The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-21
EFFECT OF The BIG SALE.
The Largest Deal in Spirits in the
History Of the Market.


Vessels to Come After the 81 900 Bar
rels Now in the Hands Of the Ex-
porters-How the Factors Combine
Worked-BrouEht an Average of
20 ga Cuts for 1890 Barrels.
Good Prices Expected for the Rest of
the Seasons Receipts.
The sale of 81, 500 barrels of spirits of
turpentine by the factors TO the exporters,
which practically cleared out the factors
stock, was the largest transaction in
spirits that has ever been made in the
history of the market, which means that
it is the largest amount that has ever
been sold at any one deal.
An account Of the transaction was
given in yesterdays MORNING NEWS.
There was much comment upon it yester-
day. and every body seemed anxious to
know Just what it meant. The fact that
most Of it brought pa cents. and small
portion OF it sold only z of cent. higher,
made many believe that the factors had
failed TO realize what they had expected,
and that the object Of their combination
had been 70 a certain extent defeated.
This sale was nearly three times as
large as any that has ever been made be-
fore In fact the sales this season have
been the largest in the history Of the
market In July Il 900 barrels were sold
at 3 cents and ~ cents, in May 10,ll9
barrels were sold at 2S cents, and in
August 10000 barrels were sold at 26-5
cents. But there has never before been
a sale like that made day before yester-
day, which amounts in money to about
100000.
AFAcToR's EXPLANATION.
Mr.. John r. Young, prominent factor,
was asked if the sale at that price meant
that the factors had been unable to &C
complish what they intended when they
formed their combination in April. He
said the facts would show that such was
not the case.
about May !, +" said Mr.. Young, when
the com bination was first formed, spirits
was selling at 25 cents. The largest re-
ceipts at this port come in June, July and
August, and experience has taught that
prices are lowest during those
months With spirits selling at % cents
then, there was a strong probability Of its
going to % cents unless something was
done to check 1t. This was accomplished
by the factors combination. They fixed
a minimum price which they would &C
cept for the product, which varied accord
ing to circums stances, and by that they
stood.
WHAT THE RECo RDs SHOW.
''The records of the board of trade will
show that instead of falling below 25
cents, large quantities of spirits sold in
May first at 2615c, then at q and finally
at 2S cents. The buyers had sold large
quantities short and they had to have the
product or cancel their contracts During
the month of June spirits were main
tanned at 2S5@ cents and considerable was
sold at 20 cents. 1t sold in July at 20, 2S
and us cents.
'Since the factors com bination was
formed, between May and Sept 20, we
have received l56.6S5 barrels of spirits
OF this it can be seen from the records of
the board of trade that about 1885, 600 bar
rels sold at prices ranging from % to %
cents, or an average of a little over q
cents, and when an average of
this and the sale Of 10000 barrels
AT 2415 is taken it will be seen that the
stun Melted the producer an average of
26& cents per gallon. This is what the
factors received for the stun, instead Of
the p cents they would have had to take
If 1t had not been for their ombination
TO hold the stun and advance the prices"
THE SALE AND ITS EFFECT.
slow was the sale made}" was asked.
The 10000 barrels sold yesterday is
not the stuff which has been held during
the sumner but 1t has been received
within the last thirty days. In the lat
ter part of August about 5000 barrels Of
1t was received, and the balance was re-
ceived In September. Some Of the fac
tors opposed the sale even at this time at
the price offered, and | for one was
against it, but il was favored by ma
jOrity, and all the factors win defend it,
What will be the effect of this sale,"
was asked.
1T will be seen" was the reply, "that
this sale places almost the entire stock
available in the hands of the exporters
They control the 81 900 barrels here, 20
600 in London and about 5000 in Bruins
wick. For this, as has been seen, they
paid on an average Of 264 cents. To
make profit on their purchase they will
nave TO advance the price 10 at least u
or 21+9 cents They now become bulls in
order TO realize on their investment, and
this Will undoubtedly raise the price of
the product Ia order 30 keep up the mar
htJ anu ulSpOSG Oh l0elr prOGQct duEan-
tageOusly they Will have to buy all or a
large part OF the spirits received hero be-
tween now and the end of the season.
which will be about 100 coo barrels The
price as was seen has already advanced
i of cent, and there is no doubt but
that II will continue to advance. Thus
the factors have reason to expect to rea-
lie at least 27 cents on the future re
celpts OF the season. They have cleaned
out their stock ana will start afresh
he factors combine will continue TO
keep up the market and do the best that
Can be done for the producer
FORTY VESSELS COMING.
There are about forty vessels now on
the way TO savannah for the purpose of
taking away naval stores ana other pro-
ducts. IL will require about twenty yes
sells to carry abroad the 81. 900 barrels of
rosin which the exporters have on hand.
Other vessels will come for rosin, of
which there is large quartity to be
shipped
The naval stores trade thus resumes its
normal conditions. The factors show
that they have accomplished much for the
producer by their efforts TO hold up the
market, and they look for better prices
from now throughout the season
JOINED HANDS FOR LIFE.
Prof Franz Hubner Marries Miss