The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-07-30
QUIET Dull Market
D|sCOURAGES TRADE
Until Now Usual Summer De-
mand For Refined Fails
a.. To MatefiaIize it@
But Foreign Outlook Is Encour-
aging According TO New
York Brokers =

Sales of raw sugar in New York for
the week ending July is were less than
10000 bags. Trading in futures was
active, over $4,000 tons, three quarters
of which was September delivery,
changing hands. The feature of the
speculative market was the sudden
break In January, February and March
quotations to 3.i0 with no transactions
at that figure. May futures sold at
$40. Deliveries on contracts totaled
1900 tons. 90 81 XII - :,
4 In this connection Movers & Gala.
han express q doubt that the opening
of trading in sugar futures on the COT.
fee Exchange is going to be as much
TO the advantage of planters as had
been thought. The hope had been
that growers eould use the Exchange
to make advance sales of their pro-
duct but recent transactions have all
the earmarks of sales made against
spectators who had put up insufficient
margins, they say. ......... ... - .
July Holders Discouraged
Nevers & Callahan state that July
holders are much discouraged. at the
delayed appearance Of any large de-
mand for refined. The market is dull
and quiet. There have been small sales
of refined to France, reported at 1000
tons, and sale of 600 tons San Do
mingo.
British buyers are reported enquir.
ing for $4,000 tons refined for August
delivery but their limit of. 4.65 f. o. b.
New York has not been considered at.
tractive and there have been no offers.
Prices Must Be Out
Private advices received by yester.
day 5 mail are that prices will have to
be cut to promote buying Of refined.
The delay in the summer demand is at
tributed by some to the prevailing cold
wet weather, by others to hard times
due to the large numbers out of EN-.
plOyment. ...
Willet & Gray report in part as fol,
lows:
The trend Of sugar prices this week
is rather difficult to explain. II any.
thing, advices concerning sugar from
different parts of the sugar world have
been more bullish in tone than bearish
Nevertheless, prices have eased of
quite materially. As we went to press
last week Cuba Centrifugals were quot.
ed at 4.95c, while today the quotation
is 1850 on comparatively moderate
sales. Porto Ricos have also shown an
easier tendency, as at the close last
week they were quoted at 4.S9e, but
they later sold off to 4.83c.
Export Trade Moderate
Among the favorable points was the
continued enquiry for export refined
and while no large business has trans
PRED, occasionally some moderate
sized lots were put through. France
has bought moderately and South
America has also participated to some
extent Business during the week in
export Granulated to all countries ii
probably not over 5000 tons, but there
il continued enquiry for larger lots
which may result in actual business.
1t Is understood that difficulties in the
way of exchange on France stands il
the way of larger business to that
country, as apparently the, prices
named by the refiners are favorable Il
business, but when II becomes neces
sary for the exporter to figure the
o. b. New York equivalent into a. C.
f. French port quotation, difficulty il
encountered in making a quotation thai
would lead to business. ..-.
We received q special cable from
Java which was rather bullish in tone
Refined Not Selling .,@
On the other hand, the one unfavor
able circumstance that seems to hay,
more Influence on the market than tn,
other news received during the week
is the unsatisfactory developments ii
refined sugar. The demand has not in
creased as it should at this time of tn,
year, and until we, have a better bust
ness in refined sugar our refiners will
not show much interest in the raw
sugar situation. 49,
IL would seem that most of our rein
ers should soon enter the market to oh
tain their August supplies, and al
though August sugars are obtainabl
today at 4.s9c, they have not yet pur
chased any August shipment in quaint
ty. 3 -.
For a long time, the Cuban plantc
has undoubtedly been encouraged
to hold sugars. in Cuba by tn,
comparatively high values Quote'
for September options on the New
York Coffee Exchange. For quite
period quotations prevailed between
Aloe and 4.20c, and 1t was natural TO
the planter to hold sugars in the hope
Of obtaining some such figure durin
September. 1t transpires, however
that recently there has been shar
decline in options and September wa
sold as low as 3.75e. -
oubsn Profit Taking
Whether this. decline in options wi
influence the Cuban planters and caus
some of them to dispose Of the balanc
of their stock, and 50 turn their pape
profits into real profits, is a point. I
be seen later on. This latter poin
appears to us rather important, as