Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-19
REFINEDDEMAND
MAY SEND SUGAR
PRICES Higher
Advance Following McAdoo An
nouncement Found Refiner.
les With Minimum Stocks.

That any increase in the demand
for refined sugar will probably SEM
prices higher, because the reflneries
have only minimum stock on hand. Is
the opinion expressed in the following
market letter issued on October by
Nevers & CaIlaghan, Of SO Wall Street,
New York.
The pressure to sell noted in
our last previous review continued
throughout the early part of this week,
but rehners continued to hold aloof,
while sellers gradually reduced their
views until GJGjas were offered at
2 S-Sc basis So deg. C, & (; 43.64c), and
Porto Ricos>at assoc basis SO deg. c.
l. [. When this level was, reached
both spectators aid refners became
free buyers and. all the offerings at
these prices were quickly absorbed
THE quantity sold. however, was
not large, say 10000 600 bags Gu
has and 49,0eo.5Q. 600 bags Porto RI
cos, as II was generally recognized
that the long protracted decline was
being carried too far. Although buy
ers showed great willingness to con-
tinue at these prices no further offer
ings appeared and an out Of town re-
finer then paid 1-32e advance, say
2 21-32c basis SO deg. c. & (. for a
cargo Of prompt shipment Cubas. Fol-
lowing this transaction $500 bags Gu
has from store were sold at 3.70c, and
holders then raised their views to
2 3.4c basis ,9S deg. c., g. (. for Cubas
and 3.75c. basis as deg. c. l. T., for
Porto Ricos. =
AT this juncture, the announcement
by President Wilson and Secretary OF
the, Treasury McAdoo that they strong.
ly advocate the retention Of the pres
ent duty on sugar instead Of free su.
gar after May LIST, 1916, brought about
q complete change Of sentiment in tbr
market. With the administration IN
favor of the duty on sugar there
should be little opposition TO the, re-
peal OF that clause In the present tar
In, providing for free sugar. When
this news was received spectators i'm
bought up all the Cubas on
offer. at 2 S.4c. basis 96, deg. e. 6 T., OBJ
tanning about $4,000 bags for October
shipment, while refners paid S.75c ba.
sis g6 deg, c. |. T., for about $4,000
bags spot and prompt; shipment Por-
to Ricos. ..5..,t
These sales, were quickly followed
by the purchase or several small par
cells of Cubas in: port andEfof October
shipment at 2 7-Sc basis 96 deg. G. e. f.
No more Cubas appeared for sale at
below Sc basis 90 deg. C: & T.. and
when tefiners and spec1lators raised
their bids to this point they found
nothing available. as the
rapid recovery has greatly .encenf4 sed
holders who believe that should any
demand FOR refined appear present
prices are entirely too low, especially
as refners' stocks are at a minimum
The market closes strong and rather
excited with fefinefs bidding &C.. basis
96 deg. G, g. +. for Cubas and specula-
tors. indicating a willingness to pay
l16e higher, but sellers have with
drawn forythe present. -.,,.
'rThe weekly cable on Tuesday from
Cuba reported receipts of 1918 tons
and ! Central grinding, as compared
10 5000 tons receipts and no Centrals
it the corresponding date last year.
Today. cable adRices report one Cen
raj still in operation and the weather
favorable. Based on q final -outturn
If >2,550,00 tons there still remains
lnsold about 100000 tons of the pres
snt crop. ..,-..-,... ~. : ~, i,
The demand for refined continues
very moderate and refneFs made no
change In prices until today when the
higher cost of raws caused the Fed.
sral s.. r. Co.. and Warner s. r. Co:
% advance 10 points to. the basis OF
&c. less . per cent, The other refiners
to quote 4.90c less per cent.
All reflners are willing to accept CON
rscts for prompt shipment, only. The
rade throughout the country is bare
" stocks and with present indications
n higher prices, there is some dispo-
'ition to buy being shown. 80
The trading In options reached an
aggregate Of $500 tons during the
week. The quick turn in the actual
market took some of the short inter
,sts by, surprise and a scramble to
,uy ensued which carried prices up
ward IS to 10 points In two days"