The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-12
SPIRITS STILL ADVANCING.
The Price Yesterday IS Cents Bid,
with Demand Firm.

The situation in the naval stores mar
ket sun continues abnormal. The price
OF spirits yesterday was IS cents bid with
strong demand for export and very lit
tie STUFF cod. As previously explained
the situation is due 10 the large amount
Of contracts sold and the shortage in the
crop due to the February freeze. The pre-
diction that spirits viii go to 50 cents be-
fore the end OF the month is stil freely
made
While the market reports show a very
small amount OF stuff sold many produc-
ers are getting the market prices for their
surplus stuff A well known factor eX-
planned this Yesterday by saying that there
are many operators whose production is
falling short of their contracts. There
are others who are producing more than
their contracts call for. In order TO make
up the shortage of those who have over
sold the stuff shipped IN by those who are
not in this predicament is being used by
the factors to fin the contracts of those
who sold too much The lucky producers,
of course, get credit for their stuff at
market prices while the other people
pocket the loss. In some instances fac
tors applied free spirits shipped in July
to August contracts and thus saved their
customers considerable money by relying
Another thing which has contributed
TO The scarcity Of free spirits in The Sd
vannah market" sid a factor Yesterday,
lis that Carrahcne and Pensacola con
tracts are being filled here. These contracts
were sold subject 10 Savannah delivery.
The Standard OH Company is tax ng AL
the stuff offered at Pensacola and Cara
belle at the market prices a slight deduc-
ton being made from the savannah prit :
to allow for the difference in freight. This
makes it necessary for the contracts sold
at these points 20 be filed at savannah
and helps to account for the scarcity OF
free spirits in the Savannah market While
the amount of The output sold on CONTRACTS
is estimated at 60 per cent, mos OF The
stuff so far delivered has been on contracts
and hence the scarcity Of free material in
the market"
The receipts Of both spirits and to-in are
considerably behind last year with httie
indication that the loss viii be made Up,
and hence the buyers have little - hope
for in the way of reduced prices. AS they
are getting most Of their stun on con
tracts, however, they have nothing TO COM
plain of. The situation presents the re
markable anomaly of unusually nigh
prices prevailing with nobody making any
large profits. The producers SOD last
spring az prices from Is to 10 cents below
the present market quotations. The fac
tors acting for the producers sold to the
exporters. who i'm turn sold TO their Gus
toners abroad and these sold to the man
ufac,urers of paints, varnishes and o her
products I'm which turpentine Is used. All
transactions were based upon The then pre-
vailng prices hence very few are delv-
ing any benefit from the present high
prices. The spectators would have had
a snap, but nobody seems to have autici-
pated the present condition of things. The
few producers who did not sell contracts
or who only sod a small percentage Of
their output are getting some benefit QUO
of the situation.