84,746 20,174 21,200 290,662 372,318 Grand total 494, 774 126,832 41,374 40,300 26,033 729,373 QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1919. Fine: 36,028 .34,934 8,974 19,672 2,032 920 47,034 55,520 Total 70, %2 28,646 2,952 7,404 8,676 118,640 32 EECENT TENDElSrCIKS IN" THE WOOL TRADE. Table I. — Stocks of ivool in the grease and of scoured, pxdled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June SO, 1917, to September SO, 19;2i— Continued. [Ill thousands of pounds.] QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1919— Continued. Wool in the grease. Grease equivalent. Grand Class and grade. Scoured. Pulled. Tops. NoUs. total. One-half blood: 26,003 14,929 6,198 3,602 3,076 792 35,277 19,323 Total 40,932 9,800 3,868 6,800 3,494 64,894 Three-eighths blooti: 39, 101 39,715 13,724 10,212 6,392 2, 128 .59,217 52,055 Total 78,816 23,936 8,520 6,160 4,240 121,672 One-fourth blood: 26,342 65,370 10,416 32, 106 6,556 10,996 43,314 108,472 Total 91,712 42, 522 17,552 12,144 4,356 168,286 Low or Lincoln: 7,232 25,298 2,318 5,016 1,604 6,936 11,154 37,250 Total 32,530 7,334 8,540 3,866 392 52,662 Carpet: 36, 899 6,972 4,648 48,519 Total 36, 899 6,972 4,648 2,092 876 51,487 Grade not stated: 18,490 5,276 812 56 376 88 19,678 5,420 Total .. 23,766 868 464 258 384 2.5,740 Total: 153,196 222,421 42,442 77,636 20,036 26,508 215,674 326, .565 Total 375,617 120,078 46,544 38,724 22,418 603,381 Held by British Government (foreign) 18,939 1,462 20,401 .394, 556 121,540 46,544 38,724 22,418 623,782 QUARTERLY WOOL STOCK REPORT, MARCH 31, 1920. Fine: 19, 176 37, 139 11,938 19,049 3,465 364 34, .579 57, 152 Total 56,315 31,587 3,829 6,898 9,967 108,596 One-half blood: 13, .528 15,501 5,471 4,218 5,212 950 24,211 20,669 Total 29,029 9,689 6,162 5,868 4,297 55,045 •Three-eighths blood: 28,631 31,405 13, 420 12, 576 8,301 2, 8:31 50, 352 46,812 Total 60,036 25,996 11,132 7,690 5,184 110,038 One-fourth blood: 19, 899 72, 700 8,007 41,651 4,617 5, 851 32,583 120,202 Total 92, .599 49,718 10,468 10, 237 4,867 167,889 RECENT TENDENCIES IN THE WOOL TRADE. 33 Table I. — -Stocks of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September 30, i9;2i— Continued. [In thousands of pounds.] QUARTERLY AVOOL STOCK REPORT, MARCH 31, 1920— Continued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. Low or Lincoln: Domestic 5,859 18, 820 4,385 4,841 1,581 6,306 11,825 29,967 Total 24,679 9,226 7,887 2,706 359 44,857 Carpet: 32,707 6,596 3,572 42, 875 Total . . 32,707 6,596 3,572 2,222 1,004 46, 101 Grade not stated: 9,474 4,919 818 264 326 80 10,618 5,263 Total . . 14,393 1,082 406 329 273 16,483 Total: 96,567 213, 191 44,099 89, 795 23,502 19,954 164, 168 322,940 Total 309,758 133,894 43,456 35,950 25,951 549,009 United States Government (tops) 150 1 50 309,758 133,894 43,456 36,000 25,951 549,059 QUARTERLY WOOL STOCK REPORT, JUNE 30, 1920. Fine: 27,521 28, 843 10,801 17,626 2,515 390 40,837 46,859 Total 56, 364 28, 427 2,905 8,898 11,654 108,248 One-hall blood: Dome'itic . .. 16, 715 10,706 7,140 4,462 3,794 654 27,649 15, 822 Total 27, 421 11,602 4, 448 5,221 5,636 54, 328 Three-eighths blood: Domestic 22,973 32, 498 15,083 12,955 6,036 1,106 44, 092 46, 5.59 Tot.il 55, 471 28,038 7,142 8,989 6,574 106, 214 One-fourth blood: 18,696 55,417 8, 761 31,632 3,732 6, 554 31, 189 Foreign ... 93,603 Total 74, 113 40,393 10, 286 12,478 4,347 141,017 Low or Lincoln: 5,882 16,031 2,227 4,444 1,486 5,.')44 ' 9, 595 25,919 Total 21,913 6,671 6,930 2,480 505 38, 499 Carpet: Foreign 28,594 6,991 4,225 39,810 Total 28, 594 6,991 4,225 1,557 907 42, 274 Grade not stated: 31,609 5,988 1,410 887 159 33, 178 6, 875 Total 37, 597 2,297 159 229 462 40, 744 ' There were 50,072 pounds of tops reported held by the United States Government. 34 RECENT TENDENCIES IN THE WOOL TRADE. Table I. — Stocks of tvool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September SO, 1921— Contimied. