Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-06-23
RECOVER
WHENEUROPEIS
SEEKING SUGAR
Cut in Graduated Forces Sharp
Reactions and Makes Hold
erS Cut Prices

That England has again entered the
market as a buyer of sugars at Cuba
is statement contained in the mar
ket review of Neyers & Callaghan Of
SO Wall Street, New York, under date
of June 3.
The review follows:
New York, June 3, 1916.
he market has been rather mac
tive during the week and the moder-
ate sales reported show slight recess
sions in value as compared with
prices paid At the close OF last week.
The firmer tendency noted in our last
review continued in evidence at the
opening of this week, and although
buyers were in evidence at nc for
Cubas in port and afloat and at 5 sc.
basis SO degrees C. &f. for late June
and July shipments, there were no.
sellers below 5 5-16c for nearby par
GELS and 5lac basis 96 degrees c. & r.
for later positions. Holders of Porto
Ricos were asking 6.14c for a few,
scattered parcels IN nearby positions
and 6.27c basis 96 degrees G. i +
for shipment, with buyers willing to
pay e.USc for the in port and afloat
offerings and 6.14c basis 96 degrees c.
l. f for shipment sugars. Even though
81 c basis 96 degrees c. & f. was &C.
cepted for about 10000 bags of Cubas
afloat and 6.0Sc basis So degrees G..
i f. for about 10000 bags Porto Ricos
in port and afIoat. still further hold
ers refused to accede to these prices
and the market continued firm In
tone until Philadelphia refiners an
nounced 25-point reduction in the
price Of granulated. This announce.
ment had a rather, demoralizing effect
on the market and caused buyera
to immediately withdraw, following
which holders began to offer conces-.
sions with the result that Gubas in
nearby positions were unsuccessfully
offered at IS 3-16c basis 96 degrees
e f and Porto Ricos afloat at 6.02c.
basis So degrees G. i. T. and for ship
ment at 6l0Sc basis SO degrees Cd f,
without finding buyers. II was to be
noted that the easier tendency was on
sugars in nearby positions, of which
there appeared to be fair accumuIas
tionA in port and about to arrive i'm.
sold, as holders of delayed shipment
sugars we're confident of the future
and refused to recede in their ask.
ing prices The storing of several
pNrcels ofsGubas in port reduced the
Offering Of nearby sugars that had
been Hnsncsessfi lily offered at s. 3-16c
basis SO degrees c. & e, and when
il developed that Europe was again
buying sugars f o. b. Cuba for export,
both refiners and operators appeared
as buyers and sales of about $4,000.
bags Cubas in port and afloat to re-
finers and about 10000 bags in like
positions at 3-16c basis SO degrees 9.
& T., appeared to have cleared the.
market Of all offerings at this price
and the market assumed better tone
no further sellers being in evidence
at under 55.16c for prompt shipment
Cubas and 5ssc for second half june
and SIC basis 96 degrees c. e I. for
July shipment, with buyers willing to
pay SIC for prompt and June ship.
ments and &c basis 96 degrees c.
Il for July shipment. Holders Of
Porto Ricos who had been disposed
to sell at 6.02c basis 96 degrees G. |. +.
for nearby parcels, at which basis an
operator secured 5000 bags afloat,
raised their views to 6.08c for afloat
lots and 6.14c basis c. /. t. for ship.
ment sugars During the week Eng
land is reported to have brought 20,.s
600 to $4,000 tons of Cubas for June
and July shipment at rumored prices
of 4. 85c to 4.90c {. o. b. Cuba.
The weekly cable on Tuesday
from Cuba reported receipts of 4S,51o
tons and 80 centraIs grinding. as COM
pared to 55,fS2 tons receipts and 81
centrals at work at the correspond
ing date last year Today ~ centrals
are in operation with light rains re
ported in some part of the island.
"The refined market has been quiet
during the week All interests quote
1850 less Q per cent, except the Fed.
eral S. r.. Co, which quotes LAC less
per cent on local orders and 1855
less per cent from consignment
stocks. The McCahan S. r. Co. and
the Pennsylvania Sugar Company
early in the week reduced prices. 20
points to 7.35c less 2 per cent for
contracts and 7.3ec less 2 per cent
for shipment orders, The domestic
business has been light and mostly
cared for by secondhand sellers at
prices around 7.3Gc less 2 per cent.
The export inquiry has been quiet, al
though it is understood that some
business would probably have been
accepted at 6.45c net cash, in bond
At the close Arbuckle Bros. reduced
prices for refined 35 points to 1906
less 3 percent. -
The trading in options reached a
total of SO, 100 tons during the week.
Closing quotations today are; June
{. 27c@5 .29c, July 5.33c@5.34c, August
5.36c65.3Tc, September 5.40c @5.41e,