Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-02-01
Selling Pressure From Island
Not Expected to Become
Dangerous; Europe Buys

is little chance, in the opinion of mar
ket experts in New York, of the usual
January to March selling pressure
from that island this year, because Of
large export orders for Europe They
consequently do not anticipate the
usual first quarter of the year break
in prices.
In their market letter of January
IA the Czarnikow Rionda Company of
l12 Wall street, say, in part:
There has recently been decidedly
more activity in the market than ex-
perienced for some weeks past, rein.
ers having taken what Cubas were
available in various January positions
at 3.50c CT. Moderate business was
done in first-half February and all Feb
ruary shipments at 3.375c CT. (4.39c)
with both refiners and operators, sew
eral small lots of March shipment be-
ing included at 3.31c eff. (433c). At
the close there are further buyers but
no sellers of February or March at
3.375c CT. ;. Il
100000 Tons Sold Already.
1T continues to be somewhat of a
surprising factor that despite the pre-
sent rapidity of production in Cuba,
the good weather for grinding and the
higher sugar recovery from the cane,
as compared with last year, offerings
from that quarter have at no time ac-
cumulated to such degree as to cui-
inmate in declining prices, due to ex-
cessiye selling pressure But It must
be borne In mind that of her January
March production Cuba has already
sold approximately 100000 tons sugar,
considerably over half of which guam
tity Is destined for foreign countries,
either by shipment direct from the is
land or to be re-exported from United
States in the form Of refined sugar.
Transactions In the latter description
already contaminated between United
States and Europe, probably aggregate
much larger figures than is generally
realized, and II to this be added only a
moderate quantity to provide for do
nestle requirements, it Is reasonable
to expect that MEETINGS, ut least dur.
ing the first three months of this
year, will be unusually heavy and per-
haps establish new high record for
that period
Consequently. notwithstanding the
bumper crop now in the course of man
ufacture in Cuba, exports will con-
tinue so great as to practically elm
mate the possibility of stocks in the
island becoming large enough to cause
apprehension and bring about selling
pressure And in connection with this
phase of the situation, it seems oppor-
tune to- reiterate a statement made in
previous issues, namely, that the exist
ing financial condition of Cuba is such
as to insure ample capital to COM
fortahly carry whatever accumulation
Of stocks may occur during the cur
rent campaign"
BY Movers a CaiIagfan.
The view taken by Nevers & Cal
laghan of 80 Wall Street, in their SUI
gar Market Review of January IA is
as follows:
Although the week under review
has not been productive of any great
activity, still the volume of business
reached fair proportions
and prices paid show slight change as
with those that were real
lied the previous week. At the open
ing of the week, refiners appeared to
be amply provided with supplies to
meet the limited business being done
In refined, and were consequently IN
different buyers. Holders of Cubas
were asking 3 Slice for sugars for
prompt clearance, S7-16c. to 8 l-2c. for
January shipment and 3-Sc. basis Sc
deg. c. & 4, for February and March
Small Orders Piled Up.
Sellers were on the verge of weak
ing further when an accumulation of
small orders of refined sugar for ex-
port, coupled with slight improve.
ment in the domestic demand, caused
scattered buying OF raws which slim.
ulated the market to some extent, and
3 12zc. basis 96 deg. c. & I. was paid
for some few parcels of Cnbas for
prompt clearances that had been un-
successfully offered at this price. and
3 5-16c. basis 96 deg. c. & +. for such
parcels for March shipment as were
offered at this price.
Reports of European buying on the
basis of &c. t. o. b. Cuba for January
and February loading caused dis.
tinct improvement In tone and revived
interest ON the part Of both specula-
tors and refners.
THE weekly cable on Tuesday from
Cuba reported receipts of 81 ,551 tons
and 135 Centrals grinding, as com
pared to 10000 tons receipts and 113
Centrals at work at the correspond
ing date last year. Today Isl Cen
rails are in operation and the weather
Is favorable for harvesting.
@On Tuesday all refners adjusted
their prices to the basis of 5.75c less
per cent, this being a cut of 20
points from previously quoted prices.
Fhe refneries which were recently
:losed for repair work have resumed
operations The demand from the do
nestle trade, although showing some
slight increase, is still comparatively
light, but very constant business is
being done in small export orders
which in the aggregate reaches quite
arge proportions" ~.
.Niiiett & Gray's Opinion.