Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-16
LIQUIDATION IN
options HURTS
MARKET PROPER
Panicky Conditions Among
Spectators Bring Reduc-
tons in Sugar Prices
Especial Correspondence OF Neyers
caIlaghan, 50 Wall Street,.

r.
--
Especial Correspondence OF Neyers q
Callaghan, 99 Wall Street..
NEW YORK, aug. 4. 19l6.--The I'm
settled condition OF the sugar market
at the close OF this week and the de-
cline OF approximately lie in the spot
quotation, as compared with prices
paid at the opening OF the week, Is
que 10 the severe break in the option
market and the attendant transactions
Of exchange operators in the spot
market. Following sale made at
the close OF last week OF one small
marcel OF Cubas afioat at 1-Sc basis
&c deg. c. q T., further offerings to
The extent Of 25, 100000 900 bags Cubas
in very nearby positions appeared at
this basis and we're not taken, and
the market showed a slightly easier
tendency However, the destruction
by wire and ammunition explosions,
eyer the week end. in warehouses in
yolving the loss OF some 10000 tons
of sugar, caused a reversal of senti-
ment at the opening Of this week, and
gnch Cubas as were put forward early
Monday morning at 5 lac basis 80
s Oeg. C. q I. were llutneuidtey -lonen
by reflner. who at the same ume
elso accepted about 5000 tons OF iuil
sc bty-paying sugars IN various posi-
lions at 1-Sc basis 80 deg. c. !. I.
Following this business, operators VINO
had lost sugars In the fire, sought
TO replace them by bidding bloc
hesis sc deg. c. & T. for Cubas in any
hosition, but holders had advanced
their views TO S-Sc basis 70 deg c,
& Z. and the market appeared 10 DC
on the verge of advancing TO TINS
basis until the opening OF tne opuon
market when operators found It posi-
Tile to cover their obligations TO better
advantage in option trades, ana
promptly withdrew as buyers OF &C
tual sugars. Holders then began 70
offer concessions and when offerings
of Cubas reappeared az lac basis
Sc deg. c. & T., at which price sugars
had been sold earlier IN the aay' .nere
we're no further buyers az TINS ieYeL
Prom this period an easier tendency
developed and although a sale OF one
cargo of Cubas for prompt shipment
was effected at 3 3-16c basis 80 Deg
c. q e.. further business at this price
was impossible. a Disappointing ae-
mand for rghped and the uncertainty
CT conditions brought ABOUT the H.
cuidation sales Of g large long inter
est In September opuons, caoseo ouy
ers 70 completely 1871 .,s ..o Ill ~
market anu Mnsn A !. ~ 49,.
led thar y was inlposssDe - 49,
sales OF sugars anpat Dr loI sn.psl = ~ : =
even at l-ec oesls % ues. :. 4,
tney IelIalnee L.v n o.ss. a ..,1 ~ 70
inns 1ssls slsu esksa - ,s;e,,s bouy.
Nair Inc n4ulues.e.. "a 80 ranic,,y
ever eecane $50 az !.
conditions ensueu y lnaa lLas ns . sor
rapid declines haklAs possiD - -
arbitrafe excnapee opera,o a,s,o - PIE -
htaDly oner Warenouse n oa -
CuDas az mateIlal cv .s'a ,. s
result renneIs succeeueu -. ~ s..ss
some l4.vve'lo'vvv eess Nuo , -
store Ct 5.45c OASIS - zee. uu.y palu'
kay aoout esc less tnAll ING pltS 49,. ~
- pc asked IoI shlpinen. su aI.. .s.ss
trs OF Porto h.ccs reuuevu r.. : N 4,
&c 6.uzc oasis 20 oes. :, = - ~. - 4,
Cd 20 ma buyers 2. onls oas's s..id
the close. the narhet snowe 2 uee -.
eciy better tenuensss - e = ~. - ~
hquiuatlon IN 0epsenlDel 9p .,'a 49, ~
pears 70 pe sDoue Over anu Inc -. ~,
for That montns uellsei ,sn nas ,a .so ~
cred Svc rom the 5ioN 'e'e' s>'e =
yesterday
The weekly cable on Tuesday re
ported receipts Of 1858 tons ana
Centrals grinding, IS. compareu ~ 10,
ees tons recelp.s anu a. sa.a 80 "a 8
Work az the colIesp Nni :, o,aro
year. Tooay' Seh.lais ale ~ 49,
ton ana neavy rams a -
Messrs. Guma-Me1eE repoi ~. .no :. Eo
cuctlon TOT the monen - ~ nao 80 - ,o s
sos tons as assinse os.oOg ,oI& Tb'
year ana si,Vuo IONS ~ a,.,ra &
visible prouucllon loI eo,ee ca IONS
iano up % Aus1s, = - 80 tbat N,
final outturn of the crop viii YER
n1oco1v tnnnPOyim4tot S.OU6.O0U IONS.