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, JUNE 30, ft20— Continued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. PuUed. Tops. Noils. total. Total: \Zi, 396 178,077 45, 422 78.997 17,722 18,373 , 186, 540 275,447 Total 301,473 124,419 36,095 39, 852 30,085 531,924 5,270 78 5,34a 306, 743 124,497 36,095 39.852 30,085 537,272 QUARTERLY WOOL STOCK REPORT, SEPTEMBER 30, 1920. Fine: 29,661 14,426 8,0.59 10, 183 1,494 298 39, 214 24,907 Total 44,087 18,242 1,792 9,097 10, 846 84,064 One-half blood: 22,311 8,737 6, 1.37 4,628 3,610 403 32,0.58 13, 768 Total 31,048 10, 765 4,013 6,219 4,857 .56, 902 Three-eighths blood: 24, 525 28, 158 14, 591 10,a38 5, 484 1,312 44,600 39,508 Total 52,683 24,629 6,796 9,679 5,675 99,462 One-fourth blood: 17, 433 45,882 8,577 32, 246 3,295 10,881 29,305 89,009 Total 63,315 40,823 14, 176 12, 649 4,084 135, 047 Low or Lincoln: Domestic 5,232 12, 813 2, .5.56 2, 866 1,431 4, 951 9,219 20,630 Total 18,045 5,422 6,382 3,272 376 33,497 Carpet: 22, 554 22, .5.54 10,065 10, 065 3,821 36,440 Total .3,821 1,638 1,357 39,435 Grade not stated: Domestic 58, 303 7,132 1,423 1, 893 415 68 60,141 9,093 65, 435 3,316 48:5 251 .562 70, 047 Total: Domestic 157, 465 139, 702 41, 343 71,919 15,729 21, 734 214, 537 Foreign 233, 355 Total 297, 167 113,262 37, 463 42,805 27, 757 518, 454 British Government (foreign) 3,000 30 3 030 Grand total 300, 167 113,292 37,463 42,805 27, 757 521 484 QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1920. Fine: Domestic 41,300 21,393 8,962 11 368 1,708 292 i 51, 970 Foreign 1 33,053 Total 62 693 t ^ ssn 2 000 4 977 5 795 i 95, 795 1 '- ' RECENT TENDENCIES IN THE WOOL TRADE. 35 Table I. — StocJcs of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June SO, 1917, to September SO, 7S'l^;--0ontinued.. [In thousands of pounds.) QUARTERLY WOOL STOCK REPORT, DECEMBER 31, 1920— lontinued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. One-half blood: Domestic . 21,333 8,797 7, 640 3,422 3,412 436 j 32 385 12,655 Total 30, 130 11,062 3,848 3,688 2,380 51, 108 Three-eighths blood: 22,927 27, 242 15,410 9,332 6, 380 1,436 44,717 Foreign... 3S 010 Total 50,169 24,742 7,816 5,175 3,235 91 137 One-fourth blood: Domestic 14,682 49, 775 10,012 30, .588 4,204 4,016 28 898 84,379 Total 64,4.57 40,600 8,220 7,818 2,510 123 605 Low or Lincoln: 3,843 18,027 2,5.56 2,032 1,348 4, 688 1 7.747 i 24 747 1 Total 21,870 4,588 6,036 2,218 294 35,006 ('arpet: 27,206 5,042 4,848 37,0% Total 27,206 5,042 4,848 918 660 38 674 Grade not stated: Domestic 86,249 3,421 706 2,028 640 192 87, 595 Foreign 5 641 Total 89, 670 2,734 832 673 551 94,460 Total: Domestic 190,334 1.55, 861 45, 286 63,812 17,692 15,908 253 312 23o, .■>8l Total 346, 195 jl09, 098 33,600 25,467 15,425 529, 785 British Government (foreign) '. 2,407 2,407 Grand total 348,602 109,098 33,600 25,467 15, 425 532, 192 QUARTERLY WOOL STOCK REPORT, MARCH 31, 1921. Fine: Domestic lil), 10 J 36,247 8,354 17,246 2,-596 584 41,0.59 Foreign 54, 077 Total 66,353 25,600 3,180 13,2.58 10,330 118,724 cjne-half blood: 12,4.52 9,721 6,864 2,414 3,444 540 22, 760 Foreign 12,675 Total 22, 173 9,278 3,984 8,176 3, 152 46, 763 Three-eighths blood: 20,652 3.>,319 .55,971 10,696 7,330 5,424 932 36, 772 Foreign 43,681 Total 18,026 6,356 10,796 5,822 ««,971 One-fourth blood: Domestic 15,431 67,544 7,262 27, 73.i 5, 172 12,660 1 27,860 ■ 1 107,940 Total 82,975 3i,998 17,832 14,940 4,208 1.54,9.53 36 RECENT TENDENCIES IN THE WOOL TRADE. Table I. — Stocks of wool in the grease and of scoured, pulled, tops, and rtoils, reduced to their grease equivalent, on hand at the end of each quarter, June 30, 1917, to September SO, i9;^i— Continued. [In thousands of pounds.] QUARTERLY WOOL STOCK REPORT, MARCH 31, 1921— Continued. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. Low or Lincoln: 4,696 21,48.8 2,350 4,144 2,036 10, 192 9,082 35,824 Total 26, 1S4 6,494 12,228 3,262 478 48.646 Carpet: 40,414 5,868 4, 780 51,062 Total 40,414 5,868 4,780 1,082 1,100 53, 244 Grade not stated: 92,941 5, 160 1,1.54 276 96 94,371 Foreign 5, 2.56 Total 98, 101 1,154 372 2.3S2 922 102,931 Total: 176,281 215, 893 36,680 64,738 • 18,948 29,784 231,909 Foreign 310,415 Total 392, 174 101,418 48,732 53,896 26,012 622,232 700 700 Graiidtotal I 392,874 1 101,418, 4^732 r.3,8% 26,012 I 622,932 QUARTERLY WOOL STOCK REPORT, .TUXE 30, 1921. Fine: 41,836 22. 789 6,582 14,540 2,072 476 50,470 37, 805 Total 64, P.25 21,102 2, 548 12, 162 8,994 109. 431 One-half blood: 20,454 7,489 6,106 2, 022 3,496 292 30, 056 Foreign 10, 403 Total 27, 943 8,728 3,788 6,800 3,134 50, 4.83 Three-righths blood: 22,641 16,412 11,488 7,446 4,852 928 38, 7S1 24, 7>6 Total 39,053 18,f34 5, .580 10,808 5,190 79, 565 One-fourth blood: 16,303 36, 553 7,576 24, 792 3,488 1,864 27,457 Foreign 63,209 Total 52, 946 .32, 368 5,3.52 14,214 4,962 109,842 Low or Lincoln: 5,804 16, 890 1,688 3,826 964 8,504 8, 4.56 Foreign 29,220 Total 22,694 5,514 9,468 3, .38^8 560 41,624 Carpet: 43, 265 4,926 3,324 51,515 Total 43, 2I-.5 4,926 3,324 2,300 1,516 55. 331 Grade not stated: 55, 879 4fiO 1,024 276 3,704 69,019 60, 607 Total 124, 162 1,484 3,980 498 124 130, 248 Total: Domestic 175,411 199,277 33,880 59, 176 14,948 19,092 1 224,239 277, 545 Grand total 374, 688 93, 056 34,040 50, 260 24,480 576, 524 RECENT TENDENCIES IN THE WOOL TRADE. 