Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-22
SUGAR PRICES +.
QUICK TO FEEL
new influences
Both Raw and Refined Sugar
Markets FluGtuate When
Added Offerings Come
Especial Core spcndence Nevers &
Callahan, Wall Street

/ e..
NEW YORK, ~ Y. Aug. IA
| fluctuating and uncertain market pre-
vailed G.nce our last review, an ad-
vance CT 2Ic in the spot quotation to
| the basis of 5.95c-96 deg. establish
| ed early in the week, was lost ON SUBJ
seduent transactions, and at the close
quotations are practically unchanged
| from a week ago. At the opening OF
the week, exchange operators contin-
ued selling Cubas from store at 5.75c
SO deg. duty paid, and after some
| 5000 tons had been disposed of on this
basis no further sellers appeared
thereat, and the market assumed a
distinctly firmer tendency. Several
refiners who had attracted a moderate
volume Of new refined business by
cutting prices to the basis of &c less
2 per cent, found it necessary in or
der to cover their commitments, to
pay 1866 deg c.&f. (5.S9) for Gu.
bas in port and afloat and subse-
quently 4 15-16c-96 deg. c.&f $3.50
for prompt and August shipment. AL
though about 10000 hays were secur,
ed at these prices, the market tenn.
porarily appeared distinctly firmer, as
no further offerings of Cubas came
out at less than 5c-g6 deg. c.&f.
l6.02). When it became evident that
the buying movement in refined was
slowing down, refiners hesitated in
their purchases of raws, and within
short time number of nearby par.
cells of Porto Ricos and Cubas were
again urged for sale. Holders of some
30, 900 bags Porto Ricos, in port. rath-.
er than store accepted Sic 90 deg.
elf and this transaction was quickly
followed by the sale of "a cargo OF
Cubas, also in port, at 4&c SO deg.
c.&f. l5.77). These sales, which we're
generally construed as indicating a
decided weakening on The part of sell
lers, had very unsettling effect upon
the market. and refiners, generally
disappointed at the cessation in the
refined buying movement, withdrew
as buyers of raws. Although a mod
crate quantity of Cubas has appeared
On offer at 4Ac eff, without finding
buyers, these sugars are mostly in
nearby positions and there is no evi.
dence of holders pressing any impor-
tant quantity of shipment Cubas on
the market at this time 1T is quite
generally believed that refiner's raw
supplies are at an unusually low point
for this reason, and should any i'm
proved refined demand develop eth
or from domestic or foreign sources,
it would be difficult to obtain any
large line of raws from Cuba without
materially advancing prices.
Tho waoH1u hla froS,, r,,Iao ~,
Tuesday reported receipts of 1886
tons and five centrals still grinding.
Today the same number of centrals
are still grinding and the weather is
reported as being favorable for the
growing crop.
In an effort to stimulate some new
business in refined from the domes.
tic trade, refiners who, had hitherto
been quoting 7.65c less 2 per cent,
made series of cuts in list prices.
The Federal Sugar Refining Co. re-
duced prices on granulated in bbls.
to &c less 2 per cent, and Arbuckle
Brothers and the Warner Sugar Re.
timing Co. named the same price for
granalated in bbls. and bags. These
three refiners booked fair amount of
orders at this basis, the business be.
Ing estimated at about 100000 bbls.
The American Sugar Refining Co. and
the National Sugar Refining Co. did
not reduce prices below the 7.25c less
2 per cent basis and naturally did, not
get their usual share of the business
done. Subsequently the Federal s.
r. Co., Warner S. r. Co., and Ar.
buckle Bros: restored their prices to
7.25c less 2 per cent, and since that
time there has been little or no new
buying as the confidence of the trade
has been badly shaken by the weaker
turn that developed in the raw situa-
tlon. Withdrawals against outstand.
ing contracts are only moderate, and
It is quite evident that the demand
Tor refined sugar throughout this
country is much below normal for the
summer season.
There has been a marked absence
of the forced liquidation which SO de-
moraliZed the option market last
week, but after advancing during the
early part of the week, prices devel-
oped a gradual sagging tendency and
at the close today the quotations are
September 4.55c and 4.56c, December
4.2ac and 4.3oc. January 3.97c and
4.e2c. and May 3.9Oc and 3.91c. Trans
actions for the week totaied 71.900
tons. :.t ...-s