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

Especial Correspondence by Nevers
& Callaghan, 80 Wall street,
NEW YORK, Oct 6.-The market
has shown some further improvement
during this week and prices OF Cubas
have advanced 1-8c from 7-Sc to &c
basis sc deg. c. & f. (6.02) with large
business transacted. Private sales of
moderate quantities of Cubas in very
nearby positions to a local refiner at
7-Sc basis sc deg. c. & I. (5.S9c) at
the close of last week was the founda-
ton for the runlor 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 90 deg. c. & T.
(6.O2c) for their holdings. The re-
yival in the domestic demand for re-
fined early on Monday morning at
6.75c less 2 per cent, stimulated sellers
to hold firm at their asking price OF &c
basis SO deg. C. & (. for Cubas, and
although a refiner, early in the day,
secured one small cargo of Cubas for
immediate clearance at 415-16c basis
SO deg. c. & f., no further sellers APP
peared at this price, and reftners
found it necessary, later in the day, to
pay the asking price Of &c basis 80
deg. c. & (. 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 So deg. C. & I. for Cubas 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 &c basis sc deg. c. & I. 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
q 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. & t. for Cubas IN very
nearby positions but showing no inter
est in offerings Of about $4,000 to
20 900 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 well 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 &c
561s tons receipts and l central al
work at the corresponding date last
year.
The Federal s. r. Co. has made nc
change in its price of &c less pei
| cent for Granulated, which it quoted
at the close OF last week. Signs o.
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 a.
6.9Oc less 2 per cent caused another
general advance to &c less per cent
| by all refiners, with the exception o.
the Warner s. R. Co., which still con
tinues to accept business at 6.9Oc less
2 per cent. Withdrawal against con
tracts has been good, and while thu
new buying of refined by the loca
trade has been of fair proportions, /
is conservatively estimated that dis
tributors and manufacturers have onl!
barely covered their October require
lments, and are expected to buy agar
before the close of the month, Dur
ing the week the Federal s. X. Co
closed negotiations with a foreign gov
eminent for the sale of $4,000 tons O
granulated on private terms, for Janu
airy, February and March shipments
This refiner is credited with buyin!
at the same time, about 10000 ton
of New Crop Cuban raws for Januar!
and March shipments, also on priyat
terms.
/ The trading in options during tn
week reached total of $3.50 tons
Closing quotations today are: Octc
Der 4.95c to sc, December 4.6Sc T
4.69c, January 1900 to 4.S1c and Marcl