The New York Times/1916/11/22/Dyewood Speculators Hit
DYEWOOD SPECULATORS HIT
Boom in Logwood Bought In West Indies Collapses.
Dyewood speculators have been hard hit by the collapse of the boom in buying logwood in the West Indies at top prices under the impression that the American coaltar dye and natural dye industry would be unable to meet the requirements of textile and other users, thereby compelling the latter to have recourse to natural dyes at prices to be named by the speculators.
Storehouses, piers, and even back yards along the South Brooklyn water front are piled high with logwood bought by men who at the beginning of the European war, with German coaltar dyes shut out of the American market, saw logwood selling at around $110 a ton. The speculators, with views of fortunes made over night, rushed to the West Indies and bought logwood wherever offered.
The supplies were brought to New York, and for the most part stored in Brooklyn awaiting the expected demand from the consuming industries. It did not materialize. Storage charges accumulated, and with no market for their wood most of the speculators went to the wall.
W. W. Skiddy, President and Treasurer of the Stamford Manufacturing Company, with offices at 82 Wall Street, and a large plant at Stamford, Conn., said yesterday that the legitimate trade employed its own facilities in getting logwood supplies, and had been able to satisfy requirements, notwithstanding the big expansion taking place in the natural dyestuff business as a result of the war. Logwood is bringing now about $40 a ton, he said, although soon after the war started it ranged between $75 and $80 a ton. “The legitimate trade,” said Mr. Skiddy, “has no sympathy with the losers.”