The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-12
WENT UP TO 30 CENTS.
Highest Price Paid for Turpentine
i'm Ten Years.


After sSumbering for ten years spirits
turpentine apparently awoke from a Rip
Van Wink!e sleep yesterday, when the
opening price at the Board of Trade was
posted at 30 cents. The advance did not
come as a surprise 10 naval stores men,
as they had been expecting a record break
err from the well established upward ten
deney of the market, which has teen nov
ing up steadily for the last month AMI
over.
The animation displayed by the market
in its efforts to reach a record break ns
mark is suggestive of human conduct.
Some time ago the price declined. but
worked steadily up unuf Two weeks ago,
when il reached 1919 cents. 1t looked like
gigantic effort to run under The wire
then, but the demand interfered. and for
this reason another Start had to be taken.
There was a drop back 10 about IS cents,
and then summonng al its strength the
market again started on its upward ten
dency, landing yesterday al 50 cents at
both the opening and the closing quota
tons. There were good sales a the adj
vance, and The prospects of a sin higher
price seems TO be the consensus of opinion
among the naval stores men, some of
whom believe all precious records win be
eclipsed. Conditions. they say are favora-
be for this state of things.
Ten years ago, March H. 1889, spirits was
quoted in the local market at 50 cents, and
day later reached 81 cents This price
held for four days, after which 1t dropped
back 10 so cents On March % it went off
10 40 cents, and on the 9th to 4S cents,
after this II was slump, stump, slump un il
the quotation, in the vernacular Of the
street took on the appearance Of the
same Old smile" According 10 he repJrts
at The time there was a strong demand
at The advance, however, and stocks were
small and receips light
The restoration of prices ten years back
was something 10 stir the trade, however,
and by noon the advance was the talk 10
business circles. OF the older buyers some
remembered the advance of 1889, and We're
prepared, therefore, to discuss 1t with the
younger traders and make comparisons
What seemed to be of much interest to
many was whether the market would take
the same course it did after the last ad-
vance, but this seems to be generally
doubted. The statistics tend to strengthen
The present market, which has moved up,
It is claimed, in response to legitimate in
fluences. All the offerings yesterday were
eagerly sought at the advance, which is
another consideration that leads the hope
full to look for higher prices.
Some claimed the present price is due to
the fact an Antwerp steamer Is in port
loading naval stores, and that an effort
was on foot to move up the price for sup
plies which it was believed the buyers for
the steamer would require. On the other
hand, 1t is stated these supplies were OBJ
tanned some time ago. and that the theory
of a squeeze" cannot be urged against
the prospects of better prices. All buy
ers were not in the market yesterday,
which is another reason for believing fur
there Improvement awaits, as their pres
ence will keen competition and open the
eyes of factors 10 their interests.