The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-08-21

sueh IL the Atsituoe OF New York
Wh"iesnte Spec"ssaers fn sweet.
nesss~ome Large Figures.

The excitement in the sugar market
continues, but very little business is
being transacted. William Nelson.
Secretrry OF the Importers and Grocers'
Board OF trade, stated to a Tribune re-
porter yesterday that the importa.ions
thus lar during the month Of August
had been light, and that the withdraw
ais from warehouse had exceeded the
importations by a very large amount.
probably from 100000 to 1900. 600
pounds. In June the importations
were $50, ,OOOO, 900 pounds, and in July
only l6O 200, 900 pounds, land this fall
ing on, he stated, twill continue to q
greater or less extent every month.
The advance in prices brought sugars
from all parts of the world to New
York, and the natural results are a
largely over-stocked market, a fearful
depression in prices, and the worsting
OF the spectators.
"Most OF the importers and refiners
are very wealthy, and can easily con-
troll millions OF dollars, but precisely
eow long they stand up. il further
decline should occur-which is proba-
ble-it is difficult to say, but think
most OF them can weather the storm"
Mr.. Nelson furnishes the following
figures, showing the number of pounds
OF sugar entered and withdrawn in
July, and the stocks on hand Aug. 1,
1876, and Aug. /, 1877:
stock in New York July /, ls7T...... s4S, $50
hhules ior July /, ls''...... ls2,sS6,s24
Total. ....................s $50. Tes- sl4
Withdrawn Wind nj for consumption -.
Re-exports for consumption
July l. ISL. ............ ISL, ,7os-s2, ,s7s
Stock in New York Aug. /, Is7T...... sOO,oss, $40
Stock In New York Aug l, ls7e...... l45,sOl,oo.
Excess over 1916. s76.................. lB.4se,ss,
At the Office of L. w. Durant & Son,
large sugar refiners, the junior mem.
ber Of the firm entered very freely in
TO conversation, and gave substantial,
the same visy of the cause of the pres
ent condition Of the market as Mr.
Nelson. He added: "There are as
many chances of loss in specializing in
sugar as at faro or roulette. Thc
shrinkage of sugar is heavy, and othe,
losses result from it's running into sy.
rup, from heavy duties and from ware
house charges, so that when there is al
actual advance in price of one and
half cent a pound, the net profit vii
not exceed half a cent n pound. Tho
market now is overstocked. When
this speculation began, il was suppos
ed that the demand would be full
equal, il not in excess Of that Of 1876
and that the market could be easil,
forced. The sales of refined sugar TO
the first seven months of this year
however, have shown a falling off OF
fully fifteen per cent. in consumption
a decrease equal 10 many thousand
of hogsheads. / think the price vii.
still further decline, and in many case,
the losses must be very heavy. know
of one house whose loss on this sea
sons importations will not fall short OF
a million OF dollars. Others will suffer
heavy losses, but not quite so large a.
the firm / speak OF. "
Mr.. Durant said that the demand fol
sugars had fallen off all over the coun-
try, merchants being afraid to purchast
except in quantities for present use
fearing loss from further decline. A.
to the amount of money invested in su
gar in this city, large proportion OF
which is locked mp on account of the
break in the market, Mr.. Durant stat
ed tnat from SlU,OOO, 900 TO 5000, 900
would not be far from the actual
figures. The aggregate losses from
this speculation he thought would
reach several millions of dollars, if
further fall in prices should occur
N. Y. Tribune.