The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-08-12
SPIRITS JUMP TO 27A CENTS.
Rush of Exporters to Get the Re.
ceIpts Blooms the Market.

Rush of Exporters to Get the Re-
celpts Blooms the Market.
There was a lively time in the spirits
turpentine market yesterday. Not even
the 'downpour of rain during the afternoon
dampened the ardor of the exporters who
were hustling around the offices of the
factors to find out what quantity had been
reported at the railroads, and to raise the
bid of the previous bidder.
AT the opening of the market in the
morning there were sales reported at 26Ikc
gallon. This was Ac above the price
of the closing of the day before The first
bid of the day was 2694c for the entire re-
ceipts.
The anxiety which buyers were display
ing gave the factors considerable firmness
and the latter awaited the result of the
day with renewed confidence. AT the close
of the market the official quotation at the
Board of Trade was 262lc bid. Soon after
the closing of the board there was a bid
of &c placed with the factors;
then came higher bid of
271s cents, and finally the latter bid was
raised to 2714 cents, at which figure tie
sellers concluded to unload, as it was get
ting dark, and for fear that the demand
might not awaken in such a lively manner
in the morning.
The present boom in the spirits is entire
ly unexpected, but the circumst ances sur
| rounding the market conditions have been
brought about by causes which could not
roll cd nv t1,.a i
to be purchasing the product at several
cents less than the present price.
During the early part of the war with
| Spain it was almost impossible for ship
| pers TO charter vessels for foreign voy-
| ages, and even after it became known that
! the immediate danger 10 ships had passed.
the owners held freights at such a high
! figure that only few charters were made.
! However, contracts TO furnish spirits to
European markets had been made, and,
! later, large number of vessels were char
! tered to take cargOes.
These vessels have begun to arrive. Sew
! eral of them have been here during the
| past few weeks and have cleared and sail
! ed with large cargoes of spirits. The stock
! on hand is much smaller than it was eX-
| pected it would be al this time of the year,
on account of the buying of the receipts
| by a prominent exporting company which
| made large shipments by steam and sail.
| 1t was confidently expected that the re-
| Ceipts during the last few weeks would
| have been much larger, as it was generally
! thought that there would be a large in
! crease in the production, and that there
would be enough here in time to supply
| The exporters at a lower price than they
/ are now paying.
! Unfortunately for the buyers the receipts
! have not como up 10 expectations. The con-
unued rains. it is said, have put the roads
| hauling The product to the railroads. Be
SIDES this, 1t is said that there has been
| some difficulty in getting cars in which to
! ship navel stores, on account of their use
! by the government in transporting troops
| and supplies. 1t is also claimed by some
| of those interested in the trade, that the
! large stock of manufacture product ex-
pected, Is not in the country and that sew
| eral operators have bought spirits turpen-
tine in the Savannah market to be able tc
fill contracts which they had made and
were not able 10 supply from their own
| farms.