Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-02-14
HIGH PRICE Of
/. FUTURES KEEPS
SUGAR BOOMING
Sellers Refuse to Make Reduc-
ton in Views of Even 1-16; q
Freight Rates Soar

With August options at 4.0f and 4.02
for Cubans, sellers in New York are
not weakening the market by coming
down to bid prices, according TO the
January 2S Sugar Market Review put
ont by Neyers & Callaghan of SO Wall
Street. New York The firms resume
follows:
Following the large transactions in
raws last week it was but natural that
quieter conditions should prevail in
the market during this week. Rein
ers had bought sufficient supplies to
take care OF their extensive commit
ments for refined, both for domestic
and export purposes, and their buy
ing during this week was limited to
purchases Of sugars ahOat or in very
nearby positions to fill in gaps caused
by delays in arrivals.
These purchases consisted ~ about
23,090 bags of Porto Ricos for early
February clearance bought at the be
ginning OF the week at 4.64c basis g.
degrees C. i. f., and approximately
0,0n0 Cubas afloat or about to clear
bought subsequently during the week
at 3 81 basis % degrees c. E. f
(4.77c). All offerings Of Cubas in very
nearby positions were readily placed
at the 3 3-4c basis although moderate
quantities for February and March
shipment held at 3-4c basis 96 deg
c. & T.. failed to attract buyers. How
ever, while re6ners persisted In their
attitude of Indifference all during the
week toward the offerings of February
and March at 3-4c, yet holders had
sold sufficient sugars to make firm
position possible and refused to
wecken.
''It was understood that any conces-
sion on the part of sellers would have
attracted speculative buying, and that
refiners might even have become in.
terested at Lice below the 3-4c basis
asking price. At the close, the mar
ket continues quiet
"Refiners do not appear to be quite
ready to meet holders ideas of 3 SAC
for Cubas at which basis it is esti-
mated that there is q fair quantity
available equally distributed between
the February and March positions,
with some small parcels of Cubas
affoat for which 3 1916 basis So deg.
c. & f., is being asked. Some $4,000
bags Porto Ricos for clearance at vari-
Gus dates during February, not later
than the Goth, are available at, 4.64c
basis So deg. 6. i. f., but are not being
pressed for sale. -
"The tonnage situation has been
and will continue to be an important
market factor in limiting offerings
from Cuba, not alone on account Of
scarcity of vessels but also on account
of the high rates being exacted. Dur
ing the week, freight engagements
were made for sugar at As cents per
100 pounds from north-side Cuban
ports and as high as 53c per 100 lbs,
from the south-side ports.
The weekly cable on Tuesday from
Cuba reported receipts OF 110,932 tons
and 164 Centrals grinding, as COM
pared to 1900 tons and 14S Centrals
at work at the corresponding date last
year. Today, 1913 Centrals are In OPP
Grafton and the weather is favorable.
"The demand for refined was COM
paratively light in so far as new bust
ness was concerned. The domestic
trade had placed large orders antici-
pating their requirements we'll up into
February and on account of the light
stocks they had been carrying their