37 Table I. — Stocks of wool in the grease and of scoured, pulled, tops, and noils, reduced to their grease equivalent, on hand at the end of each quarter, June SO, 1917, to September SO, 79i^i— Continued. [Ill thousands of pounds.] QUARTERLY WOOL STOCK REPORT, SEPTEMBER 30, 1921. Class and grade. Wool in the grease. Grease equivalent. Grand Scoured. Pulled. Tops. Noils. total. Fine: Domestic 44,785 13,988 5,744 9,608 1,376 244 51 to.') 23,840 Total 58,773 15,352 1,620 10,230 7, 574 93, 549 One-half blood: Domestic 25,406 5,604 4,668 1,624 3,152 468 33, 226 7 696 Foreign Total 31,010 6,292 3,620 6,438 2, 456 49,816 Three-eighths blood: 28, 876 24,112 9,294 6,822 3,772 300 Foreign 31 '^34 Total 52, 988 16, 116 4,072 9,260 3,456 85, 892 One-fourth blood: Domestic 21,530 49, 600 6,730 21,496 2,728 3,052 30, 988 Total 71, 130 28, 226 5,780 12,746 - 2, 598 120, 480 Low or Lincoln: 6,110 11,251 1,366 3,910 1,136 3,756 8 612 18 917 Total 17,361 5,276 4,892 3,364 356 31 249 Carpet: 60, 804 3,986 5,412 70 ■'0'' Total 60, 804 3,986 5,412 2,636 1,338 74 176 Grade not stated: 72,632 27, 243 8,468 8,784 2,712 2,244 S3 812 Foreign 38 271 % Total 99, 875 17,252 4,956 9,704 3,166 134 953 Total: Domestic 199, 339 192, G02 36, 270 56,230 14,876 15,476 250, 4S5 Foreign 264,308 Grand total 391,941 92,500 30,352 54, 378 20, 944 590, 115 Table II. — Consumption of wool in the grease and of scoured and pulled wools reduced to their grease equivalents, 1918-1921 . [In thousands of pounds.] CALENDAR YEAR 191S. Class and graJe. Wool in the grease. Grease equivalent. Total. Percent Scoured. Pulled. of total. Fine: 56,158 58,494 12,831 19,926 3,595 748 72,584 79, 108 9.79 10.07 Total 114,652 32,757 4,343 151,752 20.46 One-half bUwd: 45,120 34,701 16,113 10,97(1 5,899 WW 67, 132 46,697 9.05 6.30 Total 79,881 27,089 0,859 113,829 15.35 190196 38 RECENT TENDENCIES IN THE WOOL TRADE. Table II. — Consumption of irool in the grease and of scoure^l and pulled n'ools reduced to their grease equivalents, 191S-1921 — Continued. [In thousands of pounds.] CALENDAR YEAR 1918— Continued. Wool in the grease. Grease equivalent. Total. Percent Scoured. PuUed. of total. Threeeiehths blood: .38,014 28,781 27, 688 21,910 9,210 1,538 74,912 52,229 10. 10 7.04 Total 66, 795 49,598 10,748 127, 141 17.14 One-fourth Wood: 37.314 72, 219 24,504 106, 564 5,717 3,705 67,5.35 182,488 9. 10 24.60 Total 109., 533 131,068 9,422 250,023 33.70 Low or Lincoln: 6,117 40,665 1,862 3, .562 211 522 8,190 44,749 1.10 6.04 Total 46,782 5,424 733 52,939 7.14 Carpet, foreign 32,117 7,908 1,940 41,965 5.66 Grade not stated: 1,514 170 1,172 950 104 160 2,790 1,280 .38 .17 Total 1,684 2,122 264 4,070 .55 Total: Domestic Foreign 184, 237 267,207 84,170 171,796 24,736 9, 573 293, 143 448,576 .39. 52 60.48 451,444 2.55, 966 34,309 741,719 100.00 CALENDAR YEAR 1919. Fine: 88, 135 73,212 16,147 28,206 3,742 309 108,024 101,727 1 7. 23 Foreign 16.23 Total 161,347 44,353 4,051 209,751 33.46 One-half blood: Domestic Foreign 48,249 33,968. 15.200 7,657 6,275 375 69,724 42,000 11.12 6.70 Total 82.217 22,857 6,650 111.724 17.82 Three-eighths blood: Domest ic Foreign 35. 622 24,382 23, 729 10, 459 9,839 439 69,190 35,280 11.04 5.62 Total 60, 004 34,188 10,278 104,470 16.66 One-fourth blood: Domestic Foreign 30. 194 37, 870 16,141 15,311 4,681 666 51.016 53,847 8.14 8.59 Total 68, 064 31,452 5,347 104,863 16.73 Low or Lincoln: Domestic Foreign 1,732 14,782 2. 123 4,734 151 189 4,006 19,705 .64 3.14 Total 16.514 6,857 340 23,711 3.78 Carpet , foreign 53,420 11,370 3,392 68, 182 10.88 Grade not stated: Domestic 1,968 177 621 318 102 998 2,691 1,493 .43 Foreign .24 Total 2,145 939 1,100 4,184 .67 EECENT TENDENCIES IN THE WOOL, TRADE. 39 Table II. — Consumption of wool in the grease and of scoured and pulled wools reduced to their grease equivalents, 191S-1921 — Ooutinued. [In thousands of pounds.] CALENDAR YEAR 1919— Continued. Class and grade. Wool in the grease. Grease equivalent. Total. Per cent Scoured. PuUed. of total. Total: 205, 900 237,811 73,961 24.790 304,651 322, 234 48.60 78,055 1 6,368 51.40 443,711 152,016 ; 31.158 626,885 100.00 CALENDAR YEAR 1920. Fine: 51,728 66,665 18,304 25,528 2,684 224 72,716 92,417 12.56 15.97 Total 118,393 43,832 2,908 165,133 28.53 One-half blood: 36,710 29,480 10,912 5,180 5,288 396 52,910 35,056 9.14 6.06 Total 66, 190 16,092 5,684 87,966 15.20 Three-eighths blood: 32,544 26,462 25,112 10,856 5,856 324 63,512 37,642 10.97 6.50 