Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-28
PANAMA Slides
HAVE EFFECT0y
TREND OF SUGAR
Holding Back of Supplies From
Hawaii Expected to Have
BuIIiSh Tendency

An excellent summary of the condi-
tion of the New York sugar market
the day after Secretary Mckdoo's an
lnouncement concerning the retention
of the tariff, is contained in the follow
ing market letter, issued on October
s by the Czarnikow- Rionda Company
| of 112 Wall street, New York:
"Sinee middle August our market
has been in a more or less demoraliz-
ed condition, with practically each sue
ceeding transaction representing a de-
cline from the previous quotation. The
principal cause of this unsatisfactory
state was the unusually light demand
for refined sugar, brought about by
pressure on the part of domestic beet
producers to dispose of as much as
possible of their output before meet
ling with competition from next crop
Cubas, and the possible abolition Of all
sugar duties on May /, 1916.
During that period stocks have
been continually diminishing at the
Atlantic ports. so that today. after de
ducting the quantity held by import
ers, we find our refiners with 151, $40
tons less of raws than the total they
had on hand at the corresponding date
q year ago. This alone, notwithstand-
Ing other conditions above mentioned
as having prevailed, was hullish fea-
ture in the situation, particularly in
view of the fact that total exports
abroad of refined sugars since Janu-
airy /, this year, aggregate 331, $50
tons, which is 2S9J684 tons In excess
of the exports to same date in 1914,
and which will be further increased
by large quantities still pending ship
ment.
These figures conclusiFely prove
that the trade generally throughout
this country must be carrying extreme
ly low stocks at present, and on top
of these favorable factors adrices were
yesterday received from Washington
to the effect that Secretary Of the
Treasury McAdoo had declared his in
tention of recommending to the Unit
ed States Congress not to put into eff
feet that portion of the Underwood
Simmons Bill which provides for sugar
to become free of duty on May next.
The expression of such views by an
official so close to the President must
carry with it the conviction that his
recommendations win be adopted, and
therefore probably serve to create
among the producers of domestic beet
and cane sugar sufficient confidence
to lessen the pressure to dispose Of
their product ahead, in such severe
competition with our eastern refiners,
especially in view Of the prevailing
low levels of prices for sugar when
the position of the article, the world
over, is taken into consideration. And
that this fact must Immediately re-
fleet itself upon values has already to
a limited extent been demonstrated
during the past "a hours.
"At the beginning of the week our
market opened steady, after sales on
Saturday, I'd inst, of prompt Porto
Ricos at 3.50c delivered. On 4th re-
timers and operators had to pay 2.625c
CT. $3.50 in order to secure $500 tons
of Cubas for prompt shipment, on 9Th
2.66e l3.67c) for 5000 tons October,
on 9Th 2.69c CT. (370c) for 400 tons
ex store New York, and yesterday the
still higher figures Of 2.75c CT. (3.76c)
for 1900 tons October shipment Cubas
and 3.75c delivered for about the same
quantity of Porto Ricos in port or for
prompt shipment. The weeks total
transactions aggregate $4,000 bags
Cubas and 10000 bags Porto Ricos, in
which operators participated to the ex-
tent of 10000 bags, and today the
market closes very strong with bids
at 3.00c CT. l4.0lc) failing to interest
sellers.
Continued inquiries from across
the Atlantic for American graduated
for prompt, as well as January-March
shipment, have not led to any recent
business owing to the low views of
buyers, and the same applies to next
crop Cubas.
Shipments of sugar from the Phil
ippines to United States this crop
shows falling off of $4,000 tons as
compared with last years figures to
date. ~
The temporary closing of the Pa
mama canal, owing to earth slides,
will also have its effect upon the mar
ket in holding back supplies of Ha-.
waiian sugars that are destined for