The Savannah morning news., 1900-06-15
NAVAL STORES NOW STEADY.
BELIEVED THAT BOTTOM FIGURES
HAVE BEEN REACHED.

The Market Firm With n Good De-
nance of These Conditions-Buyers
Do Not Seem to Expect Further
Reduction-The Labor Situation
Growing More Acute and Factors
Predict Pronounced Shortage.
Lumbermen Are Unhappy over
Their Prospects-BoOm Prices
Have Ceased and the Demand Is
Also sIack-Schooner FreiGhts
Have Fallen in Unison.
Morning News Office, June H. 1900.-Af-
ter dropping steadily without interm!s-
sion almost for the last ten days two
weeks the turpentine market appears to
have got a brace on itsef and the in
dications that the bottom has been
reached
The buying by a Jacksonville house to
I'll contracts developed unexpected
strength. AS soon as the local buyers
found the Jacksonville firm was in the
ma; ket. they, or at least some of them,
showed a willingness to take considerable
stock at the market price, and as the
factors were stiff the price promptly went
10 "A cents at which most of the sales
were made. OF 1.l9S casks of spirits sold
To-day al but 81 were made at this
price.
The factors are inclined to believe that
the market will now remain steady at A.
or very close to that figure at any rate,
and some of the buyers are inclined to
agree with them. On account of the fall
H., u,
receipts this month has been applied to
contracts. Both factors and buyers are
aware of this and the former feel that
they have the commanding position for
the rest of the month.
After the close of the present month it
is believed THAI the indications to what
may be expected of the crop will be so
clear that there will be no further attempt
to depress prices. The labor situation in
the country is becoming more distressing,
and there seems to be no prospect of re-
lief. The operators undoubtedly cast their
plans for large crop, but the late spring
interfered considerably with their calcu-
lations The general demand for labor
from all sources compelled the operators
10 pay high prices and they are meeting
with the usual experience of those who
handle negro labor of this class the high
er the wages the more unsatisfactory the
results The ordinary turpentine hand has
no thought of the future and if he can
earn enough money in four days for his
needs he will not work six. Both factors
and operators express the fear that the
crop will be materially cut short because
of this state of affairs.
There are also other causes which will
probably contribute 10 decreased receipts
at this port this month. Owing to various
causes about 1900 barrels of spirits were
shipped to Savannah last month from
Tampa, Carrabelle and that territory. Ar
rangements have now been made at che
ports named to care for their own re-
ceipts On this account it is predicted that
the shortage in the June receipts here will
be more pronounced than was the snort
age in the May receipts.
The lumber people are feeling rather
blue over the prospects for the summer
The tieh prices which prevailed several
months ago, and which seemed to bid fair
to put the lumbermen on the topnost
wave of prosperity, are a thing OF the
tast For several weeks there has been
a steady downward trend and the lum-
bermen are wondering where II will step.
Not only are prices falling, but the de-
maud has slacke1 off very decidedly. A
great deal of lumber has been shipped re
Gently but most of this was on o.d or
de- s The~e are seine inquiries, of course.
but the outlook is not one to make the
lunbermen happy.
The rapid drop in the price of lumber
is attributed by some to The fall in the
price of schooner freights. 1t is an old
saying with the mill men that nigh
freigh mean good business and good
prices fer lumber. Less than three
months ago the schoorers were getting S.
a thousand on lumber to Northern POI Is.
When the demand Stacked up the schoon-
ers began reducing their freight charges.
The Northern lumber jobbers readjuste1
their prices crdngiy This gave the
Northern lumber dealers and builders the
idoa that lumber was falling in price,
and with one accord they all seemed to
have pulled out of the market with the
determination TO wait for bottom prices.
TIE remarkable demand and unusua .ly
high prices of last winter naturally caused
great many mi Is which had been shut
Gown TO open up again greatly increas-
ing the OUTPUT This is an unfavorable
feature Of the situation
COTTON.