The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-04-01
NAVAL STORES FALLING OFF.
$4,000 PACKAGES LESS LAST YEAR
THAN THE YEAR BEFORE.


tine Ran the Gamut of Prices-The
outlook for the Coming Season.
where Last Years Crop Went.
The naval stores season of 1898 closed
Yesterday. Taken as a whole the trade
during the year was satisfactory to all
concerned in the business.
The receipts during the year were $1,000
packages less than in 1867. The de-
crease was $4,000 casks of spirits turpen-
tire and 1900 barrels of rosin.
II was expected that the decrease would
he greater than it turned out to be- Dur.
Ing the early part of the season a com
n9rison of the receipts was such as to
give credit to that opinion, but as ths
season advanced, shipments increased and
the shortage gradually grew less. The
renaunerative price which has prevailed
for turpentine since the middle of June,
caused operators to look more confidently
to the future, and no attempt was made
10 hold down the production of the coming
year,
1t is understood that the producers used
all Of the advances they could secure, and,
by cutting a greater percentage of new
boxes.
A large number of turpentine farms in
this state have been deserted, while hum
dreds of operators have gone to the new
fields. of Florida. The weather was favor
able during the cutting season, and the
outlook for an early movement was never
better However. from some cause not
explainable the receipts during last month
were not as heavy as was anticipated. II
is generally expected that unless heavy
rains should wash the turpentine from the
boxes, or the war scare should run the ne
gro turpentine hands from Florida back to
their homes in North Carolina. the com
ing crop will be a large one and that the
movement will be heavy in a few weeks.
While prices are well maintained at the
opening of the new season, there is some
,oubt about the values of the product that
will be offered in May, June, July and
August. Sales of futures are said to have
been made for delivery in these months, at
25l8 cents.
The receipts of spirits during the year
were 313,797 casks against AS In 1886
81. The exports were SOlS6O casks, of
which 1895 casks were shipped to for
eign ports and 1855 casks coastwise and
to the interior. The total exports In 1886
81 were 329, 92S casks.
The receipts of rosin during the year
were LIZ, 100 barrels, against 1,i76,O72 bar
res in 1851 The exports were 1,lS1,025
barrels, of which $50, III barrels were ship
ped to foreign ports and 323, 1903 barrels
coastwise and to the interior. The total
exports in 1S96-I were 1,133,711 barrels.
Il III > sr,r and
and on shipboard at the close of the sea-
son of 1897-98 is 1918 casks, against 4,S36
casks at the closing Of the season on
March 81, 1897. The stock of rosin on
hand is 1T, 434 barrels against 1889 bar
rels at the close on March 81, 1891 The
stock of rosin at the opening of the new
season, which begins to-day, is lower
than it has been at the same time for sew
eral years.
The course of the spirits turpentine mar
ket during the season just ended was
varied and with greater range of prices
than was ever known in the history of
the trade. The greatest difference in the
price was 10 cents a gallon, the lowest
price being "a cents in June, 1897, and the
highest 80 cents, which was reached for
day, in March.
At the opening of the season the price
OF spirits turpentine was 2714 cents. There
was a gradual decline until July, when
the lowest price of the year. "a cents was
reached. Efforts were made to carry the
price even lower, but fortunately there
was one firm of exporters which thought
the price was low enough and began TAX
ing the daily receipts at the market quo
tation. Whenever other buyers came into
the market, they were over bid and grad
ualiy the price rose to q cents. In Au-
gust there was a decline to IS cents and
subsequently an advance to 274 cents. The
principal buyer had accumulated an i'm
mense stock by this time and was in
position to control the market. It is
thought that this company had become
ovefstocked, but whenever other buyers
onered to purchase, the price was steadily
piu up and those who were urgently in
heed OF stocks were compelled to pay
the advancing prices. The price grad
uaily rose until the middle of October,
"hen 1t reached 50 cents. During the lat
yer part of the month there was a de-
cine to % cents, a reaction to 80 cents
ana 1t finally closed at 29A cents a gallon.
IN November the price dropped to 2S1s
oeHls' out recovered and went up again to
owe cents There was steady advance af-
N' tildt, the price reaching 81 cents in De-
Celnoer; S21s cents in January, 341a cents
III FEBRUARY and 80 cents in March.
"hlle the price in March suddenly ad-
Eanced from 341a cents to 80 cents. the
pasis. It was suspected that the market
was oens manipulated for jobbing pur-
Poses' The daily receipts were very light.
ana Whlle the price was forced up to 80
eeuts, 1t was generally known that hold
i9 Oh large stocks took advantage of the
ouIse and unloaded an immense quantity
at 90 to 80 cents, these prices yielding a
handsome profit, as the stocks had been
figure.
As soon as the market became settled
TleIe was legitimate buying at So cents.
ne price then gradually declined to Z71s
seuts' after which renewed activity took
pace and it gradually advanced to 80
Ignls again. For a few days during the
iaIler part of the month the market was
quiet' and yesterday, the last day of tie
sIdson of 1898. the price declined and
closed at 20 cents.
Ihe average price of spirits turpentine
Ior the past four seasons was as follows:
aaogl-9S 30 cents; 1S96-97, 247s cents; 1856,
4o,2 cents; 1S94-95, 2715 cents.
" nile turpentine averaged a higher
pllce than in three previous years, rosin
showed a decline in Value There was a