Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1905-05-11
DISTRESSED (ARG0lS
THESE ARE WHAT IS
RtDUCING SUGAR PRICE
cARooEs FORCED ON MARKET
WillETT G. GRAY SAY Low
PRICES CAN'T CONTINUE
RISE IN MAY.

Willett & Gray's sugar journal for
April % deals with the raw sugar mar
ket as follows:
RAWS.-We gave reasons in detail
last week for saying that the low
point Of value for this seasons Cen.
trifugals was 4hc., but that, as a mat.
ter of fact, whether they will go be-
low &c. for SO test and stay there
for any length of time is, In our opin.
ion, extremely doubtful.
Now that the weeks business has
brought the quotation to 4ssc. for 96
deg. test, we still remain of the same
opinion as before, that is, that any
sales made at ilac. or below 43sc. will
be only of such sugars as are con.
sldercd distressed cargoes," say sill.
gars arrived unsold which the owners
are not prepared to store. There are
10000 to $4,000 bags now afloat which
are offered to refiners today at i@sc..
but which they decline to accept
The majority of these sugars will
undoubtedly go into warehouse as
they arrive, If not saleable at this
price, but u few might be forced on
the market to the extent of making q
temporary lower quotation, but these
low prices, in our opinion. are not
likely to continue for any length of
time, particularly as the stagnant con.
dition Of the refined sugar market
must give way soon, say next month,
to a very large and active demand on
the hand to mouth basis.
The country Is using up its sugars
very rapidly, and has cleared off all
Invisible stocks, SO that any positive
demand that sets in later must be sup.
piled by urgent buying for quick deliv'
cry. This, alone, should be sufficient
TO change the trend of the raw sugar
market without considering the Eu
ropean position.
That position is, of course, unset
tied and uncertain. but having gone
extreme lengths on the downward
side, It is quite likely to turn about
and go to extreme lengths on the up
Wdlu sue again. ooiie pdItieo WI,
feel this way are inclined to make
purchases now of August delivery beet
sugars at 13s. say equal to 4.76c. fol
Centrifugals duty paid, expecting tina,
such sugars will outturn q fair pro
1T.
As we said in our last weeks paper
there Is an apparent decrease In con
sumption In Europe and the United
States together OF 236.269 tons, max
Ing possible a stock OF 100000 tons II
principal countries on Sept. list. Som'
months ago 1t was anticipated tina
stocks would be reduced to 5OO,0O'
tons by September LIST. but the higi
prices which ruled early In the sea
son led to the exercise OF econom!
by consumers throughout the countr!
and the disposition to carry only SUI
flcient stock for urgent needs, result
Ing In forced reducton OF actua
consumption, a smaller Invisible stocl
and larger visible STOCK than expect
ed.
Grinding In Cuba was continued
through the Easter honuays put wa
interfered with somewhat by heaV.
rains, so That l42 centrals are SUI
grinding against 100 last week an
l55 last year. The receipts Mt the 81
principal ports are zz'ooo IONS anu IN
exports from these six ports $500 ton
lhgures for the outports are not III
cluded in these weekly reports whicI
explains why frequently the receipt