Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-10-26
WORK of GERMAN
SUBMARINE PUTS
Up SUGAR PRICE
Activity Of U-53 Influences
Buyers Against Sugar in
British Boats.
Especial Correspondence Neyors (
49, .EaLLahan Val StrnAt - -.

Especial spondenne MEYERS <
- callahan. VAL street,.
NEW YORK. oct j.. Although the
week under review has been shorten
I'd ty the Columbus Day holiday still
a !airly large business has Teen trans
acted and the market, has realized a
further advance in the spot quotation
OF l-Sc 10 ; l-Sc bass 81 deg C. X /.
(GI5cl which was paid for Cubas BY
local refners near the close Of the.
week At the opening of the week
holders we're still willing To supply
Cubas fer prompt and October ship
.ments at sc, basis So deg c.. &, f., bat
were showing no disposition to accept
any price below this basis, Retiners,
however, were fairly we'll supplied
by their recent purchases of raws and
were rather reluctant TO continue buy
ing, on account OF a luil III new. buy
ing of refined and were only showing
interest at sc basis 80 deg c K + in
such parcels Of Cubas as were in very
aearby positions and that could be
dsed to exc out supplies pending more,
liberal arrivals Of sugars previously
bought by them. However, the news
early in the week. of the sinking OF
several merchant vessels of the L. 5.
coast by German submarines had the
effect of influencing refners to do
some precautionary buying and while
they at first only accepted at DC basis
sc deg G. 4 +. Cubas for prompt and
October shipment for transport in
American owned vessels, they subse-
duently extended their purchases at
THIS basis to include Cubas for ship
ment in neutral bottoms discriminate
ing only against Cubas to be shipped
in vessels under the flag Of belliger-
ent countries Up to this period Cuba
appeared to be free seller at DC basis
So deg C. & f., the sales Of the week
at this LaSiS being generally esu-
mated to have exceeded 100000 bags
OF Cubas for prompt and October
shipment and even included one or
two cargoes for first half OF November
clearance This buying on the part
of refners apparently influenced the.
domestic trade to begin placing or
ders for refined at the &C less per cent.
basis for graduated and as soon as evil
dence of this buying became apparent,
holders Of Cubas showed signs of no
longer being willing to supply sugars
at sc basis 96 deg. c. & f. and became
firmer in their views. Therefore,
when refiners found it. necessary to
buy additional quantities of raws they
were only able to secure about $4,000
bags Cubas for prompt and October
shipment at Ice and about
50-60,000 bags Cubas at 5 1-Sc basis
96 deg. c. & (. when the market be-
came bare of offerings at these levels.
At the close, there are moderate guam
titles of Cubas Offering at LAC basis
90 deg. C. & f., which price holders
feel confident of obtaining should the
demand for refined again revive.
The grinding in Cuba has ended and
Messrs. Guma-Mejer report the final
outturn production of 1916 for the en-
tire island as 3,007,915 tons, an in
crease of Ale, eco tons over last year.
Mr.. II. A Himely's first figures for
the crop are 3,006.624 tons. >. /:
At the opening of this week the re-
fined market was rather quiet with all
interests quoting &c less 2 per cent for
granulated. Following the activity in
raws, the domestic trade began plac-
ing new orders for refined at &c less
2 per cent and while the business was
not large yet it was sufficient in yo-
lume to cause refuers to raise their
quotations, the Federal S.. r, Co. adj
vancing to 1850 less per cent, and
the others to 7.i5c less 2 per cent
with the exception of the Warner
S. r: Co. who withdrew from the mar
ket, which prices and conditions con-
tinue to RUE at the close of the week.
The higher prices asked during the
week for refined for export, 5.95c to-
C.G5c net cash in bond, has tended to
discourage foreign buying, the bust
ness from this quarter being very
much smaller than has been placed
from day to day heretofore.
The trading in options reached a
total of $1,000 tons for the week. Clos
ing quotations today are: October
sec to 5.25c, December 4.S7c to 4.SSc,
January 447c to 4.4Sc, February 4.1Sc
10 4.I9c, March 41Sc TO 4.19c and May