Total 59,006 35,968 6,180 101,154 17.47 One-fourth blood: 29,520 49,920 15,918 12,204 4,C84 700 49,522 62,824 8.56 10.85 Total 79,440 28, 122 4,784 112,346 19.41 Low or Lincoln: , 2,239 12,018 2,090 2,878 260 212 4,589 15,108 .79 2.61 Total 14,2.57 4,668 472 19,697 3.40 Carpet, foreign 56, 720 14,004 3,892 74,616 12.89 (irade not stated: 7,075 9,585 930 288 40 8 8,045 9,881 1.39 - F orcign 1.71 Total 16,660 1,218 48 17,926 3.10 Total: 1.59, S16 2.50,850 73,266 70,938 18,212 5,756 251,294 327,544 43.41 Foreign 56. .59 410,666 144,204 23,968 578,838 100. CO CALENDAR YEAR 1921. Tine: Domestic Foreign 60,221 38,378 15,460 16, 132 3, 1.36 240 78,817 54,750 12.12 8.42 Total 98, .599 31,. 592 3,376 133,587 20.54 One-half blood: 45,606 12,7.50 13,324 5,714 5,236 276 64,160 18,740 9.87 Foreign 2.88 Total 58,356 32,119 19,825 19.038 5,512 82,900 12. 75 Three-eighths blood: Doii.estic Foreign 29,760 8,032 10,012 244 71,891 28, 101 11.06 4. 32 Total 51,944 37,792 10,266 99,992 15.38 40 RECENT TENDENCIES IN THE WOOL TRADE. Table II. — Consumption of nool in (he grease and of scoured and pulled nools reduced to their grease equivalents, 191S-1921 — Continued. [In thousands of pounds.] CALENDAR YEAR 1921— Continued . Wool in the grease. Grease equivalent. Total. Per cent Class and grade. Scoured. PuUed. of total. One-fourth blood: 39,320 49,921 21,906 8,572 11,006 1 784 69,798 61,711 10.73 9.49 Total 89,241 32,912 1 9,356 131,509 20.22 Low or Lincoln: 2,424 8,115 2,948 1,612 340 1,368 5,712 11,095 .87 1.71 Total 10,539 4,560 1,708 16,807 2.58 50,305 9,576 1 5,120 65,001 10.00 Grade not stated: Domestic 67,527 50,962 1,192 734 44 32 68, 763 51,728 10.58 7.95 Total 118,489 1,926 76 120,491 18.53 Total: 217,217 230,256 84,590 52.806 27,340 8,064 359, 147 291,126 .55. 23 44.77 477,473 137,396 35,404 650,273 100.00 Table III. — Quantity of ivool entering into manufacture, by class, grade, and condition, 1918-1921. [In thousands of pounds.] Class and grade. In the grease. Scoared. 1918 1919 1920 1921 1918 1919 1920 1921 Fine: Combing— 48,964 51,349 7,194 7,145 40,644 32,485 4,476 2, 276 34,931 25,624 3,083 3,157 34, ,596 67, 819 2,718 4,400 5,747 40, 293 370 372 78, 175 68,509 9,960 4,702 42, 790 29,726 5,460 4, 242 32,701 23,233 2,921 1,150 27, 930 36,377 2,264 1,493 1,339 14, 498 392 284 45, 202 62, 493 6,526 4,172 30, 286 28,504 6, 424 976 30, 286 25, 180 2,258 1,282 27,016 45,507 2,504 4,413 2,037 10, 862 202 1,156 49, 513 34,965 10,708 3,413 42,498 12, 277 3,108 473 29,529 18.662 2,590 1,163 35,955 44,092 3,365 5,829 1,890 7,817 534 298 429 1,134 5,987 8,829 2,548 1,065 5, 508 4, 423 4,790 4,317 9,054 6,638 2,868 9,459 9,384 43,823 396 645 . 535 1,136 656 828 7,418 13, 276 809 413 6,701 3,415 2,065 718 9,800 4, .-11 1,839 2,025 6,232 5,630 308 536 753 1,831 868 1,211 8,284 11,553 587 296 4,869 2,294 1,926 949 10, 630 4,479 2,206 2,355 5,753 3,747 318 682 727 757 746 Foreign 589 Clothing- Domestic 6,984 Foreign 7,477 One-half blood: Combing— Domestic 634 268 Clothing- Domestic 6,028 2,589 Three-eighths blood: Combing — 2,815 Foreign 6.54 Clothing- 12, 065 Foreign 3, 302 One-fourth blood: Combing — 2,513 Foreign 1,321 Clothing- 8,440 Foreign 4,182 Low or Lincoln: Combing— 384 Foreign 214 Clothing- 1,090 Foreign 592 RECENT TENDENCIES IN THE WOOL TRADE. 41 Table III. — Quantity of wool entering into manufacture, by class, grade, and condition, 1918-1921— Continued. [In thousands of pounds.] Class and grade. In the grease. Scoured. 1918 1919 1920 1921 1918 1919 1920 1921 Carpet: Combing, foreign 16,414 15, 703 1,514 170 24, 673 28, 747 1,968 177 28, 356 28, 364 7,075 9,585 22,967 27,338 67,527 50,962 1,176 2,778 586 475 1,280 4,405 310 159 1,359 5,643 465 144 631 4 157 Grade not stated: 596 Foreign 367 Total: 184,2.'?7 267, 207 205, 900 2:i7,811 159, S16 250, 850 247, 217 2:30, 256 42, 0&5 85,898 36,981 39,027 36,6;?3 35, 469 42,295 26 403 Foreign . . Grand total 451,444 443,711 410,666 477, 473 127,983 76,008 72, 102 68, 698 Class and grade. Pulled. Total. 1918 1919 1920 1921 1918 1919 1920 1921 Fine: Combing— 1,537 207 1,159 354 2,662 427 1,763 293 3,778 173 3,129 980 1,922 1,579 2,366 1,200 77 297 81 94 178 1,277 78 120 1,132 98 1,674 133 2,532 38 2,174 244 3,810 43 3,569 286 2,105 240 1,346 260 66 119 47 23 321 2,223 77 748 870 70 1,143 97 2,147 73 1,819 224 2,397 54 1,995 188 2,017 342 1,048 ISt 82 V.il 112 22 421 2,499 30 5 550 76 1,802 103 1,528 66 2,399 141 2,909 60 4,602 124 4,272 220 2,1.56 369 158 703 96 324 1,149 2,690 33 23 50,930 52,690 14,340 16, 328 45,854 33,977 11,747 6,992 4:3,499 30, 114 15,266 10,775 39,386 78,857 14, 468 49,423 6,220 41,235 986 1,602 17,768 19,758 2,178 765 79,963 69,435 19,051 18,111 46,221 30, 177 14,335 7,901 38,576 23,994 16,290 5,947 31,933 38,643 9,842 7,382 1,714 15, 153 1,192 2,138 26,274 35,375 2, .356 1,084 46,940 63,774 15,953 15,822 33,a20 28,873 13, 112 3,494 34,609 26,183 14,883 5,949 31,239 48,204 9,305 8,344 2,437 11,681 1.041 1,935 30, 130 36,506 7, ,570 9, 7:14 50,809 Foreign 35,630 19,494 10,993 Clothing— _ Foreign One-half blood: Combing — Domestic 44,660 Foreign 12,611 Clothing — Domestic 11,535 Foreign ... 