The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1916-09-08
CANE REFINERS ARE
:. AT WAR ON BETS
Drop In Prices Is Indicator OF
Manipulation OF the
5r Market

q Gray for the week ending August
"a was $4,000 tons Hawaiian centri- !
fugals, now in transit from Pacific !
Coast by rail, at 5.56e, to American,
Bottom"
In part they state that stocks in the
United States and Cuba together were
jS6,412 tons, against 724,82l tons last
week and 749,sS6 tons last year, de,
crease of 63,474 tons from last year,
The week under review has again
been exceptiOnalNin the respect that
there has not been public report of
any sale of sugar during the entire
week up to Wednesday. 4
Secret Sales u
| On Friday, August IS, a cargo of
Cuba, Centrifugpls at Breakwater was
withdrawn from the market, the infer,
ance being that 1t was sold at or about
5.52c. 1t since transpres that the
largo was sold to two reRners, but for
come unknown reason the price is with
held from publication. Without other
business reported to New York, the
nominal market quotation Of last week
remains unchanged at 575c.
On Tuesday, however, stored sugars
were offered at 49sc C. & f.
Il Nu "euutSuhJ Sdle was reported 10
Hawaiian free-duty sugar, now in tran
1t from Pacific Coast by rail, to Bos.
ton, at 5.56c per h., and offerings were
made by sellers of Cuba Centrifukals,
both from store and for arrival at
5.52c, which showed the tone and ten,
1ency of the market.
Small Demand For Refined
The Cuba cable received Monday did
not strengthen the situation, as had
been expected. Also the Atlantic Port
receipts for\tbe week were liberal for
the requirements for MEETINGS, which
are likely to continue being reduced by
reason of less demand for the refined
product.
! The cabled figures this week from
Cuba are only moderate, indicating the
lack of desire to operate, as is shown
in the markets. Receipts are 6,34l
IONS, against IL 800 tons last year. Ex-
aorts are 33,245 tons total distributed
| $50 tons to U. 8. Atlantic Ports and
| 1855 tons to Europe. Stocks are re-
iueed slightly to 4l8,925 tons. Four
Centrals are working, against FIVE last
week and five at this time last year
| Weather continues favorable for the
coming crop, now growing. Visible
PRODUCTION to August 10 is 2,94l,l3OI
tons.
Conditions Abroad
Because of the lack of demand in
}anada, some of the British West In
Tia Islands have obtained permission
| rom the home government to export
their sugars to ths>American market.
A special cable from Batavia, re-
Iorts the estimate Of the new, 1857
lava crop, which began in May, as
l,o0O,OO0 tons, or perhaps 0 tri1e more
SOME earlier figures have mentioned
100000 tons as an estimate of the
l9l6-H crop. The latest available !
lata on the, 1856 crop indicated
l,S64,O tons as the Outturn.
lndia--L0ndoD advices state that the
lava market is firm. A fair amount
# business. was done in Whites at 23s !
ID C. f. Calcutta, but sellers views
rave advanced to 23s Cd. II is thought
hat some of the buying that has taken
'laee has not been for actual demand,
nut is speculative.
Refined
The week opened with quotations on !
he basis of 7.0Oc by American, Howell
nd Arbuckie and 725c, less per cent, !
~ Federal and Warner, and prices
ave been maintained at this level !
throughout, despite the weakness OK |
libited in raws.
Little inducement Is offered to faciH. |
ate buying, and the amount of bust
less done during the week for new con.
racts and Withdrawals has been very
light. The trade generally seem in
lined to look for lower prices and !
rave little faith in present quotations.
ONE brokers view the situation in>the
ame light, and have disposed of high
'rieed sugars through second hands at |
}!SOc, and in at least one instance at |
1850 basis, for their trade.
Some refipers continue to request
dipping Instructions against the old !
contracts on the books, and these are
being. slowly cleaned up.
No export business of consequence
has been reported, but buying rs posi-. !
lie at $40 net cash. In bond.
Forecasts Trade Fight
Telegram of yesterday to us from
he Pennsylvania Refinery, as given
herewith, has been the subject of con
siderable discussion on the street to-
day, and the first move on the part of |
this refinery is looked forward to with
considerable interest.
PHILADELPHIA, Pa.-(By Tele.
gTaph)-Apgust 20, l9l6.-The Penn
sylvania Sugar Company announces
that since the beet sugar people adopt
the policy Of always quoting twenty
cents under whatever price the cane re-
fners name, a difference no doubt war
ranted by the respective qualities of
their sugars, it nevertheless tends to
make our quotations in Pittsburgh and
points west largely useless. The Penn
sylvania Sugar Company, however, is
not satisfied to have its customers dur. |