Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-09-26
SMALL SUPPLIES
OF REFINERS IS
MARKET FACTOR
Increased Demand and Small
Cuba Shipments Work for
Higher Prices
Especial Correspondence from Neyers
& Callaghan, 80 Wall Street,


& Callaghan, 80 Wall Street,
NEW YORK. Sert. l5.-The mar
ket during the early days OF this
week continued its sharp upward
| trend, but the full advance, estab
! hshed on Wednesday. in the spot quo
! tati0n of Csc for Cubas as compared
with closing prices of last week was
subsequently partially lost by al
! abrupt decline of lac between trans
| actions. and the closing quotation o.
! o.21c basis SO degrees, duty paid. fol
| Cubas from store only shows a net i'm
| provement of 1-Sc for the week. A
continued good demand for refined
| both from foreign and domestic
sources, coupled with the extremely
light exports $50 tons) reported for
last week from Cuba to the u S. At
lantic ports, encouraged holders of
Cubas TO feel that necessities of re-
finerS, whose stocks of raws were alb,
normally low, would lead to active
buying and induce higher levels Con
sequently in the early part of the week
the offerings OF Cubas we're very linn
tied in quantity and so firmly held
small parcel of CUbas in port at 1Sc
basis 90 degrees C. & f., same as paid
at the close of last week, yet holders
were generally insisting on 4 lac
basis 96 degrees c. & f. for Cubas for
shipment and 527c basis 90 degrees
duty paid for Cubas from store, which
prices refiners found it necessary to
pay, bit were apparently only able to
secure about $4,000 bags Of Cubas in
all positions AMI 1000 bags of Porto
Ricos from store, before the market
was cleared of. all offerings at this
level. Refiners then advanced their
views 70 $500 basis SO degrees c. &
r. (5.52c) to obtain additional molt
ing supplies. 1t is generally believed
that the business at the various lev
els between lac (527cD and 4,l-2c
(5.52c) included larger quantities than
were actually reported, as refiners
grew less interested after the 1-2c
basis had been reached, and although
they bought moderate quantities at
this price, the buying power was not
sufficient to absorb all of the offer
ings. This evidence of halt In the
advance in the actual market created
a somewhat demoraIized condition in
the option market, and under the in
fluence of profit taking, options de-
clined to point which made it pos
sible for exchange operators to profit
ably dispose OF warehouse Cubas at
safe basis SO degrees, duty paid, at
which price refiners, who had in the
meanwhile withdrawn from the mar
ket, accepted about 40,000-50, 900 bags
of these sugars. Although these sales
established lac decline from previous
no further pressure to
sell developed, as the ideas of the ma
jority Of Cuban holders were material
ly higher and these interests were I'M
willing to follow what they considered
prices. The market
closes steady at 5.27c, but appears
to be very sensitive to developments
on the exchange. -....7
The weekly cable on Tuesday from
Cuba reported receipt of 1855 tons
and 2 Centrals grinding, as compared
to 903S tons receipts and l Central at
work at the corresponding date last
year. Today Central is still in oper-
alton and the weather Is favorable.
At the opening of the week all re-
timers were quoting granulated at
S Csc less 2 Fer cent, with the excep- \
lion of the Warner S. R. Co, who was
still quoting 725c less 2 per cent.
However, the continued good demand,
both locally and for foreign use,
caused the Federal S. R. Co., early in
he week, to advance the domestic
price of granulated to 6.40c less 2 per
cent, which advance was followed by
he American S. r. Co., the National
). r. Co, AMI Arbuckle Bros, the
S. +. Co. declining to this
,asis 10 meet the others. Whereupon
he Federal S. r. Co. advanced an ad-
litional 90 points to $50 less per
,ent, but continued to accept business
It 6.40c less 2 per cent, which all 9TH
n interests were quoting. At the soc
,asis for domestic graduated an ex-
,ellent business was done, but the
,uying was checked after the advance
0 6.4Oc less 2 per cent. Since the
irst of the present month it is estl-
mated that probably 30-35,O00 tons of
efined sugar have been sold for ex-
iort to various countries, in small
lied orders from day to day, at prices
angling from 4.95c to, 5.10c net cash
/. O. b.. in bond, but it now seems i'm
possible to buy for export at lower
han SIS. the advance to this basis
ending to limit further business.
The trading in options during the
week reached q total of 107,350 tons.
Closing quotations today are: Sep