Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-09-20
SEPTEMBER SEES
IMPROVEMENT IN
SUGAR MARKET
Holders Consider Shortage of
RaWS in Some RefinerieS
and Stand Firmly
especial Correspondence Movers &
talIaehan. - Wall Street.)

NEW YORK. y. Y. Sept S.-~The
gradually Improving tendency that
was evident at the close of our last
review WAS again manifest at the OPP
enine OF the market TINS week and
minated in sales OF Cuhas at the
basis Of 4lsc 96 deg c.&f (5.14c)
which established an advance OF NC
i.l2Icl in the quotations as compared
with those ruling week ago. The
improved demand for refined which
was induced by the readjuStment, ear
y in the week, of prices of refined
sugar To conform 10 prices Of raws,
caused refinerS t. generally enter the
market for Cubas in any position at
&c basis Sc deg c.&f the equivalent
OF which mad been paid hye operators
al the close Of last week Holders,
however. realizing that this revival of
the demand for refined would probab-
~ necesSitate refiners, whose stocks
or rows are at an unusually low point
tor the season. to pay gradually ad-
vanCing prices in order to secure sup
plies. were not disposed to sell freely
at 4c basis 90 deg. c&f. and refiners
were only able to obtain about $4,000
bags CT Cubas in port and afIoat at
mis- basis and about $1,000 bags from
store and few scattered parcels of
full duty paying sugars in nearby po-
Siti0nS at the equivalent thereof. 502c
basis "6 deg. duty paid, before the
market was cleared of all sugars OBJ
tainable at this baSiS. The improved
condition Of the raw market inspired
the refined trade with further conf
deRce. and the more liberal domestic
buying of eranuiated which ensued
combined with some small export bus
mess, further encouraged holders of
raWs in their attitude of withholding
to await a higher market.
Therefore when refinerS, on account
of the increased refined business,
found it necessary to pay 4hc basis
90 deg. c&f. for shipment Cubas and
the equivalent thereof of 5.14c basis
sc deg, duty paid, for store sugars,
in order to secure additional raw
stock, they were only able to obtain
about $1,000 bags of Cubas before the
supplies at these prices had been ex-
hausted. The market closes firm, with
an improving tendency, and holders of
Cubas. generally asking 4Ac 90 deg.
c IF. (5.27cD, which nrice should soon
become Obtainable if the present in
creased demand for refined continues.
The weekly cable on Tuesday from
Cuba reported receipts OF 6719 tons
and three centrals grinding, as COM
pared to 11.445 tons receipts and three
at work at the corresponding
date last year. Today three centrals |
are in operation and the weather is !
favorable. Messrs. Guma-Meier re-
port the visible production for the !
entire island up to the end of August |
at 2.963.29S tons, as compared to 81
iS9, $50 tens last wear. The production |
'or the month of August was 44,644 /
oRs as against GS,S30 tons in August,
1915.
Early in the week the Federal S. r.
20. announced reduction in the price
" granulated of 1c from 7.25c to 625c,
ess per cent, which cut was prompt
y met bv IS point reduction on the
)art of the American s. r. Co. Ma
ional s. R. Co., and Arbuckle Bros.
Who had been quoting &c less per
,ent. The Warner S. r. Co. remained
at 7.25c less 2 per cent.
The w. J. McCahan S. r. Co. and the
S. CO. of Philadelphia.
lso promptly declined to 6.25c for
and the latter refiner sub
rst'uced to 6.20c less 2 per
ent on orders placed with their op-
ion as to the time of shiDment. AS
his readiustment of refined prices
wiped out the differential of &c per
'ound and practically restored a nor
nal margin between the price of raws
nd refined, the trade placed orders at
he new level Of 6.25 less 2 per cent
With more confidence and in greater
Olume esDeCially when the raw stu
ton strengthened up. While the ag-
regate business of the week could
ot be called heavy. yet the buying
'as all for immediate shiDment and
really good daily demand.
During the week various small orders.
0taling probably 5000 to 5000 tons,
or export refined were placed at pri.
eS around 310c to 51jc fob. net
ash in bond
The trading in options during the
week reached total OF $3.50 tons
losing quotations today are: Sep
embPr 4l7c and 4.1Rc. December 4.I7c
nd 4l>c, January &96C and 3.97c,
february 3.S~c and 3S9c and March
Sic and 3.N7c.