New-York tribune., 1877-08-10


additional discomfort and iioeiing among ''' A"H
men.
MILLIONS LOCKED UP IN SUGAR.
SPECTATORS IN DISTRESS.
STAGGERING UNDER TIE LOAD OP IMMENSE STOCKS
WHICH THEY CANNOT SELL
The excitement in the sugar markets which
vas described Tribune yesterday, continues, bni
very little business is being tran5accd william HeiiSo
Secretary Of he Importers and Grccers Board ot Trade
stated to TRIBUNE reporter yesterday that the import
atons thus far during August had been eli, ana tat
The Withdrawals from warehouse had eXctehed the iu
portations by a very large amount. probably rom
100000 to 100000 pounds. In June the IhporH-
tons were l90OOO,0OO pounds, and in July only
100 coo pounds, ana this faiing-oH" he stated
"wilI continue To greater less extent every month
The advance in prices brought sugars from all parts OF
the world to New York. and the natural results are
largely overstocked market fearful depression IN
prices, and the worsng OF The SPECTATORS
In answer to inquiries concerning the trne history OF
the present troubles, Mr Nelson said " In former
,,,rs all tho supar arriving here came directly to the
mporters who furnished brokers with printed hst OF
the stock on hand bond and 10 arrive, ana reiners
made purchases through the brokers Last year IL"
rctnes ported directly and made money ana early III
he present year most OF the reners went into the I'M
porting business. Expecting large demand and a high
following suit The rclncrs made reports to brokers,
rcseryng their stock for their own consumption and II
has been very difficult 10 secure accurate returns OF the
quantity Of sugars held by reiiners THIS action on he
part Of reners and importers has resulted III an open
rupture with the brokers The brokers bave 10 heavily
IN the falling in their usual business - mddie-men'
aud the importers ard rchners have suffered serious
losses from the decline in prices"
In regard to the possibility that some Of the specnat-
ius firms would be unable 70 carry their stock long
enough to bridge the present difficulties Mr. Nell
son said: 5ost OF the importers ana riners are very
wealthy and can easily control millions OF dollars nut
precisely long they stand up, IL further decline
should occur-which is probabe-it i, difficult to say,
but tlink most Of them eau weather the storm" Mr.
Nelson furnished Tie following figures, showing the
nn.ber of pounds Of sugar entered and withdrawn in
July and the stocks hand Aug. l. 1876 and Aug l,
1877: n,n,.
STOCK in New. York July l. l877....... 2i31jt69o
Entries ior July }, l,lo1,--...--..-... I'- 7'''9-l
ro.,I..... ......................... 5s9,7965II
vitllrnrn Tor consumption Juiy l. :, s,eoos
Ed.'xtori. iss for consumption july /,
2sl,769 sooa7o o.,
stock III New.Yor' arg. /. I-77..... ~ .69tj@
Stock in Sew-l oIs. Aas j, l'bf-- l'''-Vi'o'-
rxc,.sovcrls7e ................... 15,496,s7
Al tine office of +. W. DdIant n Son. large sugar re-
nncrs junior member OF the firm entered very freely
into conversation, and substantially tne same view
Of the cause of the present condition OF the
market as Mr. Nelson. lie added: There are
as many chances of loss IN Specializing IN
.ar s al faro or roulette. The shrnka-e Of sugar is
heavy and other losses result from It's running INTO
syrdp from heavy duties and warehouse charges,
so that when actual advance IA price ot one
and half cents pound The net profit VIII not exceed
half q cent pound. Tie noTAet nov IL oysi-,tockel
When this speculation L. gan, II was s1Iros,d thar
the demand would b. fully equal to II Dol in excess of
ffat II 1876 could easily itlttN