3, 203 Three-eighths blood: Combing — Domestic 35,253 Foreign .... 19, 376 Clothing- Domestic 19,257 Foreign 4,649 One-fourth blood: Combing — Domestic 42,740 Foreign 45,633 Clothing — 13,961 Foreign 10,380 Low or Lincoln: Combing— J)omestic 2,432 8,734 Clothing- Domestic 1,720 1,214 Carpet: Combing, foreign 24,747 Filling, foreign 34, 185 Grade not stated: Domestic 68,156 51,:3,52 Total: 18,5.52 7,179 18, 592 4,776 13,660 4,316 20,505 6,048 244,874 360, 284 201,473 281,014 210, 109 290, 635 310,017 Foreign 2(i2,707 Grand total 25,731 23,368 17,970 26,553 605,158 1 543,087 1 500,744 572,724 42 RECENT TENDENCIES IN THE WOOL TRADE. Table IV. — Imports for consumption of unmanufactured wool, 7900-1921. [V. S. Dept. of Commerce, Commerce and Navigation Reports. 1 (In pounds in condition reported.) Year. Class 1, wool. Fiscal rear ended .June 30: 1900 1901 1902 190 i 1904 1905 1908 1907 190S 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Calendar vear: 1918.." 1919 1920 1921 19, 3.5, 5.5, 46, 39, 76. 93. 91, CO. 99, 112. .58, 69, 62, 171, 218, 402, 279, 303, 374, 334, 212, 195, Class 2. Wool. Camels' hair. 8, 4.54,. 325 6, 590, 739 5, 949, 909 12, 494, 579 11,427,860 19,290,8:33 15, 080, .504 9, 885, 998 9, 936, 510, 16, .585, 692 24,809,262 8, 862, 736 8, 858, 446 11,598,126 21,629,867 15,050,489 12, ,81 2, 878 16,172,577 12, 686, 235 .3,638,617 7, 404, 045 4,177,602 ' 9,611,648 126, 762 3, 931 2, 325 80 Hair ol the .\nsora Roat, alpaca, and other like ani- mals. 1,720 89, 903 112 26, 694 55,911 838, 082 20, 293: 26,120 287, 025 883,3761 925, 250 1,:529,S92 739, 419 793, 649 1,24.3,749 2,231,:«0 2,62,5,:^ 1,298,930 2, 191,. 547 1,468,800 1,:W6,073 1,967,006 2, 726, 524 2, 029, 925! 1,19.5,054, 3, 555, 950: 4, 682, 824 9, 349, 8.54 9,:367,801i 1,826,602 Total. 868,926' ,5,162,386 330,0:i6 6,123,123 2,465,737, 4,435,711 524,974 5,172,269 9,910,979 7,3:34,089 6, 745, 943 13,7.38,408 13,0.59,200 21,922,408 16,:3,87. 154 12,077,545 11,493,213 17,891,765 26, 776. 380 11,615,9.54 10, 944, 282 13,631,262 2,5,206,110 19,759,433 22, 449, 757 26, 423, 7,54 15,438,087 9,669,929 13, 857, 204 11,079,0.50 15, :30S, S91 Year. Fiscal vear ended June 30: 1900 1901 1902 1903 1904 1905 1908 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 Calendar vear: 1918.." 1919 1920 1921 Class 3. 97. 650. 768 80, 725, 075 97,78-5,611 117,400,891 10.5,430,905 110,086,286 107, 167, 7:36 90,242,1:34! 62,6:3.3,615! 87,224,902' 115,100,8671 92. 580. 769 109, 643, 928 92,197,6.8.5 127,075,:301 63, 817, 702 107. 708, 791 67, 412, 761 58, 876, 958: 68,696,6.33 95, 732, 470 35, 549, .300 97, &38, 700 1,319,576 997,868 702, 719 1,844,32" 2, 702, 132 2, .509, 591 2,4,51,530 2.210,985 1, 219, 863 4, 140, .593 2,609.611 3,470,177 .3,8:36,627 3, 735, 635 3,694,9:34 1,662,2771 1, 729, 549' 261,9671 278, 20S Total wool, classes 1, 2, and 3. 98,970,344 81,722,943 98, 487, 730 119,24,5,218 108,1:33.037 112, ,595, 877 109,619,206 92,4.5:3,119 63, 8.53, 478 91, 365, 55. 117, 770, 478 96,050,946 113,4.S0,.5.55 95,9:33,:320 l:30, 770, 235 65, 479, 979 109, 438, 340 67,674,728 59, 155, 166 452,9711 69,149,604 790, 902! 95, 52.3, 372 259, 4431 3.5, 808, 743 190, .567 98,029,267 125,474,715 123, 121, 8:33 158,938,437 176, 562, .882 156, 786, 535 206, 152, 316j 215, 742, 8:30| 191,632,719 1.3.3, 192, .341 203,769,6001 251,969,909 159,677,444! 187, 848, 2.591 165, 822, 3891 320, 149,613i 296,941,679! 523, 177,6.S:3 363,035,3761 375, 504, 755 Total hair Total ol the camels' i Angora hair, classes 2 and 3. goat, alpaca, etc., class 2. 1,446,338 1,001,799 705, 044 1, 844, 407 2, 702, 132 2, .509, 591 2, 4.53, 2.50 2, 210, 985, l,:309,766l 4,140,5931 2,669,7 3| :3, 496,8711 3, 892, 538' 4,-573,717' 3, 715, 227; 1.68S,:397i 2,010,-574: 1,14.5,-3431 1,203,4-5.hI Grand total. 1, 329, 892 7:39, 419i 793, 049] 1, 243, 749 2,231,340! 2, 625, 575: 1,298,930' 2, 191, 547i 1,468,800 1,306,073! l,907,006i 2, 726, 524: 2,029,9251 1, 19.5,054 3, 555, 950 4, 0,s2, 824 9, .349, 8.54 9, 307, 801 1,. 