The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-03
CONTROLS SPIRITS MARKET.
HOW THE PRICE OF TURPENTINE
HAS BEEN FORCED UP.

The Antwerp Company's Purchases
Results in Its Reaching the High
est Point Known in More Than
Two Yenrs-They Bought When
others Were Trying to Bear the
Mnrket-ThOse Who Sold Short
Now Find Themselves in IA Hole.
VIII Have to Produce the stuff or
~, Pay the Loss.
While the planters Of cotton are in a
state of disappointment at the steady de-
cline in the price of the staple, the turpen-
tine farmers are overjoyed at the greatly
increased value of their product.
1t has been a long time since spirits tur-
pentine brought the price at which it is
now selling. 1t is not due to any more ur-
gent demand than usual, as there has
scarcely been day during the past five
years when the entire offerings would
have been taken at the current price, had
the factors been disposed to sell.
For a number of years certain exporters
ruled the market to a great extent, and
when the bulk Of the crop was arriving,
put the price down to the lowest notch.
When they had full stock on hand and
the receipts became light, they then raised
the price in order to secure large profits on
their purchases.
An attempt was made this season to bear
the market. It is said that some of the ex-
porters had sold short and expected to buy
spirits at about % cents. In this they were
mistaken. The statistical position of the
rlyef in fa IF to Nloa
shortage in the crop began to show up in
July when it was seen that the receipts
were then about 10000 casks less than for
the same period in 1895,
1t was at this time that the Antwerp
Naval Stores Company came to the relief
of the market, and by purchasing the daily
receipts a about Fl to 241a cents a gallon,
soon came in possession of about $4,000
casks, almost the entire stock at Savan-
nah at that time. This company did not
stop at that AS soon as other buyers
came in the market, the Antwerp people
continued TO make purchases by bidding
higher than the other houses, until they
cornered the market and were in a posi-
ton 10 dictate at what price the product
was to sell. In the meantime they made
some heavy shipments TO Europe and dis
posed of a quantity of their stock al good
profit.
4The most interesting period of the boom
in the spirits turpentine market has been
during the past week, when the price
steadily rose from 1914 cents to 81 cents
gallon. The market closed yesterday at
the latter price, with a good demand for
the days receipts.
During the recent advance the Antwerp
company, after making a daily bid for the
offerings, has held out and allowed other
houses to make purchases at a higher
price. In this way the price has been
advanced. while the holdings of the COM
pany have been enhanced in value.
The price at which spirits turpentine is
now selling is higher. by to g. cents,
than 1t has been in nearly three years.
The last time that the price reached 81
| cents was in April 1895, and then the
market held good only a day or two 1t
Is now holding this price pretty well, and
! the Antwerp people seem to be in posi-
| ton to do some debating to the market.
Those who have sold short find them
| selves in somewhat of a hole, as they will
either have to produce the stuff or pay
the losses.