The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-05-22
BUYING ALL THEY CAN GET.
Exporters Taking Another Turn at
Spirits TurpentinG.

Yesterdays Sales Over 10, 900 Casks.
The Price 81 12 Cents, at Which
Factors Have Been Holding Their
Receipts-The Ups and Downs of the
Spirits Market Since the Season
Opened.
There was another furry in the spirits
turpentine market yesterday which,
though not as exciting, was equal in
transactions to the unusual seles made
about week ago. The sales yesterday
footed up 10000 casks, and the day closed
with bids for stock which could not be
obtained
The price paid yesterday was 271S
cents gallon, at which the factors have
been holding their receipts for several
days. The results of yesterdays sales
demonstrate that the factors have at
last succeeded in naming their price, and
they are jubilant over the prospects of
still further advance in the price without
curtailing the demand.
This season, on the first of April, did
| not open with very bright prospects for
the operators. The general impression
was that the production would be largely
| in excess of last year; the stocks on hand
! season, ana the demand was very poor.
The season opened with the price 265
cents per gallon for spirits turpentine,
and there was very little demand for it.
THE ANNUAL BEAR"
The exporters commenced their regular
| yearly "bear" movement by remain
| ing out of the market for few
days, and occasionally bidding quarter
cent below the market IN order to de-
fe boA
| several seasons and this year permitted
| to be no exception to the rule, for in a
| few days, some of the factors became
| timid and accepted the bids. The market
| declined to 20 cents by April g. There
were few smaller sales made as low as
25$ cents, ubut the most of the stock
was sold at 26 cents gallon.
1t was about this time that the factors
| concluded to call halt to the rapid de-
cline of the product. A meeting of all of
the factors was held and it was agreed
| that they would not sell for less than the
| quotations, and they kept their agree
ment. Efforts were frequently made to
| depress the market, but the factors were
determined in their decision to hold firm.
HELD TO THEIR PRICES.
The fact that large number Of vessels
were chartered to load at this port, gave
| strength to the factors determination to
sustain prices. They also became in
| formed that some of the foreign exporters
| had sold short. April l6, an exporter went
suddenly into the market and bought
| all of the available stock at 26 cents. The
! factors Immediately advanced the price
| to 2615 cents, and the exporters again
| held of. For several days the stocks in
creased steadily. the receipts being large.
After several unsuccessful attempts to
| "bear' the market, the exporters again
| began to buy. On May s, the sales
| amounted to nearly 1900 casks, which
| about cleaned up all of the Offering stock.
There was no disposition on the part of
| the factors to make any unwarranted
advance in the price, but they preferred
| to take a conservative view of the situa-
ton, and gradually work the price up to
| point where there would be profit to
the producers. They, therefore, held
their subsequent offerings at q
cents. From April to April II,
the sales Of spirit turpentine were
confined entirely to domestic ship
pers, the exporters, in the meantime,
remaining out of the market. About this
time demand sprung up, but the factors,
| having held the receipts at their own ex-
! pense for number of days, determined
to increase the price to meet the losses.
! There were some sales made at q cents,
but the price advanced last Friday to
2714 cents, and was firmly held at the
quotations
BEGAN BUYING AGAIN.
This situation remained unchanged
until yesterday, when, it is said,
the exporters became convinced of the
determination of the factors to hold out
to the end, and again began to buy. All
of the offering stock was taken, which
amounted to about 10000 casks, as before
| stated.
One firm of factors remarked yesterday:
1.-THE buyers are now convinced that we
mean to hold together, and those who mad
sold short have been buying double the
amount of their orders, with view of
selling the surplus with profit enough to
balance their losses. The American
dealers in the north and west
are perfectly satisfied with the advancing
prices, and state that the higher the
price the greater the demand. The
domestic shipments have been steadily
increasing during the season The man
utacturers of spirits of turpentine have
appreciated our efforts to get the value
of the product, and now begin to feel en-
cOuraged over the prospects of obtaining
Fgfs, Uar,ffF lz,s..