826,002 128, 2.50, 945 124,86:3,051 160, 437, 1-30 179,651,0-38 161.720,007 211.287,482 219,495,010 196, 035, 251 135, 970, 907 209,216,326 250, 606, 638 16.5,900,8-39 193, 770, 722 171,591,160 327, 420, 790 303,312,900 -534,544,111 373, 578, 520 378, 5:34. 815 446,436,703, 1,321,8971 5,162,386 452,920,9.86 437,660,025' 1,120,9:38; 6,12:3,123 444,904,080 252,1.80,050 2,725,180 4,435,711 2.59, :340, 941 303,109,041: 715, .541 5,172,269 308.996.851 > Under the emergency tariff ol 1921 camels' hair is included in wool. RECENT TENDENCIES IN THE WOOL TKADE. 43 Table V. — Government issue price per pound on domestic wool (clean content) January 4, 1919. OHIO AND SIMILAR.' Fine delaine: Choice $1 . 95 Average 1. 90 Fine clothing: Choice..' 1.80 .\verage 1. 75 One-half blood staple: Choice 1. 80 Average 1. 75 One-half blood clothing 1. 70 Three-eighths staple 1. 55 Three-eighths clothing 1 . 50 One-fourth blood staple 1.40 One-fourth blood clothing 1. 38 Low one-fourth blood 1 . 25 Common and braid 1.15 TERRITORY. Fine staple: Choice 1.90 Average ] . 85 •Inferior 1.80 Fine clothing: Choice..' 1.80 Average. 1. 75 Inferior 1 . 65 One-half blood staple: Choice 1.80 Average '. 1. 75 Inferior 1. 70 One-half blood clothing: Choice '^. 1.70 Average 1. 65 Inferior 1. 60 High three-eighths staple 50-58s.: Choice 1.60 Average 1 . 53 Inferior 1. 50 Three-eighths clothing, 56-58s.: Choice 1. 55 .\verage 1 . 50 I Inferior 1 . 45 | J Including New England States, New York, Pennsylvania, West Virginia, Kentucky, Virginia, Michi- gan, New Jersey, Delaware, Maryland. TERRITORY — Continued. Three-eighths staple, 56s. : Choice $1 . 55 Average 1. .50 Inferior 1. 45 Three-eighths clothing, 56s.: Choice 1. 52 Average 1. 47 Inferior 1. 42 Low three-eighths staple: Choice 1. 50 AA'erage 1.47 Inferior 1. 45 Low three-eighths clothing, 50-56s: Choice 1.48 Average 1. 45 Inferior 1. 43 High one-fourth, 48-508.: Choice 1 . 45 Average 1 . 42 Inferior 1.37 High one-fourth clothing, 48-50s: Choice 1 Average 1 Inferior 1. 35 One- fourth staple 46-48s: Choice 1 Average 1 Inferior 1 One-fourth clothing, 46-488: Choice 1.38 Average 1 . 35 Inferior 1. 32 Low one-fouj-th, 44s: Choice 1.25 Average 1. 23 Inferior 1.20 Common and braid, 408: Choice 1.17 Average 1.15 Inferior 1. 12 40 37 40 38 25 Table VI. — Wholesale price per pound of domestic uools in the Boston marJcet, 1919-1922. TERRITORY, FINE STAPLE.s Month. January . FeSruarv March . .". April Mav June 1920 $1. 590 1.47.5 1.490 \.h7a l.f.7.5 1,700 $2,000 2.100 2.100 2.100 2. 100 1.875 1921 $0. 825 .900 .900 .900 .900 .S25 1922 $0,910 1.065 1.125 1.075 Month. July Augn.st September, October. . . November. December. 1919 1920 1921 $1,775 $1,700 10. 8.30 1.875 l.fi.50 . x:«) 1.875 1.575 .XJU 1.875 1. 375 .s:!0 1. 875 1.050 .830 1.950 .950 .805 1922 ' As gi'i'en in the Commercial Bulletin ( Hoslon) at, l.ho end of the first, week in each month. 2 Price per scoured or clean pound. 44 RECENT TENDENCIES IN THE WOOL TRADE, Table VI. — Wholesale price per pound of domestic uools in the Boston marl:et, 1919- 1922 — Continued. TERRITORY, ONE-HALF BLOOD COMBING. Month. January . February March April May June , 1919 1920 1921 1922 $1,635 S1.S25 $0. 675 $0. 795 1.410 1.900 .775 .990 1.435 1.900 .775 1.000 1. 475 1.900 .725 .975 1.475 1.900 .725 1.600 1.625 .710 Month. July August Septcml er October. . . November. December. 1919 1920 1921 $1,600 $1,500 SO. 700 1.725 1.475 .700 1. 775 1.425 .700 1. 775 1.225 .700 1.775 .945 .700 1.775 .825 .765 TERRITORY, THREE-EIGHTHS BLOOD COMBING. January. Fel)ruary March... Ai)ril May June ? 1.275 SI.. 350 80. 525 SO. 600 1.2.35 1.350 ..545 .725 1.210 1.350 . 555 .790 1.075 1..300 ..540 .7.50 1.115 1.300 ..540 1.200 1.175 .500 i July -Yupu.st Septeml er Octol er.. . Noveml)er. December. $1,240 $1,025 $0. 510 1.350 .975 .510 1.375 .925 .525 1.275 .875 .525 1.270 .700 .525 1.350 .600 .560 TERRITORY, ONE-FOURTH-BLOOD COMBING. January . February March April May , June $1,290 1.060 1.010 .975 .925 1.035 $1,125 I $0,425 1.175 1.175 1.150 1.150 .975 $0,515 .640 .675 .635 July August September October. . . November. December . $1,050 $0,875 $0,400 1.100 .825 .390 1. 125 .725 .365 1.125 .675 .400 1.125 .585 .400 1. 125 .500 .465 TERRITORY, COMMON AND BRAID. January . February March April May June $1,010 $0,725 $0,190 $0,315 .710 .725 .190 .390 .710 .725 .190 . 425 .710 .625 .190 .410 .710 .625 .215 .690 .550 ..215 August .■^ept ember. Octoljer . . . November. December. $0,690 SO. 550 $0,215 .690 .550 .215 .725 .550 .215 .725 .5.50 .215 .725 .210 .215 .725 .190 .265 TERRITORY, FINE CLOTHING. January. . February. March April May June $1,515 $1,725 (3) (3) 1.410 1.800 (3) (?) 