Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-12-08
LOUISIANA CROP
BREAKS PRICES
IN SUGAR MARKET
Unexpected Arrival at Lower
Figures of Southern De-
IiverieS Causes Drop
Special c0tres0O6denee from Nevers

Especial CofresD0hdencc from Neyers
4 CalAgbh. 80 Wall Street,
NEW YoKk, v. Y, Nov. PA dull
and rather denoralized market has
prevailed throughout this week and
on extremely small sales the SPOT quo
tation tor eentrlfugals has been re-
duced to sole basis 90 degrees. rep
resent.pg a decline OF SOC from last
weeks close.
Holders at the opening of this week
were Offering moderately and gener-
ally asking ) CSC basis SO degrees c.
& T. for Cubas IN nearby positions and
1-Sc G. /. 1. for full duty paving sug-
ars afloat and for prompt shipment.
Although refiners were showing no
interest in these offerings on account
of the disappointing demand that they
were experiencing for refined, yet
holders were showing no disposition
to force sales and no special weakness
developed in the market until offer
ings OF LoGisianas appeared for prompt
shipment from New Orleans by steam
er and by rail At 6.25c basis SO degrees
delivered in New York. The unexpect-
ed offerings from this quarter at this
reduced level had disquieting effect
on holders here who Immediately be-
gan suggesting concessions below
) 3-Sc and 1-Sc basis 96 degrees on
their offerings of Cubas and full duty
paying sugars in order to meet this
competition that Louisiana sugars
were creating. Under the influence of
further competition from Louisianas
which were later offered at 6.15c basis
90 degrees delivered at New York and
counter bids solicited holders of Gu
has and full daty paying sugars here
continued gradually reducing their
asking prices until the cole basis
SO degrees duty paid level was reach
ed when a local refiner accepted TO-
coo bags OF Venezuelas about due at
SAC basis SO degrees c. l. (. (610c).
Further business at this level was
impossible and additional moderate Of
ferings of Cubas afloat and for prompt
shipment at SC basis IS degrees C. &
f. and of full duty paying sugars in
port and for shipment at 3-4c basis
So degrees c. l. T. failed to find buy
ers. The week therefore closes with
the market still in an unsettled con-
dition and a further decline is immin-
ent unless sufficient new business
should develop in refined to necessi-
tate refiners buying additional supplies
of raws.
Local refiners, for lack of any for
ward demand for refined have shown
no interest whatsoever this week in
offerings of new crop Cubas at 3-Sc
for January-F e5ruary shipments and
Lie basis 90 degrees c.. & f. for
February-March shipments in combin-
ations, like quantity each month. Dur
ing the early part of the week a sale
was reported of 5000 tons of Cubas
for March loading to England at 360c
basis IS degrees T. 0. b. Cuba and it
is understood that England bought,
later in the week, additional moderate
quantities of Cubas for February
March loading at S.50c basis 96 de-
grees E. o. b. Cuba. Some business was
also put through with foreign buyers
at 4c basis SO degrees C. & f. New
York for January-March shipment, it
being understood that these buyers ex-
peet to arrange an exchange of the
raws for refined with local refiners.
The. only change in refined this
week was a reduction announced by
the Pennsylvania S. R. Co. from 7.50c
to T.45c less FER cent. Ali interests
here are selling at 7.50c less per cent
granuIated. The demand both for do
nestle and export has been exceed
ingly limited, the light domestic bust
ness being mostly taken care of by
second hand sellers at 7.25e regular
refiners' terms. For export, 6.25c net
cash t. o.. b. in bond, is generally
being asked by refiners but second
hand sellers have been offering ex-
port refined at material concessions
below refiners' asking prices.