The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-07
WILL BUILD TANKS
STORAGE FOR $4,000 BARRELS OF
SPIRITS TURPENTINE.
BIDS FOR TANKS SUBMITTED.
CONTRACT WILL BE AWARDED IN
4 FEW DAYS.

Two Tanks ON the Plant system
Wharves, Two at the $. A. l.. Term
inaIs and One ut the o. s. Co.'s
Wharyes-The Tank system of
Storage Will Bring Radical
Change In Handling Furpentine.
Will Bring the Product to the
Front in the Futures Market.
Charter for the Storage Company
to Be Granted This Week.
The National Tank & Export Com
pany's special committee opened bids
yesterday for the erection Of five huge
tanks for the storage Of spirits OF tur-
pertine at Savannah, and Will probably
award the contract within a few days.
After the bids were opened and discussed
it was decided to wait few days before
taking action. For time 1t was thought
that the talk OF building tanks was more
for effect than reality but the prepara-
tions which have been made to begin the
work remove all doubt about the inten-
tions Of the promoters.
Five tanks will be built within the next
sixty days, and more may be contracted
for If the necessity for them is demon
strated. Two tanks with capacity each
of 5000 barrels will be located at the
Plant System wharves below town, two
more at the Seaboard Air Line terminals
across the river, and a fifth tank OF the
same capacity at the Central Railroad
yards, above town. With this capacity of
25,0O0 barrels 1t is thought there will be
ample provision for the demand for
storage. The interest taken In the
project indicates that the company will
probably be called upon to care for large
quantities of stuff.
While the details for receiving spirits
and the terms OF storage have not been
arranged 1t seems certain that the effect
will be to bring about radical changes In
the handling of turpentine in this mar
ket. The company will issue negotiable
warehouse receipts for all stuff turned
over to 1t. The probability is that this
will bring spirits to the front as an ar
ticle of trade for future delivery, which
could not well be done heretofore with
out great risk owing to the inconve-
niences in storing. The price fluctuations
gave slight reasons for fearing loss in
comparison with the possible leakage
from the casks. With the chances
dBdiHhJ HolueTb on account OF possible
leakage, together with the risk Of mar
ket fluctuations few cared to hold tur-
pentine for a turn. The facilities offered
by the storage company VIII AFFORD adj
mirable advantages for trading lin fu-
lures Large quantities may be bought
on margin and stored, with the company
The fact that the banks will readily take
the negotiable warehouse receipts Will
make II possible for persons with small
means to take a flyer" on spirits
Whether there will be much Of this trad
ing remains to be seen but II Is the cur
rent belief that considerable stuff may be
carried on margin.
The charter for the new company will
Derior Court on May 10 While Il will
give to the company the right to CONDUCT
all sorts Of operations in connection with
the naval stores trade, II is understood 10
be the company's purpose. at least az
first, to restrict it's operations to storage
only II will depend largely on future
developments whether exporting will be
undertaken. Aside from the Investment
feature one of the main objects IN build
ing tanks IL the protection OF factors
against the sharp hammering OF the mar
ket by exporters as shown by recent re-
cessions In the price. with the facilities
for storing stun TO await market the
trade believe tanks will have a steadying
effect on the market. az H. will be only a
matter OF a few hours to store supplies
when It seems necessary 20 sell at a sacri-
fee.