, 1890-11-01

not be made until after January 1, we are
confronted with the fact that our $20,000,000
worth of sugar must be marketed in half the
usual time, or be sold at 40 per cent. loss, if
held until after March l. That provision Of
the new law that allows the lefners to re-
fine in bond and 10 transport sugars in bond
during March, will practically annlhilate the
sugar market during March, as no consumer
of sugar; large or small, will buy a pound OF
. sugar in March if the purchase can be avoid
ed. Hence, our Louisiana crop of 100000
tons must be sold to retail consumers by
March /. This will give but little over half
the usual time to reach consumers, and IL
would seem fair to say that it can't be done
without serious sacrifice. To market 10000
tons of sugar by March | in the face Of GER
tain market levels . cents lower, would seem
to promise lower values than if the crop were
doubled and brought TO market under nomi-
nal conditions. The safety of conservative
men LES ordinarily in their holding their
sugar crops until the glut of the market has
been passed. This year they must sell, and
will nave to sell at prices that will direct the
demand from other channels into ours.
How low these prices must be, seems now to
be the problem.
The common standard Of sugar values in
Lie VII o0OIIIS nov q " ~ VCoO' "A JOU1
ago this sugar was worth CD cents in New
York. Now it is worth but 6 cents, which
shows the general plane of values is J cent
lower than last year. Standard granulated,
the main product Of the retiners, is 1 cent
lower than last year, and hence it is evident
that the r%nfiners are working on less margin
than usual. Therefore we may consider that
the normal value Of our sugars This year
would'bo at least J cent less than last year.
This lower level Of values ONES from the
immense excess Of beet sugar produced IN
Europe last year-some $40, 600 tons.
ow let us take our lower level of values,
I. e., J cent off last years prices, and consider
how nearly we can market and actually
Consume over 20O,0 600 tons of sugar before
March /, without still further depressing
sugar values. It would seem fair TO iater
that November would develop normal values,
that December would develop a sluggish
market, that January would make a still
worse show relatively and February reach
values intermediate between present values
and free sugars, or say q cent off the present
parity, while in March, sales would have to
be made close down to the free sugar basis.
This picture is somewhat dismal, and yet
we fear it is true, bat there is another side to
it that may afford some reliaf.
The United States bow consumes some
/ ,4O0.G GOO tons Of sugar, and when values
shall fell 40 per cent. the consumption may
increase and the sugar men the world over
will endeavcur, to hold sugars for a rise,
hoping to ~rrafize some advantage in price
from the Increased demands in the United
States when sugars shall be admitted free.
There are many who now think that there
will be ENOUGH increase in the general level
of sugar values in the world to compensate
for any local decline that would otherwise
occur hero in December, January and Feb
ruary, as the free sugar date approaches.