The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-07
TREMORNING NEWS: THURSDAY. SEPTEMBER T. 1885,

values that ruled dINing the months of
May, June, July and August, for pro- |
dueers to lament the fact that they sold |
so heavily of their spirits turpentine in
advance instead of waiting events and |
taking prices a they came, there Is hard |
~ any reason TO doubt but for the fact
that such large sales had been made in
advance the market would have ruled low
er than it did. j was the very fact that
the sales of futures had absorbed such
large proportion of the receipts, leaving
but few thousand casks to come on the
market each month, that led TO the mar
ket's rapid movement upward aud its
being maintained at 45 cents and above
over such a long period.
The wisdom of selling futures at an aver
age of 80 cents for May-August is like
wise evident from consideration of the
range of prices for those months in pre-
vious years. 1t being in 1S9S-lS99 23la to 2i%
cents; in 1S97-9S, "a to 27i4 cents; In 1851,
% to 251s cents; in 1886, % to 271s cents:
in 1S9i-95 2612 TO 29ia cents, and in 1884
% to 272t cents. There is hardly doubt
that for the contract spirits the producers
received 4 TO cents a gallon, or $500 70
$3.50 a cask, more than they received for
the spirits marketed by them in May-Au-
gust in either of the previous four years
When it is also considered that for their
free spirits they received an average OF
probably over 45 cents gallon during all
of these months, it is beyond dispute that
from the standpoint of spirits nearly all
of the producers have little reason to COM
plain of the results of their actions in sell
ing futures.
Some of the operators who oversold and
were forced to come upon the market for
supplies to meet their contracts, of course,
found their operations in futures not very
profitable, but on the whole the results
must be regarded with satisfaction. The
number of those who have lost money by
their contracts is but q small part of the
great mass of naval stores opera tors.
The end of August has brought deliver
les on contracts practically to an end. For
September the sales of futures aggregate
hardly over 1900 casks. With all the re-
ceipts coming on the market, il was but
natural to expect some decline in values.
The break, though, has been comparative
ly insignificant up to this time, when val
ues are compared with those of previous
years Consumption since the first of
April has not been equal to that of las,
year by probably 10000 casks, and If the
consuming trade is under any necessity
to fill this vacuum, either wholly or large
~. there is good reason for the hopes of
the factors that values for the remainder
of the year, or until next April, will con-
tinue over 40 cents a gallon, giving the
some profits from the spirits yet to he
marketed AS there is still about 40 per
cent. of the crop 10 be marketed, main
tenance of such prices will enable opera
tors 20 close the year in better shape than
for some years past.
1t is TO spirits only, though, that the
producer can look with any pleasure. ItOs-
ms have had another disappointing year,
and the outlook for them is not rOseatc by
any means. The causes that operated TO
reduce the crop Of spirits turpentne also
Infected the yield of fine grades of rOsns,
and the supply of them has been less tnan
in either of the previous two years. out
side of the direct effect from the blizzard,
the desire of the operators to get all OF
the spirits possible out of the sum has led
to a lessened supply of the two top grades,
less attention being paid to their produc-
ton than to the securing of every drop
Of spirits that could be possibly obtained
from the crude.
While the effect of a diminished supply
has been somewhat of an appreciation or
value the advance has not been sufficient
to offset either the decrease in supply or
the lower values prevailing for the low
grades of resins, the prices for which have
been very discouragiug. As the bulk OF
rosins produced is of the lower grades,
and the yield is averaged at three and
one-half barrels of rosin to one cask of
EDlrlIS, J
the common resins materially diminishes
the profits of what would otherwise be the
red letter year in the history of naval
stores in this decade. If spirits keep up
in the fortes, though, as many believe
will be the case even the low values for
the bulk of resins marketed will not pre-
vent the year from proving an exception
ally good one for most of the producers,
enabling them to wipe out much indebted
ness and putting them in good condition
for the future. At this time the outlook
is for higher values for the fine rosins
and no Improvement for the low grades,
with only the possibility OF any augmen-
tation of demand in favor of the latter
helping the producers to somewhat bet
ter values than at present commanded.
While there is said to be considerable
resins held back in the country in the
belief that pales will go higher, the expert
ence of factors with stuff shipped In I'M
der the impression that 1t Is fine grade
leads to the opinion being freely expressed
that the greater part of any held back
will prove to be medium rather than fine
when officially graded here.
Receipts of naval stores from Sept. l.
1885, to Aug. 81, 1899, as compared with
the preceding year:
s.ss ID. - .-g.x