Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-14
SUGAR MARKET
SLUGGISH; Tone
!. remains Firm
Quantity Available at Present
Level is Deemed to Be
Small =...:

Especial correspondence from Gar
nikow-RioRda Company, 112 Wall
street, New York; ..>.. ...:..
NEW YORK, July 2S.-With total
reported sales of only 5000 tons Gu
has, Porto Ricos and ron-preferential
sugars combined, ii will be seen that
nothing has developed during the
past week to raise our market out OF
the sluggish condition exhibited for
a protracted period. Although sellers
generally have remained firm in their
views Of 5.375c CT (6.40c) for sugars
for shipment, and .0625c per ID. less
for parcels already chartered for, ow-
ing to the apparent reluctance of re-
finers to provide for future require
ments, some recent unsold arrivals,
failing to find buyers even at 5.25c
CT (6.27c), are going into warehouses
here, while others are disposed to ae-
cept less. The spot quotation is there
fore unchanged, but nominal, ar the
advance Of .06c to 6.33c, basis SO deg.
established on 21st inst. .:..=s. f.
The quantity of sugar available at
the present level being comparative
ly small, the acceptance of even fur
Their slight concessions in price by a
few anxious holders (as already wit.
messed in several instances during the
last few months) is not likely to re
suit in free offerings of sugars for
shipment in existing period of tempo
rary depression, If previous firm atti-
tude of holders under similar cireum-
stances this year is. taken as a cri.
terion. III.
The situation for the month OF Aug
ust appears Just now quite clear to
the interested observer. If the COM
bined MEETINGS at Atlantic ports and
New Orleans be taken at a minimum
Of 10000 tons per week, the coming
five weeks should show aggregate
MEETINGS of say 100000 tons. Assum-
ing that refiners may obtain 100000
tons of the raw supplies necessary for
such, demands from sources other
than Cuba, there still remain 100000
tons to be drawn from that island, the
great bulk of which latter quantity
must yet be purchased. And, figuring
even more conservatively, it must
readily be conceded that refiners.
must need at least 10000 tons from
Cuba during August, or, to use anoth-
er standard of comparison, about l.
100000 bags. In addition to this out.
let for her product, Cuba is also likely
In the interim to make additional
sales on fob. terms to foreign
countries, as there are inquiries now
at sc fob without finding sellers
thereat. A.. j.
With such generous prospective
demand ahead, prices should not
alone remain steady but should. un.
dergo a material advance from pre-.
sent level. Advices recently received
from throughout the United States re.
port stocks of graduated to be abb
normally reduced for this time of
year. For this reason, even Z con-
sumption be somewhat curtailed by
the higher prices now current as CON-
pared with those of normal years, a
good demand can logically be expect
ed to set in before long.
During the week further sales of
Philippine sugars, afloat and for July.
August shipment, were effected at
Acc elf, basis IS. deg, and at the
close about $4,000 tons of United
States refined have been sold on pri.
vate terms for shipment to Europe.
Trading in sugar futures on the New
York Coffee Exchange shows dfmin
lshed activity in tile weeks total
transactions of $4,000 tons. Prices
have followed steadily. receding
course. today's closing bids of July
5.l0c, August 5.10c, September 5.20c. !
October 520c, November 5.1Oc. De.
cember SC. January 4.67c, February
1850, March 4.40c, April 4.43c, Nav
4.46c and June 4.49c, representing az.
gregate declines on the week of from
VIC to ,19c per lb. throughout the list
The receipts for the week at the
three Atlantic ports were 55,1O6 tons
compared with 57,41s tons last wear
and 70 SAT TONS in 1o1d