The Montgomery advertiser., 1902-04-03
NAVAL STORES MARKET
REVIEW OF THE SEASON WHICH
 HAS JUST CLOSED.
Sheer Drop of 8 Cents Gallon Ex- plained-output of Turpentine for the Year Below
 10OO-10O1.
Special Correspondence. ]

Special Correspondence.
 SAVANNAH, March Silt remained for the closing day of the naval stores season Of isol-o2 to bring a decline in the price Of spirits of turrentine never before known time large exporter here had been pulling turpentine at the rate a rise of cent each Saturday. March 2sth, reached s3c, the high est for the season just ended While it was generally understood among the trade here that this price was entirely fictitious and any where from to 8c per gallon more than could be iegitimately obtained no disposition was shown in any quarter apparently to fu- terfere with the movepent, to pile more stun upon those engineering tho rise than they were disposed to take care of. It there when 1t was expected the market would ease down to trading basis. The sheer drop of Sc per gallon shows to what extent above the actual market the price went
 To the naval stores trade everywhere out side Savannah a market movement such as we have just had no doubt is inexplicable to them, and in justice to the trade here statement of conditions may not be out of place. While this rise was being engineered it must be re- light far below those for the same day last year. the statistical position of both spirits next crop that it will be late moving and greatly curtailed In the absence of any large large aecumulatons in their hands such as factor receiving. say. an average of 50 to % casks per day. would be willing 10 sell third a half this at 53c. with the chance of selling more on an even higher market. rather than run the price down in the face of very limited receipts for some time to come: It is aditted that fresh receipts will be at least three weeks ard possibly later in getting here. While. therefore, the high, price was above the price most buyers would pay. some were paying it for enough to free the market of unwieldly accumulstions. that the trade at this end of the line was satisfied after all.
 Such rise as we have just had is a power full stimulus in the sale of futures for May August delivery For the last two years this method of marketing has not been carried on
 
 season just ended than during the previous year. In fact. very little was sold for future futures were run up to ilU+i!sc. with con. tracts variousiy estimated at from 75.Qoo for account of importers and domestic hand lers generally.
 The present rise has not been without its good effect from local standpoint. Tho Ma tonal Tank and Export Company, the largest holders of spirits here when the rise started. is said to have unloaded something like 6. 900 to 1000 barrels on the scale up and un'ii recently said to have little more than 500 casks in all left. When the price was in the thrtes and forties the company was re- ported liberal buyer. taking all surplus supplies and storing them in its storage tanks at the Plant System wharves The fact that factorly to its stockholders who include all local factors with the exception of one large firm. is certainly pleasing to them
 The season under review was in many re- spects satisfactory though not as much so from the operators standpoint as previous seasons were Estimated the average price of turpentine at S2o per cask and rosins at B per barrel the total business for the year ooo No reeorSs kep3 the exact total of the years business in dol lars and cents, but conservative men say this estimate accords with their ideas.
 While the total crop figures are not yet re- ceived. and may not be for several days. un- til a number of ports are officially heard from. 1t is safe to say the outurn will be from 8 to 10 per cent. short of the season of 300 ol. This had something to do. of course with the shortage are attributed to several things one being the determination on the part of operators to cut down production to the world g reuirements by curtafling their operations While the crop short 1t is nevertheless true that the operator had many advantages, and not least among them better conditions as to labor, which has hitherto been mosmt vexatious question to the entire industry The better labor conditions are due to the short crops in the Carolnas, which forced the tur- pentine negroes to seek work in the turpen tine belt of the South Atlantic. and upon less dictatorial terms than he had previously ex- acted, There were too many applicants to dictate terms With this abundant supply of labor was an agreement by the Turpentine Operators Association to pay certain scale of wages, and this was adhered to- Then the arrangement among operators not to entice labor from farm to farm to disorgani zation was very productive of better results
 Every branch of industry in the South was affected for the past twelve months, and higher prices of all the necessaries Of life. This particularly true with the naval stores operator. and largely eNpldlnS the Ilt- tie actual profit most of them made during the season. Grain. forage. meats, flour and oe- reals. horses and mules. farm mpiments timber lands and practically every other thing needed cost much more than year ago. So heavy did .his fall upon operators ttat they give it as the main cause for their failure to have large credit balances with their factors.
 While fairly good prices we:" paid all sea it will be noted they have gradually de- herewith comparative statement of prices of spirits and rosins for the past three seasons;