The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-10-18
SUGAR OPINION Of
FEDERAL REPORTER

ILuLIInL I'LL UlIILlI
The Federal Reporter New York;
of September 80 contained the follow
ing interesting observations on the su
gar market:
RAW SUGAB-Our market has been
weak and demoralized throughout the
week Prices abroad have also shown
sharp reaction, and this mornings
October quotation was I'D. lower
than the closing price last Tuesday
Here there has been even greater
decline The first reduction from the
nominal spot quotation Of 424c duty
paid came on the 2Sth Buyers had
been out of the market. refusing to
treat with sellers. and by Wednesday
this attitude resulted in considerable
pressure TO sell, not bcause the quan-
tity on offer was so large. but because
there were SO many sellers of Cubas
and Porto Ricos afioat and for ship.
ment Cubas from store. and Javas
anoat and due to arrive. each one being
anxious to dispose of his stocks before
the other With refners Immediate
wants supplied, this attitude on the
part OF sellers could have but one re-
suit. On Wednesday morning the
American Sugar Refining Company
bought 10000 bags of Cubas from store
at Also duty paid, basis 90 deg. a
decline of points. Wednesday af-
ternoon the Warner Sugar Refining
Company bought 10000 bags Cubas
from store, at Also duty paid. for 90
deg. Centrifugals, a further decline of
three points, and late on the same day
the American Sugar Refining Compa-
ny bought $4,000 bags Cubas, for
prompt shipment. with the option of
sipment to Philadelphia New York or
Boston, at 34c., cost and freight,
for SO deg. test reducing the spot
quotation another four points to Ale.
duty paid New York. Thursday NOR
ming opened with $4,000 bags to Co
900 bags offered on the same basis,
with buyers holding off. A further de =.
cline was shortly established by the
sale to the American Sugar Refining
Company of 1900 bags Porto Ricos
from store, and 10000 bags Porto Ri
cos, sailer cargo aloat, basis 4.05s
landed terms, and the Warner Sugar
Refining Cnn1nanNr hnnuht ON hu
Cuba Centrifugals, for prompt ship
ment, on the same basis. Late last
evening 10000 bags Cubas from store
sold to the American Sugar Refining
Company, at a further decline of five
points, reducing the spot quotation to
the basis of 4.00c, duty paid, for SO
deg. Centrifugals. This morning the
market opened with further offerings
on this basis, and no buyers Sellers
were Offering a Java cargo at the
Breakwater, which was awaiting Or
ders. and 10000 bags Porto Ricos,
which were loading. The owners of
the latter finally decided to sell these
to the American Sugar Refining Com
pany, at 3.95c, duty paid for SO deg.
Centrifugals, establishing the spot
quotation on this basis, decline OF
20 points since last Tuesday. The
sales reported above take care of
most of the sugar that has been Of
fering and at the close the market, if
anything, seems rather steadier In
some quarters it is claimed that fur
Their sales could be made on the ba-
sis of the prevailing spot quotation of
3.95c for SO deg. Centrifugals, 3.45c
duty paid for SO deg. Muscovadoes, and
3.20c, duty paid, for SO deg. Molasses
Sugars. Refiners' stocks of raw SUI
gar are not large, and as we have
previously pointed out, the stocks
available between now and the new
crop Cubas, are not so very much
other hand, there is sufficient sugar in
sight, and with the prospects Of large
crops next year, which mean low
prices, there is not much encourage
ment for buyers to hold their stocks,
and certainly no reason why refners
should abandon their policy of pur
chasing on a strictly hand to mouth
basis at market price whatever thar
may be. The worlds visible supply is /
1,060,000 tons, as compared with L..
/ 100000 tons a year ago. Messrs. Will |
lett & Gray figure the total stocks and |
ahoats as showing a visible supply Of |
1,1O2,429 tons, an increase of 2415S !
tons from last year. The stocks in |
the United States and Cuba together |
are 249,429, or 55,15S tons more than !
year ago. The estimated ahoats 20
the United States total 12l 900 tons,