Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-11-29
NO SUGAR SLUMP
LIKELY BEFORE
next FEBRUARY
czarnikow-Rionda Co. consid-
er Statistical Position May
Cause Another Raise

=
That the statistical position of sugar
is very strong and gives no indics-
ton of reduction in price before
February at the earliest, is the opin-
ion expressed in the November II
weekly resume OF market conditions
issued by Czarnikow-Rionda & Com
pany of 112 Wall street, New york,
which follows, in full:
The market here has continued
very strong, with almost daily ad-
vances in prices. At the opening
prompt and all November shipment
at $3.50. c. I. (4.5Sc), with December
at 3.50c. c. I. t4.515c.). Subsequently
the appearance of an increased de.
'mand for refined sugar coincident
with q marked scarcity OF offerings
of raws for November and first-hah
December shipment from Cuba, result
ed in only limited transactions being
possible on 9th inst. at 3.50c. c. I. fol,
December, and the higher level of
3.625c. c. T. (4.64c.) for the earlier po-
sitions. Thereafter the market con-
tinued its rapid upward flight, and
and prompt shipment sugars at 3.75c.
c. t. (4.77c.), 3.81c. c. (. (4.83c.) and
3.S75c. c. I. (4.S9c.), the still higher
figure OF &c. c. l. (5.02c.l was paid
yesterday for 100-150.000 bags Cubas
stored at New York and for prompt
'first-half December shipment from
Cuba.
"The total business reported during
the week aggregates merely. about
$4,000 tons, which, at present rate Of
MEETINGS, will provide for only about
two weeks requirements of our re-
finers. The tone at the close Is very
strong at last prices. which represent
san advance on the week Of .45c. per
ID. and raises the spot quotation to
6.02c., basis SO deg.
ct cannot be denied that the stats
teal position of sugar, at least until
the middle of next January, Is un-
doubtedly q very sound one, and not
alone fully justifies existing values
but leaves room for additional i'm
provement. It is safe to assume that
the present combined stocks In Cuba
and United States are barely sum-
cient to meet melting requirements
until end Of December, which would
leave stocks here practically depleted
at opening Of the new year. And II
1t Is further taken into account that
. very appreciable portion Of Cuba's
December production, which In pre-
vious years has been available for
United States early in January, has
been contracted for shipment abroad
"a minimum of 100000 tons of next
January's production having been al
ready disposed Of to England and
France), there is certainly not sufi-
Gent oyersupply of sugar in sight to
adversely affect prices until stocks
commence to accumulate In the is.
land. says some time in February.
while the foregoing refers only to
raw sugars, another most important !
factor is large quantities of United
States refined sugar still pending |
shipment abroad against outstanding
contracts, as well as the further pur.
chases thereof which both England
and France viii doubtless find it ne.
cessary to make for January ship. /
ment. France also promises to be. |
come q much more active competitor |
than heretofore on this side in pur-
chases Of both raws and refined dur
ing the coming campaign, her stocks
being now much lower than they were
q year ago and her own production
being estimated as considerably be.
low that of last crop.
The freight situation is also worthy
Of serious consideration, as present
indications point to the likelihood OF I
shippers encountering much difficulty
In securing steamers of ample number
to transport to this country normal
quantities of their production, as COM
pared with bygone years, and the
British governments action in recent
ly closing the Suez Canal to merchant
vessels will undoubtedly tend to aug.
ment this difficulty"