The Independent. [volume] (Honolulu, H.I.) 1895-1905, 1900-10-11
A Drop in Sugar.

several months, while the market
for this staple was generally disor-
dered by reductions made last night
and this morning by the sugar trust
and its rival, the Arbuckles. A cut
in prices has been expected for some
time, as the busy season is over and
raw sugars are arriving in liberal
quantities. EFE
Lower Wall street, where sugar
brokers congregate, was much
stirred up to-day when it became
known that the Arbuckles we're so
Letting busin ess at FIVE points be-
low the market made last night by
the trust. During the spring and
early summer, hen there were con-
tlnua advances in refined grades,
amounting 10 all to over l cent a
pound, the Arbuckles regularly fol-
lowed each advance made by the
trust. The manner in which they
have now cut loose lends color to
various reports that the trade war is
on again.
The reduction by the trust
amounts to fifteen points. It's sell
ing price has nominally been 6l5
cents pound, but actual business
| a "a HAM oa,,ioJ an 10. eo,,,a limo a
6l0. The Arbuckles Topped off
twenty points at one stroke. 1t was
int mated in the sugar trade that
buyers were being secretly offered
sugag at adeeiiue CT rs points from
Yesterdays price, or at $50.
The furry in the sugar trade
caused corresponding wave of OK.
citement in the sugar stock on the
Stock Exchange. Speculation in it
was heavy. The price was Il cents
lower at the opening, and eventu-
ally loss of nearly three points &C.
CURED. EaH LN< t. fy,at
james H. Post, president Of the
National Sugar Company, incorpor-
ated last spring and having close re-
latons with the American Sugar
Company, says that the reductions
to-day are natural trade conditi On,
due to lessened demand and the ar
rival of raw sugars. on the market
Asked what significance the cut OF
the Arbuckles might have, he said:
,"We all haveto work hard for bust
ness. If you havsn'C the de-.
maud you have to offer inducements
to get it,"
la harmony with the fall in price
Of sugar in New York there was a
decline OF forty points in the mar
ket here. At 8 o'clock the selling
price fell from Sc 55 TO $640 cents a
hundred pounds, and in the after
noon there was further decline
from Sc 40 to S615. Since May the
price of the refined article has been
steadily advancing, but in the
autumn Of every year there is a
tumble, and consequently the de-
elmo OF yesterday was not altogether
unexpected. A number of the, big
iobbers were not looking for the
change 90 soon, however, and will
be losers iqSe ,sl2.a.d"e'} 81
Though no Eastern sugar is
brought to the Pacific Coast, the
price in the market here follows that
in Now, York The Western Sugar
Rsfnefy and the California Sugar
Refinery are the only concerns on
the Coast that refine the raw sugar,
and the price for the refined article
is set by them. Besides the output
from these two refneries there 10 no
sugar on sale here zeXcept, that i'm
ported from Hongkong. The Hong
kong sugar falls and advances in
price with tho other article, but is
alwaysfrom 20eto' Is cents less in
price. ~. sE} f. an s91Hg
A fallof forty points in one day
is considered a large decline, but on
several occasions there have been
greater. On March 9th OF lest year
there was q fall OF sixty-Lwo and
( one half points, t,' 70 "
&c -....,--7 z =, - sS,'rN'TZ--IGT1l AHt