Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-05
Low SALEFAILS
TO DEMORALZE
SUGAR MARKET

Especial correspondence from New
ers & Callaghan, 80 Wall Street, New
York City.
NEW YORK, July 2l.-The week
opened with buyers Withdrawn from
the market and showing no interest
whatsoever in the moderate offerings
OF Cubas afloat and for prompt ship
ment that appeared at CSC basis
So deg. c. & T., and for Porto Ricos
for prompt shipment at 627c basis
96 deg c. /. +. The attitude of re-
timers in holding off was attributed
TO the lulI in the demand for refined.
Although holders were generally firm
in their views on distant positions,
pressure to sell on an unwilling mar
ket some small parcels of Cubas that
had arrived in port unsold, resulted in
1-Sc basis Sc deg. c.. & (, being &C.
reDted for about $4,000 bags of
Cubas, which transaction established
Lac decline in the spot quotatio for
Cubas as compared with the close of
last week. Contrary to precedents
this sale did not create the democrat
iZing effect that usually attends such
a pronounced decline and although
some holders CT Porto Ricos temper
arily modified their views to 6.l4c
basis SO deg. c. /. (. for a few Fcat-
tered parcels in nearby positions, no
further offerings Of Cubas appeared
ut under 3-Sc basis So deg. c. & T.,
excent one parcel of %. 200 bags afloat
which an operator obtained on a bid
Ct lac basis SO deg C. & +. This
sale showed a recovery Of 1-8c in the
rnar,et ard when operators continued
, fidfing this price for Cubas in any
nCeit.op withert ohtaininG anv suoar,
md whom = was rnncrtAd that further
q. b.. huving w8s heing done in
Cuba fer foreign account. the market
assumed firmer tone with refiners
showing a disDosition to gradually ad.
| vance their bids to lac basis SO
deg. C. & +. Even bids from operators
CT s 5-l6c basis So deg. c. & f.,
prompt shipment Cubas did not Sc.
cure any sugars as holders were firm
at 3-Sc basis 96 deg. c. & T., for
Tubas for prompt shipment and there
appeared to be no further distressed
| parcels on the market. As soon as
the better feeling in the market be
came evident. holders of Porto Ricos
withdrew their offerings at 6.14c basis
IS deg. c. /. T., and insisted on 6.27c
basis SO deg. c. l. f., for both nearby
and shipment parcels, Early in the
week cargo of about II 900 bags of
San Domingos afloat and about due
sold to local refiner at sc basis Sc
deg. G., T. t., but near the close of the
week local refiner paid 1-Sc basis
SO deg c.. !. t.: for cargo Of 1900
bags also due to arrive. while S SAGE
basis SO deg c. l. f., St. Johns, was
paid by an pptport refiner for a cargo
of these sugars afloat. N
The full particulars OF the transac.
lions In {. o. b. Cubas have been with.
held but at least 10000 tons for
August loading were sold to England
at about &c basis &c. deg. (. O. b. Cuba.
The weekly cable on Tuesday from
Cuba reported receiDts of 1911 tons
and IL Centrals grindings, as COM
pared to 24.792 tons receipts and the
same number IF CentraIs at work at
the CORRESPONDING date last year. To-
dav. IL Centrals are still in operation
and rain is wanted.
The price of refined remains un-
changed at 1850 less per cent, but
the business has been somewhat dis
appointing as very few new orders
have been booked, while Withdrawals
against contracts placed last week
have been only moderate. II is re-
ported. but not fully confirmed that
the British Sugar Commission has ar
VseV NJ rad HNa,,a = ~ T. A
lean: refiners an exchange of 10000
tons of Cuban raws for similar
quantity of refined at a supposed diff
ferential of lie. II so, this would bring
the total business done on this basis
during the past two weeks up to So
600 tons. Some actual purchases Of
refined for export to England and
other foreign markets have been
made during the past ten days to the
extent of 12,000-15, 900 tons at prices
A.