Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-14
BEET GROWERS
DUMPING SUGAR
ON SLACK TRADE
Afraid of Free Entry After Next
May, and Selling Big Crop
at Present Good Prices

Nevers & Callaghan of 80 Wall
street have the following summary Of
the sugar market in their market let
ter OF September "a:
Throughout the past week the mar
ket continued in weak and de-
pressed condition and on compare
lively small transactions values de-
clned sharply TO &c basis 90 deg. c.
& f. (4.OlC) for Cubas and 3.75c basis
sc deg. c. !. f., for Porto Ricos, loss
OF 25c from the close OF week ago.
This decline may be attributed largely
to the very unsatisfactory conditions
IN the refined market, which have
made refiners extremely reluctant to
add to their stocks of raWs. Although
it is generally acknowledged that re.
finers stocks of raws are at an unusu-
ally low ebb, the slow movement of
refined has enabled them to hold of
and take advantage of the pressure to
sell which developed among discour-
aged holders of Cubas and Porto
Ricos, who showed a disposition to
make full concessions.
After some small parcels of Porto
Ricos had been disposed of at 1850
basis SO deg. c. |. f., further decline
of lac was quickly established by
sales at 3.75c basis SO deg. c. i. f. At
the latter level, buyers showed more
inclination to purchase and some Co.
900 bags on spot and for prompt ship
ment were disposed Of - Porto Rico
sugars, as we'll as Philippines, pay no
duty and therefore carry no drawback
which makes them undesirable for
manufacturing refined for export pur-
poses. AS the business in refined for
export just at present forms an i'm
portant portion of the total business
being done by refners, these sugars
have a much narrower margin than
duty-paying sugars and recent sales
show disparity of Csc between the
prices paid for Cubas and Porto Ricos
The market closes quiet and about
steady at last prices, and although
few small parcels of Cubas are still
available at SC basis So deg. c & f.
(4.01c), the pressure, to sell appears
to be about over, which is only natu-
raj when 1t is considered that prices
are now a full Loco. below the top
price Of &c basis SO deg. c. & f., paid
for Cubas earlier in the season, while
the decline on Porto Ricos is even
greater, say 1.27c from the highest
point
The weekly cable on Tuesday from
Cuba reported receipts of 1921 tons
and l Central grinding, as compared
to 5000, tons receipts at the CORE.
spending date last year. Today, /
Central Is in operation and the total
IN Hot DC
about ISIS 800 tons =. 1.
Conditions In refined have eontin.
ued very disappointing to rehners and
during September, usually the month
of heaviest distribution, the demand
has been much below normal The
fact that stocks in refined held by re-
tiners in anticipation of the usual
good demand are generally made from
comparatively high costing raws, has
placed refiners at a disadvantage in
meeting the competition from Do.
nestle Beet granulated. With the
probability of Free Sugar on May l,
1916, Beet manufacturers are making
vigorous campaign to dispose OF
their bumper crop at the very remu.
neratiVe prices now prevailing, and
are cutting prices quoted by Eastern
refners 20 to 80 points. The week
opened with all. refiners quoting $500
less 2 per cent for granuIated, which
price was later reduced to 5000 less
2 per cent. The continued backward
demand can only be explained, in view
of the hot weather recently expert
enced, by the superstition that the
country is absorbing the Beet granu.
lated to larger extent than usual