AMERICA'S WOOL BOOM.

Auckland Star, Volume LVI, Issue 211, 7 September 1925, Page 4

AMERICA'S WOOL BOOM.

METHODS OF SPECULATORS. CLERKS AS WOOL BUYERS. (From Our Own Correspondent.) SAN FRANCISCO, August 12. j Respecting the speculative buying in Ohio and other fleece wool sections of the Middle West, and similar operations in Texas, all at high prices, the phenomenal upgrade was the result of the tremendous interest shown in the auctions in London and Australia. When the fleece wool market in the Middle West opened the better wools sold around. 35 cents to the farmer, and it looked as though considerable wool would be secured at that figure. Then the bidding climbed to 50 cents, aud some touched 52 cents. Buying was intensely brisk, and some very funny stories are related regarding what was done in the fleece wool sections. In some places two or three times as many buyers were combing the Ohio towns than had ever been seen there before at the same time. Some concerns with plenty of capital, but no buying organisation in that area, were said to have inveigled anybody that seemed available, and that was willing to buy wool, and chemists' clerks, shop assistants, and anybody else that could be induced to accept an agency, and with substantial funds in hand, to go after the wool. In one case, it was said that seven buyers were after the same farmer's wool within two hours, not knowing that it had lieen sold previously to still another buyer. Theso cases were believed to be typical and exhibit the eagerness of Eastern buyers for wool and the unusual methods adopted to secure it. , Naturally, the result of all this com-' petition was to lead farmers to have an exaggerated idea of the value of their clips. Many of thcm_ took the attitude that it would be better to sit back and let the buyers bid against each other until it became apparent the limit had been reached. Those who had been standing out for 50 cents for their wool succeeded in getting it, and were naturally jubilant. It has been explained since that all the excitement was due to the efforts of some who had sold wool aud tops cheap to cover, but there was also the feature of the entrance into the field of a number of new men with little experience in buj'ing wool .n the Middle West, and 'the resulting sharp competition.