DECLINE IN WOOL

Wanganui Herald, Volume LIII, Issue 160796, 2 November 1920, Page 3

DECLINE IN WOOL

SERIOUS POSITION IN U.Sf' NEW YORK, Nov. 1. The Federal Reserve banking system has issued a statement to the effect that representative dealers agree that the prices of standard grades of wool have declined since May Ist, 35 to 40 per cent. Woollen yarn spinners have received practically no orders, although September and October are usually tbe busiest Months.' The mills are variously reported as operating at from 10 to 80 per cent, capacity, some being employed running on back orders. Uncertainty regarding yarn prices and lack of orders . helps to, explain the existing situation. Shoe and leather, industry reports show curtailed operations, and in some cases complete shutdowns.