The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-06
THE MORNING NEWS, TUESDAY, SEPTEMBER g. 1898

years.
The folly of a greatly increased cut Of
virgin boxes. induced perhaps by the very
bull movement Of the Antwerp company,
and the realization Of the buyers thar such
another movement was hardly 10 be feared
il the face OF a probably decidedly large
crop, gave the market a shattering blow
ar the opening OF the present season an
April, and for time there was reason TO
fear a continuance OF low. prices that
would be ruinOus 10 al engaged in the in
dustry Receipts were heavier than in any
preceding year for the first four months.
or until August with its rains began to
tell upon production, and prices sagged
steadily until in June 23la cents, the lowest
value Of the year under review, was
reached. Conditions then became better.
The enormous foreign demand, backed by
a better condition Of the consumptive IN
dustries at home, led 10 an improvement.
Europe. which had allowed its stocks 70
run down TO a low point. and whose needs
appear 70 increase yearly, required large
supplies. Buyers for foreign export were
compelled to compete for spirits and
more hopeful feeling took possession OF
this controlling primary market Stocks
in this country, despite the heavier re-
ceiprs, continued small, so great was the
drain upon them for export, and II became
apparent that the demand for spirits
would be amply large and continuous
tI4DusIl 10 dDSoID AllE pIOtilisNI cd-s Ati
the production. Early in July an upward
tendency manifested itself. The market
strengthened perceptably and a period of
higher values set in which promises to
continue during the remainder of the sea
son, or until the next crop finds its way
to market. The decrease in receipts during
the past six weeks, arising from the bad
weather, and which is likely TO continue
for fortnight or more longer, cannot be
made up. The fall trade demands in this
country promise to be better than IN the
past two years, al least; the foreign re-
quirements show no signs Of having been
satisfied and the outlook is accordingly
considered as favorable for even better
prices than those now prevailing. Every
thing seems to point to the remainder of
the present crop, probably about 40 per
cent, being marketed at remuneratve
prices
The fact must not be lost sight of,
though, that spirits is but one part of
the production of the naval stores indus
try, and while important is not the sole
factor to be considered in determining
whether a season has been, or is likely to
be- profitable to the operators. There IS
a tendency outside of the trade to look
at the prices for spirits and gauge the
past and the future by it entirely. This
frequently leads to uisap prehension as
TO the true status of the producers. Good
prices for spirits do not necessarily mean
that the producer is making money. As
a matter of fact they may merely enable
him to meet the effects Of low values for
his other great product, rOsin, and keep
himself afloat without adding TO his bank
account. This has unfortunately been the
condition which has existed during the
past twelve months. While spirits turpen-
tine has brought good prices, on the
whole, resins have been at a discouraglng
low ebb of values. Down the whole line
Of of
| distressingly low. 1t was due to this that
at the end of last March the statement
| was made by the factors that the year
| then closed had been an unsatisfactory
one. The poor prices for resins mad not
been offset by the high prices for spirits.
| So it promises to be during this season
unless there is soon a decided improve
| ment in rosin values. Pales have been
| at their lowest point, water white, the top
| grade sinking to $1.S5. Commons and
| mediums have brought unsatisfactory
| prices and the rosin market throughout
has been in a worse. condition than in
| years and perhaps than ever before. As
| a result of this the operators have held
| back in the woods great quantities or
| fine rosins in the hope that values would
respond to the smaller supply. The excess
| of supply abroad from the previous crops,
| though, has seemingly prevented any
| stress of inquiry for these grades and
| there has been but a slight advance as a
| result of this course. The only salvation
| of the rosin market, especially as regards
| the top grades, appears to be for the pro-
| ducers to either cut no virgin boxes the
/ coming fall and winter, or to cut so few
that the supply will be exceedingly liuni-
| ted compared with what it has been in
| the past three years. This would also
| hold down the production of spirits and
| practically guarantee a season of profita-
BILE figures
| While conditions may change during the
| coming months there seems to be little on
| which to base the hope that the year will
| end with the producers in much, if any,
| better shape than they opened the year.
| The only thing that could bring about
| a decided improvement in their financial
| condition would be advances in values of
rosin, and the signs of this are still lack
| ing. While the demand is sufficient to
| absorb all offerings there is a strong dis
inclination on the part of buyers 10 pay
| more.
To sum up, the outlook for spirits tur-
pentine is good, that for rosin holds out
little hope. The results of the year are
more than apt to be summed up in one
word, so far as the great majority of the
| producers are concerned, Improbable"
| Receipts Of, naval stores from Sept. 1.
1897, to Aug. 81 1898, as compared with
| the proceeding year.
Casks Spirits. Barrels Rosin.