Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-02-03

IN PORTO RICO
make THREATS
Danger of Strike and Unsettled
Conditions Limit Sugar Of
ferings From Island

| buying by mainland refiners, and
limitation of offerings from Porto
Rico because of labor troubles threat
ening with cane cutters all combined
in the week prior to January 81 to
stiffen sugar prices, says the Neyers
! & Callaghan Sugar Market Review,
| issued january 81 from SO Wall street.
The resume follows: ..~ ii.
Confirmation of stead fob.
buying In Cuba for European account,
coupled with the persistent demand
for refined here and for export to
various countries, added strength to
the market early in the week. Rein
ers found il necessary to buy raws to
cover their export commitments and
their purchase of Cubas for January
shipment and clearance at 3 9-16c
basis Sc c&f, caused sellers to be-
come firmer in their views and to
ask higher prices.
Sales of two small cargos of Gu
bas, one to an outport refiner for jan
uary clearance with specified date
at 35sc, and the other to a local re-
finer for prompt clearance at 1890
basis go c.&f, was followed by mod
erately large sales locally of Cubas
for late January and early February at
3&c basis 90 EFF, which cleared the
market Of all offerings in these posi-
ticns at this price. These sales made
an advance of &c over prices prevail
ing at the close of last week and in.
duced confidence in the market on
the part of dealers in refined, who
began placing orders for refined to
replenish their depleted stocks. This
buying of refined for domestic use
at time when refiners' melting sup
plies were so low, added new stimu,
lus to the market and fairly general
buying movement developed.
Following small sales Of February
shipment Cubas at 11-16c, refiners
bid the market up on January and
February to 23.32c and accepted all
offerings at this price, and finally to.
3%c basis &C. c.&f. before any large
line Of sugar appeared. Sales at 334c
for January and February amounted
to about 100000 bags and cleaned up
all offerings In these positions. Bids
of 3Ac for both March and April
failed to find sellers, the uncertainty
of the tonnage situation being the
restraining factor.
Holders Of January and February
endeavored to force another 1-16c adj.
vance In price for the few sugars that
appeared thereafter, and although
they were successful In obtaining
1850 basis go C. & f., or its
equivalent from outside buyers for
three small parcels, two for January
shipment and one from store, yet fur.
ther offerings of January shipment at
1850 could not be sold to refiners
at this price, as the domestic demand
for refined had been covered and re.
timers consequently did not feel en-
couraged. Sellers then lowered their
ideas to SIC and large sales, totaling
some 100000 bags Of January and
February shipments Cubas, were ef-
fected at 3%c basis go c.&f.
Owing to unsettled labor condi-
tions and prospects of strikes among
the cane-cutters in Porto Rico, hold
ers of these sugars have hesitated
about offering sugars not already
manufactured. In consequence, the
offerings of these sugars have been
limited. A sale, early in the week,
of 10000 bags Porto Ricos for late
January early February clearance at
4.33c basis go elf. was followed by
sales of 1900 bags for early Febru-
airy clearance at 4.64c basis So elf,
clearing up only offerings OF. Porto
Ricos that were on the market during
the week.
"The weekly cable on Tuesday from
Cuba reported receipts of 94,523 tons
and 155 Centrals grinding, as compar-
ed to $4,000 tons receipts and 135
eentrals at work at the corresponding
date last year. Today 1853 centrals are
in operation and the weather is fav-
orable. -
ION account Of the improvement in
raws, the trade early IN the week be-
gan placing orders for refined to COW
er their January and early February
requirements, which buying, added to
the steady business that was being
done by refiners for export, caused
them to advance their list price to
5.75c less 29o. All refiners were firm
at the advance and even refused to-
accept pre-dated orders at the old
price and these orders were finally
placed at the new basis. The bust
ness was at times active during the
week and probably totaled 100000 bar
rels of refined, to which might be adj
ded liberal quantity Of beet granu-
lated placed in the Eastern territory.
Beet interests that had been quoting
20 points under cane refined are now
quoting 5.75c less 29e, or 10 points
below in the Eastern competitive mar.
ket. At the close, the domestic de-
mand for refined has been satisfied