The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1889-08-08
THE SUGAR MARKET.
Statistics Eor D unc-- Feeling Against
the Trust.

In sympathy with the fluctuations
in the markets at East and in Eu-
rope, sugar has during the month
advanced sharply only to adopt a
retrograde movement later. During
the week q decline Of 5c has been
recorded. The June imports
amounted to 20, 5SS, 95l pounds of
raw making receipts for the first
half Of the year 2l2, 1896. 20j pounds.
The June exports of refined were
100000 pounds and G8,075, 677
for the six months. These figures
show an increase over the like peri
DDS in 1888 and 1889.
A press despatch from New York
dated the 18th contains the follow
ing concerning the sugar trust:
There is scarcely any room to doubt
but that the sugar trust is preparing
TO make a vigorous battle TO sustain
present prices, il not to force them
still farther up the scale. Previous
to the first advance in prices year
ago the storage of large quantities
of refined sugar was a thing I'M
heard of. The price of graduated
sugar at retail was then about Cd
cents per pound. Now the same
article sells at ten cents. For more
than two months past the trust has
been rushing the storage Of sugar
with the warehouse trust, and to-
day there is scarcely a dry, clean,
available warehouse on the Brooklyn
water front that has not some re {.
fined sugar stored in it. There is
very little doubt that the combine
is preparing to squeeze the market
by still further advancing the prices
of this necessary of life, and it
would be useless TO attempt to deny
that very bitter feeling is arising
against the magnates OF the sugar
trust. Sensible, steady men have
said that an attempt should be made
to induce the public to do without
sugar till the combination comes 10
its senses. From ali that can now
be learned at least 100000 barrels
Of sugar are now locked up, the
value of which at the present price
is something enormous, and it is
likely to be still more unless the
trusts scheme is ioil-d by the
wholesale and retail grocers and the
public.
According to the New York Snip
ping List of July 18th, the weakness
displayed in Europe early in tho
week has been followed by sudden
collapse in values that appears tc
have completely demoralized the
markets for sugar, both here anc
there, and for the past two days =:
feeling of semi-panic has prevailed
which has not only brought bushes
to complete stand, but rendered
quotations entirely nominal, there
being no tangible basis upon whicl
to base values. This condition o
affairs has been brought about b,
the adjustment and liquidation o
the speculative operation of the Eu
ropean syndicate that has been il
progress. The combination of ca
pilal has been for several months
the most important factor in thu
markets since it had obtained con
troll of the bulk of the available sup
ply of beet on the Continent, but il
doing so had necessarily been force,
into extensive speculative deals
Furthermore, these speculative oper
atoms have been instrumental in in
fating values, so that at the highcs
point the price of beet was about 3
above cane values, whereas unde
nominal conditions the reverse ough
to be the case. Ii is the liquidatio
of this speculative interest, and
reimbursement of values on NOR
nominal basis that has led to tn
collapse, and which it is said ha
been forced by bankers refusing t
make further loans on the basis O
these artificial values. Accordingly
the syndicate had to cease opera
tions, and as soon as it becam
known that the combination was n
longer buyer, a liquidation wa
precipitated in the natural course @
events. Beet has dropped from 2S
cd to 2ls, but closed yesterday
little steadier at the latter price, Will
cane has gone from 25s Cd for Jaw
to 23s, which was the last quotatio
cabled yesterday, showing that til
decline in actual sugar has bee
much less violent than the drop G
the value of beet. These event
have had rather demoralizing G
feet here, first, because the deman
for refined had fallen off, and SCI
ond, on account of unusually heav
direct importations by retiners. A
a consequence there was very littl
disposition on the part of buyers {
increase their holdings, and tn
combination of circumstances ha
caused some holders to lose courag
and press their supplies for sale. A
a matter of fact, the worlds avail;
BILE supply of raw sugar has unde
gone no change so far as its staff
tical position is concerned, and SON
difficulty is likely to be experience
in providing for the actual requir
ments of consumption, but for Il
! time confidence has been shaker
and hence the whole situation is u
settled.