1.390 1.800 (3) (3) 1.410 1.800 (3) (3) 1.410 1.800 (3\ (?) 1.425 1.550 (3) (3) July $L450 August I 1.450 September 1. 450 October 1.450 November. December . 1.450 1.650 $1,500 1.450 1.275 1.225 .850 .700 (?) (') (') (') (') (') TERRITORY, FINE MEDIUM CLOTHING. January. February March . . . April May June $1,415 $1,650 (') (3) 1.390 1.700 (3) 1.365 1.700 (3) (') 1.365 1.700 (3) (?) 1.365 1.700 (3) (?) 1.325 1.475 {3\ (3) July August September October . . . November. December . $1. 350 $1. 475 (3) 1.350 1.275 (3) 1.450 1.075 (3\ 1.450 1.025 (3) 1.450 .700 (?) 1.650 .oto (?) TERRITORY, FINE AND FINE MEDIUM CLOTHING. January. . February. March April May June $0. 575 $0,720 .675 .865 .675 .900 .675 .900 .655 .615 July August September. October... November. December . 0.615 .615 .615 .625 .625 .645 • See Fine and fine medium clothing. RECENT TENDENCIES IN THE WOOL TEADE. 45 Table VI. — Wholesale price per pound of domestic icools in the Boston market, 1919- 1922— Continued. TERRITORY, FINE AND FINE MEDIUM FRENCH COMBING. Month. • 1919 1920 1921 1922 Month. 1919 1920 1921 1922 January $0. SIO .950 1.025 1.000 July $0,675 .675 .675 .675 .675 .705 1 1 April , 1 OHIO AND PENNSYLVANIA FLEECES, DELAINE UNWASHED.< January. February March April May , June $0. 655 $0. 930 $0. 465 $0. 405 .620 .985 .405 .470 .610 .985 .410 .490 .625 .985 .390 .465 .725 .985 .405 .710 .735 .375 July August September October . . . Noyember. December . SO. 810 $0,710 $0,355 .840 .700 .350 .840 .625 .340 .830 .625 .345 .860 .550 .350 .895 .490 .365 OHIO AND PENNSYLVANIA FLEECES, ONE-HALF BLOOD COMBING. January. February March . . . April May June $0,740 $0. 850 $0. 340 $0. 365 . 660 .840 .340 .410 .660 .840 ..340 .430 .660 .840 .330 .400 1 .680 .840 .330 1 .680 .710 .305 i July August September October. . . Noyember, December . $0. 740 $0,690 $0. .300 .805 .690 .295 .805 .610 .295 .805 .575 .295 .805 .470 .305 . 840 .400 . 310 OHIO AND PENNSYLVANIA FLEECES, THREE-EIGHTHS BLOOD COMBING. January $0. 745 February ' .660 March I .6.50 April .590 May I .610 June t .610 $0,700 .705 .700 .695 .690 .610 $0. 275 .290 .305 .295 .295 .280 $0. 340 .395 .410 .375 July August September October. .. November De?ember. $0,690 $0,540 $0,265 .720 .515 .255 .700 .460 .255 .690 .440 .265 .675 .385 .265 .705 .350 .285 OHIO AND PENNSYLVANIA FLEECES, ONE-FOURTH BLOOD COMBING. January I SO. 790 February . March April May....... June $0,315 .375 .390 .365 July '., August September October. . Noyember December. $0,660 $0,490 $0,255 .685 .460 .235 .685 .430 .230 .670 .405 .242 .655 .365 . 2.55 .660 .310 .260 OHIO AND PENNSYLVANIA FLEECES, COMMON AND BRAID. January . February March . . . April May June $0. 655 .605 .605 ..530 .380 .440 $0. 415 .415 .415 .290 . 290 .290 80. 135 . 1.35 .145 .145 .170 .160 $0. 195 .2.50 .260 .230 July August September October. . , Noi'ember December. OHIO AND PENNSYLVANIA FLEECES. FINE UNWASHED. January . February March . . . April May Jime $0,565 $0,710 $0..305 $0,335 ..535 .740 .W\ .345 .5.35 .740 .320 .385 .530 .7.50 ..325 .375 .5.35 .750 .310 .585 .635 .295 August September. October November. De ■"ember. $0,615 $0,610 $0. 275 .625 .610 .28.5 .6!K) . 525 .28.5 .690 .645 .28.5 .690 .410 .285 .710 .365 .205 $0,440 $0,290 $0. 160 .460 .290 . 1.55 .460 .290 . 1.55 . 460 .290 . 1.55 .415 .1.55 .155 .415 .135 .175 * "Farm" or " Fleece" wools, i. e., .such as Ohio and Pennsylyania, and Michigan and New York, ore quoted on the grease pound, i. c., in the condition as shorn from the sheep. 46 RECENT TENDENCIES IN THE WOOL TRADE. Table VI. — Wholesale price per pound of domestic icools in the Boston market, 1919- 19 J2 — Continued . OHIO VND PENN.SYLVANIA FLEECES, ONE-HALF. THREE-EIGHTHS, AND ONE-FOURTH BLOOD CLOTHINC. Month. January . February March..'. ApriL... May June 1919 1920 1921 1922 $0,575 .575 .560 .510 .570 .570 $0,610 .610 .610 .640 .640 .535 :::;:;;: Month. July $0,595 August . 595 September \ . 595 October i .595 November ' .595 December ! .610 $0,532 .532 .475 .475 .352 .327 OHIO AND PENNSYLVANIA FLEECES, ONE-HALF BLOOD CLOTHING. January . . February . March..".. April May June Q-) (■■■) $0. 