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 e CalIaghan 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 q weak and de-
pressed condition and on compare
lively small transactions values de-
clined sharply TO &c basis IS deg. g.
& I. l4.01e1 for Cubas and 3.75c basis
SO deg. c. i. &, for Porto Ricos, loss
Of Csc 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 10 their stocks OF raws. Although
II lis 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 on
and take advantage of the pressure to
sell which developed among discour.
aged holders of Cubas and Porto.
Ricos, who showed q disposition to
make full concessions.
After some small parcels Of Porto
Ricos had been disposed Of at 3.89c
basis IS deg. c. |. T.. further decline
OF .14c was quickly established by
sales at 3.75c basis So deg. G. i. I. 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 well as Philippines, pay no
duty and therefore carry no drawback
which makes them undesirable for
manufacturing refined for export pur.l
poses. As the business In refined for
export just at present forms an Inn
p0rtant portion Of the total business
being done by refiners, these sugars
have a much narrower margin than
duty-paying sugars and recent sales
show disparity of Csc between the
prices paid for Cnbas and Porto Ricos.
The market closes quiet and about
steady 1t last prices, and although a
few small parcels of Cubas are still
available at Sc basis IS deg. G. & T.
t4.0lc). the pressure to sell appears
70 be about over. which is only natu-
raj when it Is considered that prices
are now q full Loco. below the top
price Of &c basis IS deg. {. q r, paid
for Cubas earlier IN the season, while
the decline on Porto Ricos Is even
greater, say I.27c from the highest
point.
The weekly cable on Tuesday from
Cuba reported receipts Of 952l tons
and / Central grinding, as compared
70 5000 tons receipts at the eorgel
spending date Iast year. Today, i |
Central Is IN operation and the total
visible production 10 date Is nowi
about 2,515,3 800 tons.
Conditions in refined have confin.
ued very disappointing TO refiners and /
during September. usually the month (
Of heaviest distribution, the demand /
has been much below normal. The
fact that stocks In refined held by rel
finers In anticipation of the usual
good demand are generally made from
comparatively high costing raws. has
placed refners at q disadvantage In /
the competition from Do
nestle Beet graduated. With the
probability Of Free Sugar on May i.
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
refiners 20 to 80 points. The week
opened with all refiners quoting 5.soc
less ? per cent for granulated, which
price was later reduced to 5.0Oc less
per cent The continued backward
demand can only be explained, in view
Df the hot weather recently expert.
snced by the supposition that the
country Is absorbing the Beet granu.
lated 70 q larger extent than usual