The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-17
HIGH PRICES WILL CONTINUE.
MARKET HAS SEEN LAST OF 20 AND
30 CENTS SPIRITS.

Market-HeaVy Demand VIII Keep
Up Prices UntiI April 1-CrOp Has
Reached Its Maximum and Last
Years Established the High Water
Enthusiastically of Labor as Wen as
Lands VIII Prevent Further Elk
tension-JackSOnviII People VIII
Have to Enlarge Their Ideas
If They Expect to Capture Naval
stores Territory From Savannah.
THE days of % to 30 cents spirits tur-
pentine have ended" said a prominent
naval stores factor to a Morning News
reporter yesterday. Il am satisfied that
last years crop reached the maximum.
Had it not been for the freeze this years
crop would have doubtless equaled or per-
haps eXcelled last years and established
the high-water mark for the trade As
it is now. last years crop is likely to
prove the record crop.
LAS the result of the freeze the yield
this year is estimated to be 20 per cent
less than it otherwise would have been,
and the crop is expected to fall Is per
cent. short of last year. Both operators
and factors were badly fooled by the
to the trees just after the severe cold
wave in February, but little importance
was attributed 40 it, and the matter had
almost been forgotten until the noticeable
shortage in the yield this summer brought
the report very forcibly to mind Opera
tors generally reported that their croDs
were yielding anywhere from 10 to 1914
per cent. less than they had a right to
expect, judging from their experience in
former years and the reduced receipts have
verified their reports"
The factors usually estimate that one
half the crop will be received by Aug. !.
the four months of April, May, June and
July furnishing one-half the years sup
ply and the remaining eight months the
other half. 1t is estimated that some
thing over half the crop is now in This
causes the factors to believe that the pres
ent high prices will be maintained for
some time to come. Spirits were quoted
Yesterday at 1872, with a steady demand
for domestic supply, and several transac-
tons were made at this figure. 1t was
freely predicted that the price would go
TO 90 cents before the end of the week
dnd that in all probability il would reach
that figure to-day 4
With the exception of a few small con-
| tracts sold for September the work of
| hlllug contracts will be completed this
| month and a great burden will be rolled
| from the minds of factors and opera tors
| alike. The amount of contracts sold last
! spring was unusually large, and the I'M
| expected shortage in the crop has forced
| the factors to strain every nerve in order
| TO hll the contracts which they had sold
| for themselves and their customers Many
! operators oversoid their production, no al
! lowance having been made for the effects
! OF the freeze upon the yield, and the buy
! ing of spirits to fill these contracts has
had a great deal to do with the abnormal
| condition of the market
! This sort of thing has proven very cost
| ~ to those operators who oversold. To
| have to buy spirits in the market at AZ
to 50 cents TO fill contracts sold at 30 cents
Is terribly expensive, as many of the op-
! orators have realized. An Old operator
| who conducts a very large business. and
! who sold largely on contracts, was in the
| city few days longer said that he would
| not be alive to see the end Having sold
on the basis of a yield of 1000 barrels
| While his crops have only been producing
on 5000 barrel basis, he has had a terri
| BILE time Of it, and when he said that he
| had hardly slept for weeks he doubtless
told the truth.
There should be some money in the
business for The operators after August, 4"
! said well known factor. with the work
OF filling the contracts practically over
| there VIII doubtless be a concerted effort
| on the part of the buyers about Sept
| to deprsss the market. If the factors will
| hold together however. they win have nc
difficulty in maintaining prices. The sup
| ply is known to be small and every barre
of spirits produced this year win be in de-
| mand There is no reason why prices
| should not range between As and so cents
a gallon until April l, when the new naval
stores year begins"
There win be less surplus to be carried
over April 1 than in any year for mum
Der of years past. Hence I am inclined
to believe that high prices win continue
| indefinitely. The day of % and so cents
| spirits has passed. The crop has reached
| lis maximum and with the Increasing de
mand every gallon of spirits which can be
| produced hereafter win be in demand
The high prices received this year will
| undoubtedly encourage the opera tors tC
| make extra efforts next year. but there
| are a number of things which will con
| tribute to prevent any great extension OF
| business. The main cause which VIII con-
| tribute to cOnfiue the business within pres
| ent lines is the lack of labor. Turpentine
| men have more difficulty every wear ir
obtaining a supply of labor There is no;
| sufficient labor in the turpentne belt al
| present. and the demand is not likely to BIZ
| supplied. The Carolinas have been drained
! ard ghe agents who go there every season
bring back fewer laborers each time"
The striugency in the labor market Is
easily accounted for The phosphate bus
iress of Florida is booming and hundreds
| of laborers have been drawn from the tur-
| pentlne fields to the phosphate mines The
timber business is booming, and ha.
drawn many laborers away from the tur.
pentine farms. These are not the onh
things which contribute to diminish the
supply of labor of the operators. The labor
on the turpentne farm is hard work. ano
| ii is well known that the negroes seldom
| stick to this work more than a few years
! They seek some easier employment, AM
one which offers more attractions The
| railroads are employing many negroes IN
their repair and bridge work. Many OF
the negroes settle down as small farmers
as they can get land very cheap. and fine
no difficulty in making living with much
! less work Than on the turpentine farms
| The scarcity of available lands and high
| er rates of transportation viii also con
| tribute to keep down future crops"
The Jacksonville people have been max
d.