Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-09-13
sudden UPWARD
TURN TAKEN IN
SUGAR PRICES
Month End is Marked BY Quick
Transition From Lower to
Higher Tendency
Especial Correspondence from Neyers
& CallaghaI, 80 Wall street,


/ pressed on the market from day TO
/ day at material receSsiOns in prices.
| carrying the SPOT quotation as low as
| 3 5-Sc basis sc degrees c. & +. (4.G4C J
| or exactly &c per pound decline below
! the highest level reached for this cam
| paign, 5-Sc basis sc degrees c. & t.
| (6.64cJ established during the month
of May From the low point reached
on Wednesday the market suddenly
reversed itself and the next transac-
| ton showed a recovery OF lac in val
| ues. The week opened with a fair
line of Cubas offering in various posi-
tio9s at 4 3-8c basis SO degrees c. &
f. and buyers reluctant to add to their
low stocks of raws on account of the
disappointing demand that they were
experiencing for refined. In cOnse-
quence, some pressure to sell devel'
oped and although a refiner accept
ed one very small parcel of Cubas from
store at 5.25c basis Sc degrees, and
another small parcel for prompt ship
ment at lac, basis SO degrees C. & f.,
further sales at these levels could rot
be effected.
Il
saw 100, 900 to $4,000 bags of CubaS
and few parcels OF Porto Ricos and
full duty-paying sugars had arrived in
port unsold and pressure to sell these,
coupled with the offerings from store
that were being constantly urged for
sale by exchange operators at cOnceS-
sions corresponding with the persist
ent decline that was taking place in
the option market, created demon
allied condition in the actual market,
and although sale of $500 bags OF
Cuhas afloat was effected at 3 7-Sc
basis SO degrees c. & f.. further bnsi-
ness at this level was impossible.
Holders continued to offer Conces-
sions with a view of discovering a
basis at which. buyers would earnest
{ " enter the market and the declining
tendency was finally checked when a
refiner accepted $1,000 bAgs Cuhas
in port at 3 5-8c basis 96 degrees C. &
f., and further buyers appeared at this
basis. Holders then became inspired.
with some confidence and either with
drew their offerings altogether or
raised their asking prices, and with
offerings further decreased on account
of about 1904 bags of the .unsold
sugars in port: being ordered into,
store, the market ass med decided
Iy firmer tendency. Buyers appeared
at 3 3-4c basis SO degrees C. & +. for
Cubas in any position and failing to,
secure any sugar at this price they
gradually advanced their IDEAS. until a
refiner obtained 10 900 bags of Cubas
in port at 7-Sc basis So degrees c. &
[. or an advance of lac over the last
sale. A sharp recovery in the option
market, of about so points above the
low level caused exchange operators
to also become buyers at 7-Sc SO de-
grees C. & f. for Cubas, and after 1900
bags ia port had been sold on this
basis, no further offerings appeared
thereat. The market closes steady
with an improving tendency. .~~
The weekly cable on Tuesday re"
ported receipts of 1928 tons and CEN
trails grinding, IS compared to l7,423
tons receipts and 4 centrals at work
at the corresponding date last year.
Today centrals are in operation and
the weather is favorable for growing
crop. .-. ...l go
There has been no change in the
list price of refined sugar during the
week. The Federal s. R. Co. and War
ner S. R. Co.. continue to quote granu'
lated at 7.25c less 2 per cent, While
the other refiners quote &c less per
cent. The domestic demand is still
The moderate business
coming in is being mainly supplied by |
sellers, who have been
forced to withdraw sugars on con- |
tracts placed at 1850 and &c less per
cent, and who prefer selling below
cost rather than taking the sugars
into their own stock. Pressure 10 sell
secondhand granulated early in the
week resulted in business at as low as |
6. 75c less 2 per cent, but some slight
buying that developed in anticipation
of the possible railroad strike about /
cleared up these offerings and bids or
6 soc less 2 per cent for graduated
now find no sellers. The trade is car
rying very meager stocks and is only
buying from hand-to-m mouth. Contracts |
with refiners are materially reduced
and although distributors and manu-
facturers are in a position where they
would buy freely if the price of granu-
lated were at the usual differentia1
over the price of raws, yet the differ
entail of over &C per pound now exist,
ing restraints active buying at the mo-
ment on their part.
Continued liquidation in the option
market resulted in a condition OF
steady declines, until the low point
of 3.61c for the September option was
reached on Wednesday. At this point
the market appeared to have reached
an oversold position and sudden re-
action set in, which materially ad-
yanced prices for all positions, the
new crop months showing a rather
violent recovery. The trading for the
week aggregated 114,950 tons Closing
quotations today are: September 4.oSc
to Ale. December Ale to 4.12c, Jan
uary @3.87c to $3.50, February 3.72c to
8. 74c. March 3.75c to 3.71c.
A fund Of $4,000 has been made
available by the War Department for
Lba Doyroept IF etafa froOOS on duty