Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-10-19
BUYERS CONFINE
BIDS TONEARBY
SUGAR SUPPLY
Refiners Wiling to Pay Asking
Price for Early Delivery;
Ignore Other Offers
Especial Correspondence by Nevers
& Callaghan. 80 Wall street,

.
Especial Correspondence by Nevers
& CaIlaghan. SO Wall street
NEW YORK, Oct. 6.-The market
has shown some further improvement
during this week and prices of Cubas
have advanced 1-Sc from 7-Sc to &c
basis 90 deg. C. & (. t6.02) with large
business transacted. Private sales OF
moderate quantities of Cubas in very
nearby positions to local refiner at
7-Sc basis SO deg. C. & I. $500 at
the close Of last week was the feunda-
ton for the rumor over the week end
that the market has been cleared OF
all offerings of Cubas at this level, and
although not substantiated by facts,
yet the circulation of the rumor had
the effect OF causing holders to offer
cautiously at the opening of this week
and to ask sc basis So deg. C. & +.
(6.02c) for their holdings. The re-
vival in the domestic demand for re-
fined early on Monday morning at
6.75c less per cent. stimulated sellers
to hold firm at their asking price OF DC
basis SO deg. C. & T. for Cubas, and
although refiner, early in the day,
secured one small cargo Of Cubas for
immediate clearance at 4 15-16c basis
SO deg. c. & f., no further sellers APP
peared at this price, and refiners
found 1t necessary, later in the day, to
pay the asking price of sc basis SO
deg. c. & I. for Cubas, in order to OBJ
tain raw supplies to cover the refined
business that they were being offered.
An active buying movement ensued at
sc basis IS deg. c. & f. for Cnbas in
which most all of the refiners partici-
pated, and as soon as the market be-
came firmly established at this level,
holders showed a disposition to let
their sugars go more freely than had
recently been the case, with the result
that quite large transactions at this
price have been recorded from day to
day, including Cubas in all positions
and two cargoes to outport refiners.
While the purchases of local refiners
at SC basis So deg. c. & (. at first ex-
tended even to Cubas for all October
shipment, yet when the buying Of re-
fined showed signs of slackening up
and Cuban holders continued showing
disposition to supply sugars freely,
the buying narrowed down, refiners
only accepting very nearby parcels at
the sc basis, and neglecting Cuba Of
ferings in more distant positions. AS
a consequence, the week closes with
buyers still willing to continue at &C
basis 96 deg. c. & I. for Cubas in very
nearby positions but showing no inter
est in offerings Of about 10000 to
70, 900 bags of Cubas for straight Octo-
Der shipment held at this price. The
situation still seems to favor holders
and although refiners are at the mo-
ment fairly we'll supplied by their re.
cent purchases Of raws to cover their
refined commitments, yet should sell
ers content themselves to wait and not
press their offerings, they will eventu-
ally find a market around present lev
els as soon as a new buying movement
sets in refined, either from domestic
or foreign sources.
The weekly cable on Tuesday from
Cuba reported receipts OF 1885 tons
and Central grinding, as compared to
561S tons receipts and central at
work at the corresponding date last
year.
The Federal s. r. Co. has made no
change in its price of &c less 2 per
cent for Granulated, which 1t quoted
at the close OF last week. Signs Of
active buying by the domestic trade
on Monday at 6.75c, less 2 per cent,
caused all refiners to advance to $500
less 2 per cent Further buying at
6.9Oc Jess 2 per cent caused another
general advance to &c less 2 per cent
by all refiners, with the exception OF
the Warner S. r. Co., which still con
tinues to accept business at 6-SOc less
2 per cent. withdrawal against con
tracts has been good, and while the
new buying of refined by the local
trade has been of fair proportions, II
is conservatively estimated that dis
tributors and manufacturers have only
barely covered their October require
ments, and are expected to buy again
before the close of the month. Dur
ing the week the Federal s. r. Co
closed negotiations with a foreign gov
eminent for the sale of $4,000 tons OF
granulated on private terms, for Janu
airy. February and March shipments
This refiner is credited with buying
at the same time, about 10000 tons
of New Crop Cuban raws for January
and March shipments, also on private
terms.
The trading in options during the
week reached 4 total of as, $50 tons
Closing quotations today are: Octo
Der 1850 to sc, December 1850 tc
1890, January 4.S0c to 4.S1c and March
4.05c to 4.06c.