Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-19
Refined DEMAND
MAY SEND SUGAR
PRICES Higher
Advance Following MCAdoo An
nounCement Found Reflner-
les With Minimum Stocks

That any increase in tie d, mand
for refined sugar viii probably SEM
Prices higher, because the retineries
have only minimum stock on hand. is
the opinion expressed in the following
market letter issued on October by
NeVers & Callaghan. OF 80 Wall Street,
New York.
The pressure to sell noted in
our last previous review continued
throughout the early part OF this week,
but refners continued to hold aloot,
while sellers gradually reduced their
views until Cu)as we're offered at
2 SIC basis Sc deg. c. & f. (3.G4C), and
Porto Ricos at 3.50c basis &C deg. c.
l. T. When this level was reached
both spectators and refners became
free buyers and all the offerings at
these prices were quickly absorbed.
The quantity sold, however, was
not large. say 60,00O-IC 900 bags Gu
has and 4O,OO0-5O, 900 bags Porto Ri
cos, as it was generally recognized
that the long protracted decline was
being carried too far. Although buy
ers showed great willingness to con-
time at these prices no further offer
ingS appeared and an out Of town re-
finer then paid l-32c advance, say
21-32c basis Sc deg. c. & E. for a
cargo of prompt shipment Cuhas. Fol
lowing this transaction 2500 bags Gu
has from store were sold at soc, and
holders then raised their views to
2 SIC basis Sc deg. c. G T. for Cubas
and 375c basis Sc deg c. |. t., for
Porto Ricos.
AT this junrture, the announcement
by President Wilson and Secretary OF
the Treasury McAdoo that they strong
" advocate the retention Of the pres
emit duty on sugar instead Of free su
gar after May 1st, 1915. brought about
a complete change Of sentiment in tn"
market With the administration if
favor of the duty on sugar there
should he 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
mediately bought nm all the Cubas on
offer at 2 3-4c basis sc deg. c. & f., OBJ
tanning about $4,000 bags for October
shipment, while refners paid 3.75c ba-
sis sc deg C. j. E., for about 10000
hays spot and prompt shipment POr-
to RicOs.
These sales were quickly followed
by the purchase Of several small par
cells of Cubas In port and for October
shipment at 7-Sc basis Sc deg. c. & (.
No more Cubas appeared for sale al
below Sc basis Sc deg. c. & f., and
when refiners and spectators raised
their bids to this point they found
, rae tically nothing available. as the
rapid recovery has greatly encouraged
holders who believe thai should any
demand for refined appear, present
prices are entirely too low. especially
as refiners' STOCKS are at minimum
The market closes strong and rAthe'
excited with refners bidding sc. basis
90 deg. c. & f., FOR Cubas and specula-
tors indicating a willingness to paw
lice higher, but sellers have with
drawn for the present.
The weekly cable on TUESDAY from
Cuba reported receipts of 5G1S tons
and Central grinding, as compared
to 5000 tons receipts and no Centrals
at the corresponding date last year
Today. cable adVices report one Cen
trail still in operation and the weather
favorable. Based on a final outturn
of 2,550,0OO tons there still remains
unsold about 100000 tons of the pres
ent crop.
The demand for refined continues
very moderate and refners made no
change in prices until today when the
higher cost OF raws caused the Fed
eral s. R. Co.. and Warner S. R. Co
to advance 10 points to the basis OF
sc. less per cent The other reGners
continue to quote 1900 less 2 per cent
All refiners are willing TO accept con
tracts for prompt shipment only. The
trade throughout the country is bare
Of stocks and with present indications
Of higher prices, there is some dispo
sition to buy being shown.
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
ests by surprise and a scramble to
buy enSued which carried prices uD-