A 1911 economics article examining how raw wool is bought and sold between American growers and manufacturers. It describes the private-sale system and how buying differs among eastern fleece wools, western territory wools and Pacific Coast wools. It also covers the role of the Boston and Philadelphia wool merchants. The article reviews attempts to reorganize the trade: the failed New York Wool Exchange (1894-98), local and terminal warehouses such as Omaha and the National Wool Warehouse in Chicago, and improvements like the Boston warehouse and a proposed conditioning house. It includes statistics on US wool production, imports and consumption around 1909.