The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1900-09-27
SUGAR REACHES HIGHEST
PRICE N MANY YEARS
STOCK IN THE EASTERN Re
WINERIES Is AT VERY
Low EBB-
Believed That Some of Them VII
Have 20 Shut Down Because
Of Scarcity Of Raw
Supplies
from a SAT- Correspondent


NEW YORK. Sept l3--Rsw sugar,
ss degree centrifugal. advanced l-1se
yesterday TO sc per pound. the highest
price for this grade in about two years
The highest price in 1899 was SIC
The sale on which the advance was
brought about was not a large one
namely. 5000 bags. Arouckle Bros.
were the purchasers
At this price for raw sugar there Is
difference OF only SIC per 100 pounds
for refining at the prevailing quotations
for standard granulated. against about
s114 recently: that is, when raw WAS
selling at Sac and the net price for
granulated was about 5.sSc. The prof.
its in the refining trade consequently
have dwindled down considerably,
though the margin is still fairly COM
! Portable one.
The indications in the trade yester-
! day were that an advance in the price
of granulated would be ordered forth
with il there be any delays in the ar
rivals OF cargoes OF raw now on the
way Quite supply is expected, and Il
/ it all comes through safely and more or
! less on time the reiners will be in an
| easy position. Thus far the arrivals
/ from Hawaii have been steady, but as
Cuba has been sending little sugar,
Java has been and still is the principal
source of supply.
Refners' Stocks are Light.
AS the situation now is there Is no
| sugar in importers hands, so great has
been the demand on the part OF retiners,
| coupled with the falling of in the sup
/ plies. while refners' stock is about
Il IS 600 tons only Meetings. are at the
rate OF 10000 tons per week. and re-
Il finers' stock Is decreasing, inasmucn
us receipts are less than MEETINGS and
are steadily averaging less and less.
The refined trade was fairly active
Yesterday and promises to continue so
for several weeks longer. Though
raws Yesterday went to 5 cents, a price
, that was described in the trade as
fancy, yet it was reported that several
sales were made of sugars to arrive At
41-2Q4 7-16c. This was attributed to
the expectation that the prospect OF
abundant offerings next month, when
the new crop sugars Will become avail
able, will influence considerable dror
in the price.
Europe yesterday reported lower
prices, but the decline had no material
effect on this market, as there Is lit
tie or no foreign sugar obtainable al
present which would be suitable fol
the American trade.
Refineries May Close.
In Wall street the belief prevails tina
several of the refneries will shortly
have TO close because of the search,
of raw supplies. or limit their activities
to such an extent that their profits vii
be greatly curtailed. The trust was re
ported to have done the latter, and 20
that reason its shares were trif
heavy on the stock exchange.
in THIS cOuueSllOu II was uoiu " "
significant that the trust is not offer
ing the extra rebate of per cent to al
its customers, as the Arbuckles and III
new National are doing. This was in
terpreted as meaning that the trus
would not be in position to ill al
the orders it would then receive.
1t Is believed in the trade that 10
trust is allowing the extra rebate t
! some of its customers, and that IN
favored ones are those who increas
their sales Of the Lion brand conee:
J the Sugar Trust-W oolson Spice produc
J which is in competition with the pack
age coffee Of the Arbuckles.
AS to the closing Of refineries or tn
curtailment Of MEETINGS, sugar broker
said yesterday neither will be necel
sary unless an unforeseen demand
extraordinary proportions for gram
lated should shortly develop. or unlss
\ raw sugars on the way should fail IL
any reason to come through on time
I E. s.