Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-09-26
small SUPPLIES
OF REFINERS IS
MARKET FACTOR
Increased Demand and Small
Cuba Shipments Work for
Higher Prices ~
Especial Correspondence from Neyers
& Callaghan, 80 Wall StreetD

& Callaghan, 80 Wall Street.D
NEW YORK, Sept. l5.-The mar,
ket during the early days of this
| week continued its sharp upward
trend, but the full advance, estab-
lished On Wednesday, in the spot quo
tation OF Csc for Cubas as compared
with closing prices of last week was
subsequently partially lost by an
abrupt decline of lac between trans
actions. and the closing quotation of
5.27c basis So degrees, duty paid, for
Cubas from store only shows net i'm
provement Of l-Sc for the week. A
continued good demand for refined,
both from foreign and domestic
sources, coupled with the extremely
light exports $50 tons) reported for
last week from Cuba to the U. s., At
lantic ports, encouraged holders of
Cubas to feel that necessities of re-
finers, whose stocks of raws we're alb
normally low, would lead to active
buying and induce higher levels. Con-
sequently in the early part of the week
the offerings of Cubas were very linn
tied in quantity and SO firmly held
that although a refiner secured one
small parcel of Cubas in port at 4 l-Sc
basis 96 degrees C. & f., same as paid
at the close of last week, yet holders
were generally insisting on A lac
basis SO degrees c. & f. for Cubas for
shipment and SIZE basis So degrees
duty paid for Cubas from store, which
prices refiners found it necessary to
pay, bat were apparently only able to
secure about 125,00O bags of Cubas in
all positions ami 1000 bags of Porto
Ricos from store, before the market
was cleared of all offerings at this
level. Refiners then advanced their
views 20 $3.50 basis SO degrees C. &
Z. (5.52c) to obtain additional melt
ing supplies. 1t is generally believed
that the business at the various lev
els between 41-4c (527c) and 1-2c
C5.52c) included larger quantities than
were actually reported, as refiners
grew less interested after the 4 1-2c
basis had been reached, and although
they bought moderate quantities at
this price, the buying power was not
sufficient to absorb all of the offer
ings. This evidence of halt In the
advance in the actual market created
a somewhat demoraliZed condition in
the option market, and under the in
fluence of profit taking, options de-
clined to a point which made it pos
sibIe for exchange operators to profit
ably dispose OF warehouse Cubas at
5.27c basis So degrees, duty paid, at
which price refiners, who had in the
meanwhile withdrawn from the mar
ket. accented about 40,000-50, 900 bags
of these sugars. Although these sales
established lac decline from previous
transactions, no further pressure to
sell developed, as the ideas of the ma
jorfty Of Cuban holders were material
ly higher and these interests were I'M
willing to follow what they considered
unwarranted prices. The market
closes steady at 5.27c, but appears
to be very sensitive to Developments
on the exchange. a.-
The weekly cable on Tuesday from
Cuba reported receipt of $3.50 tons
and 2 Centrals grinding, as compared
to 903S tons receipts and Central at
work at the corresponding date last
year. Today / Central is still in oper-
alton and the weather is favorable.
At the opening of the week all re.
finers were quoting granulated at
6.25c less 2 per cent, with the excep
ton of the Warner S. r. Co, who was
still quoting 725c less per cent
However, the continued good demand,
both locally and for foreign use,
caused the Federal 8. r. Co., early in
the week, to advance the domestic
price of granulated to 6.40c less 2 per
cent, which advance was followed by
the American S. r. Co., the National
S. r. Co., AMI ArDuckle Bros, the
Warner s. f. Co. declining to TINS
basis to meet the others. Whereupon
the Federal s. r. Co. advanced an adj.
ditional 20 points to $50 less per
cent. but continued to accept business
at 6.40c less 2 per cent, which all .otn-
er interests we're quoting. At the b.zoc
basis for domestic graduated an ex-
cellent business was done, but. the
buying was checked after the advance
to 6.4Oc less 2 per cent. Since the
first of the present month it is esti-
mated that probably 1895, 900 tons or
refined sugar have been sold for ex-
port to various countries, in small
sized orders from day to day, at prices
ranging from 4.95c to 5.10c net cash
(. o. b., in bond, but it now seems i'm
possible to buy for export at lower
than 5.25, the advance to this basis
tending to limit further business.
The trading in options during the
week reached total of 107 1850 tons.
Closing quotations today are: Sep
TENDER 4.SGc to 4.S2c, October 4.S0e
to 4.S2c. December 4.22c to 4.23c, Feb
ruary 3.S9c to 2.90c and March $3.50