Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-22
SUGAR PRICES
QUICK 10 FEEL
new INFLUENCES
Both Raw and Refined Sugar
J Markets fIuc.uate When
Added Offerings Gene
Especial Core apCndence Nevers 4
Callahan, Wall Street, r.. ~

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NEW YORK, y. Y, Aug. IA
| fluctuating and uncertain market pre-.
vailed E,nce our last review, an adj
vance q gle in the spot quotation TO
the basis Of 5.96c-96 deg, establish.
Fed early in the week, was lost on SUBJ
seauent transactions, and at the close
quotations are practically unchanged
| from week ago At the opening OF
the week, exchange operators contin-
| ued selling Cubas from store at SIDE
E7A-96 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
per cent, found it necessary in or
der to cover their commitments, to
pay 1906 deg c.&f. (5.89) for Gu
has in port and afloat and subse-
quently 15-16c-96 deg. e.&f $3.50
for prompt and August shipment. Al.
though about $4,000 bags were secur.
ed at these prices, the market tenn
porarily appeared distinctly firmer, as
no further offerings of Cubas came
cut at less than 5c-S6 deg. eff.
5000. When it became evident that
the buying movement in refined was
slowing down, refiners hesitated in
their purchases of raws, and within
a short time number of nearby par
GELS of Porto Ricos and Cubas were
again urged for sale. Holders of some
10000 bags Porto Ricos, in port, rath-
er than store accepted sic SO deg.
elf. and this transaction was quickly
followed by the sale of cargo OF
Cubas, also in port, at 4%c sc deg.
c.&f. t5.77). These sales, which were
generally construed as indicating a
decided weakening on the part of sci.
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 Cuhas has appeared
on offer at 4ac c.&f, without finding
buyers, these sugars are mostly in
nearby positions and there is no evil
dence of holders pressing any impor-
tant quantity of shipment Cubas on
the market at this time It is quite
generally believed that refiner's raw
supplies are at an unusually low point
Tor this reason, and should any inn
proved refined demand develop eth
er from domestic or foreign sources,
It would be. difficult to obtain any
large line Of raws from Cuba without
materially advancing prices
The weekly cable from Cuba on
Tuesday reported receipts of 1886
tens 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 a series of cuts in list prices.
The Federal Sugar Refining Co. re-
duced prices on graduated in bbls.
to &c less 2 per cent, and Arbuckle
brothers and the Warner Sugar Re.
timing Co. named the same price for
graduated 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.
&. Co, Warner S. r. Co., and Ar.
buckle Bros restored their prices to
l.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-
ton. Withdrawals against outstand.
ing contracts are only moderate. and
II is quite evident that the demand
for 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
4.25c and 4.30c. January 3.97c and
4.02e, and MAY 390c and 3.9Ie. Trans
actions for the week totaled 71.900
tons
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