255 .255 .255 .255 .285 .265 $0,295 .355 .370 .350 July I $0,255 August . September. October November., December.. .235 .245 .245 .245 .255 OHIO AND PENNSYLVANIA FLEECES, THREE-EIGHTHS AND ONE-FOURTH BLOOD CLOTHING. January . February March . .". April May June (■'-) (5) .235 .235 .235 .235 .260 .245 $0,255 .290 .310 .300 July August September October... November. December . (^) (5) $0,235 (5) (5) .215 (5) (5) .215 (5) (5) .215 (5) (5) .215 (a) (5) .235 MICHIGAN AND NEW YORK FLEECES, DELAINE UNWASHED. January . February March . . . April.... May June $0,635 $0,885 $0,445 .605 .935 .395 .605 .950 .395 .605 .950 .370 ! .685 .950 .370 1 .685 .715 .365 80.385 .425 .445 .435 July August September October . . . November December. SO. 765 $0,680 $0,320 .800 .675 .320 .800 .590 .320 .800 .600 .320 .800 .565 .325 .860 .355 .335 MICHIGAN AND NEW YORK FLEECES, ONE-HALF BLOOD UNWASHED. January $0,725 Februarv .645 March 645 April 645 May 670 June 670 $0,810 SO. 330 SO. 345 .810 .3.30 .385 .810 .3.30 .430 .810 .315 .375 : .MO .315 .690 .295 J July .\ugnst September October... November. December . MICHIGAN AND NEW YORK FLEECES, THREE-EIGHTHS BLOOD UNWASHED. January . . February. M arch April May June SO. 735 $0,685 $0. 265 1 $0,325 .650 .685 .280 .385 1 .645 .680 .295 .410 .589 .675 .285 .365 1 .590 .675 .285 .605 .595 .270 July August September. i October November. December., $0,680 $0,535 $0,260 .705 .510 .255 .685 .255 .685 .260 .665 .3.S0 .265 .685 .340 .275 MICHIGAN AND NEW YORK FLEECES, ONE-FOURTH BLOOD UNWASHED. Fe1 ruary. March April May June $0,775 $0. 660 $0,245 $0,315 .605 .670 .270 .365 .615 .660 .265 .390 .560 .6.50 .270 .330 ..5.35 .6.35 .560 ..560 .265 1 July «. August Seotember October... November. December. SO. 650 $0. 490 $0,250 ! .650 .460 .2.35 1 .675 .425 .2.30 : .665 .405 .237 , . 655 ..365 .245 .660 .305 .255 ' See One-half, three-eighths, and one-fourth blood clothing. RECENT TENDENCIES IN THE WOOL TRADE. 47 Table VI. — Wholesale price per pound of domestic uools in the Boston market, 1919- 29;-^^— Continued. MICHIGAN AND NEW YORK FLEECES, COMMON AND BRAID. Month. January, p'elrnary March... April May June .645 .600 .600 .525 .3S0 .4.35 920 1921 1922 ).415 SO. 125 $0. 195 .415 .125 .245 .415 .135 .260 .290 .135 .230 . 290 .170 .290 .160 Month. July SO. 440 August j .455 September 455 Octo! er 455 November 415 December 415 1920 SO. 290 .290 .290 .290 .145 .135 $0. 160 . 155 .155 .155 . 1.55 .175 MICHIGAN AND NEW YORK FLEECES, FINE UNWASHED. January. February March... April May June. . . . $0,550 SO. 675 $0,295 SO. 295 .550 .700 .295 .330 .550 .700 .295 .385 .525 .715 .305 .345 .575 .715 .305 .570 .600 .300 July August September October. . . November. December. SO. 595 SO. 590 $0,285 ..595 .590 .265 .635 .510 .265 .635 .510 .265 . 635 .460 .265 .665 .480 .275 MICH GAN AND NEW YORK FLEECES, ONE-HALF, THREE-EIGHTHS, AND ONE- FOURTH BLOOD CLOTHING. January . February March... April May June . . . . $0. .565 .565 .565 .505 .510 .560 $0. 560 .560 .560 .550 .550 ' .5.50 $0. 250 .250 . 250 .240 .275 .245 July August September October . . . November. December. $0,560 $0,500 $0,240 .560 .500 .220 .560 .400 .220 .560 .400 .220 .560 .350 .220 .560 .330 .230 MICHIGAN AND NEW YORK FLEECES, ONE-HALF BLOOD CLOTHING. January (=■) {'-) ( = ) $0,265 .3.35 March $0 370 February April .330 MICHIGAN AND NEW YORK FLEECES, THREE-EIGHTHS AND ONE-FOURTH BLOOD CLOTHING. (5) ('■•) SO. 235 .275 March ('■') $0,310 February April .275 5 See One-half, three-eighths, and one-fourth blood clothing. Table VII. — Trend of wool prices, London, 1900-1921. [Pence per clean pound.] [Data from Schwarts and Buchanan, London.] Merinos. Crossbred. Date. Port Phillip, "good." Adelaide, average. Cape, short, washing. Buenos Aires, average. Australian. Superfine. Fine. Medium. Coarse. Doccmbor, 1900 Dcccintjcr, l(K)l Dccciiibcr, 1910 Doccmbor, 1911 December, 1912 Doccmbor, 1913 July, 1914 Docoinber, 1915 Docomber, 1916 April, 1917 1 December, 1919 December, 1920 December, 1921 19i 21 27J 26J 29 284 334 43 65 75 I3H 05 45 17 184 25 24 2») 25 28 35 .57 03 108 40 33 144 1.54 22 204 224 224 274 31 48 .50 97 34 30 134 14 204 19 204 21 234 26 39 38 68 28 23 15 16 23 22 24 224 2t) 37 51 »544 ■ 95 45 35 1?* 194 18 20 184 224 34 47 ».'J04 70 30 21 Ill 8 164 15 17 If^ 28 .35 '.35 40 19 104 9i 134 13 15 § 32 132 29 •' 13 H ■ April, 1919, the date of the clo.se of London public auctions. 2 Nominal. As against July, 1914. Merinos are about 'JO per cent higher; pieces 15 percent higher; medium and coarse shtcds, 40 per cent lower. 4 9 G 3 This book is DUE on the last date stamped below 2 7 Mil Form L-9-15)/i-7,'31 FD U.S. 9890.4 Tariff oom- U53r ml s s f. jn - Recent tecrlDncies ill the wool trade DEO 2 I' n^^ mis&^i'-- F-i'>>''30S ..T->?i^ tr«*ii 3^30.4- U5ar UCLA-Young Research Library HD9890.4 .U58r y L 009 611 932 6 UNIVERSITY of CALIFORNIA LihUxWr, A.^ ■:^-' ^T^., sr i ^■; y ^