The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-04
SPIRITS MARKET ABNORMAL.
.,,.u PRICES OFFERED, But
LITTLE STUFF SOLD.

sta. NdVnncing at the Rate of
, Day and the End Not IN
.,.bt-ExpOrters Find 1t ImpOssi-
,.to BUY Anything-The Bulk OF
~, Weld sold ON Contracts Last
s.rins at 10 to ii Cents Under the
4 ant Market Price-The Yield
! ,,.t short by the February Freeze
4 , tbr High Prices Not Proving
Il suueb Benefit to the Producers.
II r. condition of the navai stores mar
most remarkable one. With spir-
~ ,nroantne bringing the highest price
Il ...,rs no one has any turpentine to
a ~, Yesterday spirits were quoted at A
& an increase of l cent a gallon daily
,,s last four days. AS a matter of
a.. there was no market. as high as
4 an. hsing offered, and even As, without
Il any sales,
r,is remarkable condition is due to two
s ..,,sss the shortage in the supply, which
q d becoming more marked every day, and
n .bs large quantity of spirits sod on con-
,-,c,. by the producers 1t IS estimated
,A.t fjlfy 80 per cent. of the output was
sold al prices ranging from 30 to 80 cents
,.r gallon. When these contracts were
made both producers and factors, having
in view the low prices of former years,
considered The prices entirely satisfactory.
The opposite is the case now.
& nh, daily Increase in the price of spirits
4 brings little joy to the hearts of the pro-
Fl ap,ers for the simple reason that 1t means
n robfng TO them. Their product has al
e ready been sold at a price far below the
market and they must continue to de-
n liver at the prices agreed upon.
81 IL is pretty much the same thing with
-ta factors. They sold contracts for the
cus. oraers. and now they are kept hustling
t,fI these contracts as they mature. The
81 temptation to sell at the high market price
I'm no much for some of the producers and
n Occasionally q factor finds himself left in
. lfe urch Il is said that one well known
4 arm was in the market for quite a large
Eamount of stuff a few days ago, but
#ybether because of defaulting customers
Eor because the firm had sold contracts on
MS own account is not known. The oper-
fation was losing one either way.
i II is this desperate effort to fill contracts
(which is sending the market price skyward
ana until the strain is relieved conditions
xviii remain the same. Il confidently eX-
" beet spirits to go to so cents before the
end OF the month said well known fac
tor Yesterday.
The damage done by the severe freeze
has spring is just now beginning to be
REALIZED. The crop is estimated to be fully
n ger cent. short of what is would have
tsfn otherwise This and the large SELL
ing of contracts for future delivery ac-
Dlns for the present state of the spirits
Earket
People who are not in the naval stores
business, and who simply see the reports
the papers of the high market prices
lagne that the producers and others in
Etsted in the business are a lucky lot
men" said well known factor. las
matter Of fact, there is no such cause
r concentration. The bulk of the stuff
H being delivered is at an average price
cents This is a fair price, and un-
h the normal conditions the producer
lld have nothing to complain of The
anage done by the freeze of last winter
much greater than was supposed at
be time, the yield being off at least %
cent With the reduced yield and the
Q Tor he is marketing his stuff about 10
Ndu2er is not subject for congratula-
m As matter of fact few customers
reducing their accounts and most of
hem are as deep in debt to their factors
ever
Those producers" continued the factor.
sfo did not sell contracts and who are
@kins Old boxes are making some money
Their profits are not great because Of
reduced Yield. All is not gold that gilt
efnH Il.
"a The tnrpentine men would do well to
9K closer before bemoaning their own
1happy situation"
Inc exporters are more dissatisfied with
situation than any other class of the
aae 10 the present condition of the
aiNet they find it almost impossible to
anything for export, and the outlook
sun higher prices is not at all to their