The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-05
OLD RYE WHISTLES.
Trndo Circular.

toners resume OF the state of the old whisky
market Of last year. together with our views as
to the prospect for that of this year; but the
recommendation of Commissioner Wells TO
Congress to reduce the tax to one dollar so un-
settled the notions OF the trade, that we deemed
1t advsabl eto d,Gai further developments.
During last winter, spring, and part of the
summer, while Congress was in session, the
sane fear Of reduction of tax, combined with
the increasing production of "mOlasses whisky
deferred dealers from laying in more stock than
would supply their immediate wants. The de-
preston became so great thai even by tar the
most OF our o deSt and experienced houses
neglected Their ume-honored and necessary
custom OF contracting IN tbe spring tor their
usual supply of ne10 Whskles, tor the purpose
OF receiving the ensuing summers heat. Dis
tillers thus, in the absence of demand, we're
also discouraged by their vain efforts to sell so as
to Curtall their production, or altogether cease
operations. Such whiskies at length being
offered at about cost price, and being Ia bond,
and consequently safe to hold should tax the be
reduced, a few far-seejng operators gobbed
them up, and, in the end, thereby reaped
harvest. Such prices at 40 cents As cents, so
cents, and SO cents, IN bond we're paid for these
new but good whistles, according to quality
and brand. Whistles OF 1865, having a summer
upon them, brought from rs cents TO 90 cents in
sman lots.
Ea1ly in August Congress having adjourned,
after decdng TO make no change in the tax and
tilatiOn, confluence was restored, and
sequently there came marked Improvement in
the market. Common corn whisky rOse by the
end OF the month, II cents; while lots of Uery
d rae appreciated 250g75 cents per gallon.
Bonded ryes of the spring sold at 5000 cents,
and that OF two summers readily brought $l'25
in large lots The consumption of good old
rye Thiskes had been steadily going on; that
which had been scarce became scarCer, and
deslerS were now bare of stock. Excitement
took the place of apathy. Many parties who
had COLI In In 1TA1in a tn IONu NHi nm
prevailing, became eager buyers OF their own
goods back at heavy advances. This state of
affairs continued with increasing momentum
all through the fall, the transactions becoming
immense for both bonded whiskies and for free
old ryes of greater age.
The excitement we thus record did not, how
ever, reach the retail trade but to a very
limited extent it being confined to the largest
houses, who we're nooo thoroughly awake TO
their almost criminal neglect of their laying
in supplies during the spring. Common whisky,
during this period but about held its own, the
seemingly relaxed efforts of the Government
giving scope to parties engaged in Illicit distil-
lation.
Early in December, however, the coztraband
article increasing, and fear of reduction of the
tax again taking hold of the minds of the
trade, the demand and excitement senslbly
diminished. The retail trade and smaller job
bers continued to buy from "hand to mouth
During December and January common corn
whisky continued 10 decline, contraband be-
coming plentier and plentier. AS to bonded
the effect was only to check the excitement.
Having inherent value from growing scarcity,
such lots changing hands always being at
higher prices STILL
The Committee of Ways and Means having
again reported against reduction of tax, and
Congress being likely to sustain the committee,
better feeling has again taken place, and we
have now to chronicle considerable sales since
the Ist instant, of both bonded and free old rye
arhiskieS As much as Sl'50@1'76 Is now asked
and being obtained Tor favorite brands of one
summer and $2G92'50 for that of tlDO summers,
all in bond-an advance in nine months Of over
zoe per cent. Older free whiskies bring
S4'5067'50, according to age and quality
and for that when year ago would with diff
fculty have sold at S3(94, being an advance of
50@l00 per cent.
The question now arises, will this state of
affairs continue? and If so, how long? Old
whisky, a few years ago, was almost used eXclu-
svely by the States south and southwest of
Pennsylvania; since then IL has become the uni
versal favorite all oUer the tdnd. Before the
war the production about kept pace with the
demand. When the war broke out IN 1861, the
Whlskes ran so far below the cost OF manufac-
ture, and continued so for so long time, that
distillers, in the main, closed their doors. Then,
when it had become again paying busi
ness, owing to the prospective taxes on that TO
be made, II was a question OF quantity, not
quality, and but little whisky was made, except
the common article. On January l, 1865 there
was au immense stock OF common raw whisky
in the country, which had escaped the then i'm
posed So tax. Competition on the part of hold
ers caused the price OF the common article to
fall so low, and trade became so dull, that it
nsturally reelected on old rye aCh,shies, the con.
sequence being that, during all OF 1865
and the early part OF 1866, there was
exceedingly little fine whisky produced,
some OF our leading distillers doing nothing all
that time. Now that we have had, since the
close of the war, steadily growing consump-
ton going on through the whole country for
fine Whiskies, it can easily be seen that the
stock of realty 0ery Otd whisky can consist but of
remnants, and that those remnants cannot last
long-certainly not beyond the nrst of next year.
So therefore, as far as free old Whiskies are con-
cerned, prices must go higher and higher until
they cease TO eJist AS long ago as January,
1866, and all through the year, as may be seen
by our circulars January 20 August 10 and 2s,
and November 5, we were firm believers in the
soon to take place scarcity of old whskies.
Our II. s. Hannis has just returned from a
journey to the districts OF Maryland and Penn
syvania, which, with the exception Of small
belt in Kentucky and Virginia, alone produce
fine whistles. He found but exceedingly few
remnants OF really good whiskies of age any
where.
AS to old whiskies now in bond, we feel
assured that at least TOR one or two years more
the present extraordinary hign prices must con-
tinue. These whlskies are, OF course only of
1865 and 1866, and as it has been seen, they
have thus early been going into consum DtIop
exhausted, and there will be nothing to take its
place but that made in these two years, and
that stock itself already being deficient in quan.
titv such Whiskies must necessarily become
scarcer and scarcer. Besides, the warm
weather will soon be On us again. when all well
made Whiskies Improve, and consequently
rise in price, even leaving the question o.
scarcity entirely cut OF consideration. 1t Ii
true that under this stimulus distillers have
been and are increasing their production
vastly and the question has been asked:-"l
not the thing now being oyerdoneW W.
can only say that the whisky being made
"a II,