The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-27
SLUMP IN SPIRITS.
THE AGREEMENT AMONG FACTORS
TO HOLD AT Csc BROKEN.

Sales of 3,O5O Casks at 24A Cents.
subsequent Sales at a Further De-
cIine-The Market DemOraIixed.
ROsin Firm and Unchanged-COttOn
steady and Unchanged With a
Fair Demnnd-WhOIesale Markets
steady-TeIegraphic Reports.
Savannah, June 26.-This day win be re-
membered as one of unusual excitement in
the naval stores market. The cause was
the unexpected and sudden decline of spir-
its turpentine. Without any special agree
ment or combination, except, it is reported,
among three leading factorage firms, the
price had been held at Is cents for about
a week. 1t was known that the Antwerp
Naval Stores Company was in need of
spirits to ship on the steamship Iris,
which had been expected 10 arrive for sew
eraI days and it was the intention of the
sellers to hold up the price and make the
large exporting firm pay well for their
cargo. The steamship arrived yesterday,
and then the confident factors expected
that their opportunity had also arrived.
In this many of them were mistaken.
The situation was freely talked about
by the smaller factors, who appear to be
the sufferers by the break in the market.
They say they had been bid 247sc for all
of their holdings, up to the closing of the
market Thursday night. AS they under
stood that il was a general agreement
that the price would be held at 25c, and
that they would reap a share of the pat
ronage in the SALE and, not being willing
to take the responsibility of breaking the
n
This morning they were informed that
the Antwerp Naval Stores Company would
need only 5000 casks to complete its cargo.
the company having been buying small
lots from. day to day, and had swelled Its
stock sufficiently large to enable it to give
the Iris full cargo.
Then the excitement began. The smaller
factors formed into a committee and
called upon the large factors to learn the
situation of the market. They were in
formed at u o'clock that the agreement
to hold the price at % cents was still
firm.
A surprised set of sellers viewed the bull
letin at the Board of Trade at 1870 p. m.
1t was Spirits turpentine, 2434c; tone
firm; sales, $3.50 casks" Three factors
were said to have each disposed of 1000
casks at the quotation.
CONSERVATION, disgust and disappoint-
ment were on the faces of the crowd of
After the market closed everybody hur-
ried to unload at the decline. In this they
were disappointed Another buyer was
ready to take some of the offerings, but
only at a further decline. There was no
alternative. The market was completely
demoralzed, and the situation appeared
to be decidedly weak. Down went the
product to 241ac. and it is said that there
were large sales at that figure.
During the past week there was an ac-
emulation of about 10000 casks, in first
hands, and after the sales of to-day there
is considerable left on the market. Some
of the factors fear that there will be
further declines.
The rosin market was firm. with good
sales. The cotton market was steady and
unchanged with a fair demand. The
wholesale markets were steady and gen.
orally unchanged. The following resume
OF the different markets will show the
tone and the quotations at the close to-
day: