Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-07-10
SUGAR MARKETS
TONE ISEASIER
IN new YORK

Unreasonable weather and uncer-
tainties as to prices are attributed as
reasons for curtailment of consump-
ton in the Sugar Market Review of
Evers & Callaghan of SO Wall street,
issued under date of June %. This
! review says:
The easier tone that developed in
the market at the close of last week
was again in evidence at the opening
of this week, and following sales of
40,000-50,0O bags Porto Ricos afloat
and for prompt shipment at 6.0Sc
basis 96 degrees c. l. f., and the re-
appearance on the market of further
liberal offerings of Porto Ricos at
this price, Cuban holders, who had
been hitherto firm and offering mod
erately, realized that it was impos-
sible to obtain their asking price of
CSC for Cubas for June shipment
and 7-16c basis So degrees c. & (. for
July shipment, and began to offer
concessions in order to meet the COM
petition that Porto Ricos were offer
ing on account of the lower price be-
ing asked for the latter. Refiners
were quick to take advantage of the
situation and accepted 100,000-125,0 600
bags Of Porto Ricos afloat and for
prompt shipment at 6.0Sc basis 96
degrees c. i. f. before entirely clear
ing the market of offerings of these
sugars at this price, after which they
turned their attention to Cubas and
secured 40,000-50,000 bags afloat at
lac basis 96 degrees c. & T. Fur
Their parcels of Cubas in port and for
prompt shipment Immediately ap-
peared at this basis and moderate
quantity for July shipment at 3-Sc
basis SO degrees c. & f. without at
tracing refiners. Operators then en-
tered the market and their purchase
of some 10000 bags Cubas for prompt
clearance induced sufficient interest
on the part of refiners to create
market for the remaining $4,000
35 900 bags of Cubas in port and for
shipment that were offering at s lac
basis Sc degrees c. & I. With the
accumulation of nearby Cubas at
lac basis 96 degrees c. & f. and
Porto Ricos at 6.0Sc basis Sc degrees
c. l. f. taken care Of the market then
assumed a better tone and the week
closes with sales of 40,000-50, 900 bags
of Cubas for July shipment to refin
ers and operators at $50, basis sc
degrees c. & f. and with no further
offerings of July Cubas at this price,
although a very limited quantity for
June shipment is still available at
5 3-8c basis 96 degrees c. & f. Hold
ers of July shipment are offering spar"
ingly at 1-2c basis SO degrees & f
An anomalous feature of ohe mar
ket this week was the decline of 1-8C
in the price of Cubas as result OF
this weeks transactions, in the face
of purchases by England during the
week of 60,000-70, 900 tons of raws for
July leading at prices understood to
be in the neighborhood of 4.95c to sc
{. o. b. Cuba, and included in which
was some small quantity of high test
ing washed sugars for which 5.20c
f. o. b. was supposed to have been
paid.
The weekly cable on Tuesday from
Cuba reported receipts of 1912 tons
and 20 Centrals grinding, as compared
to 10000 tons receipts and % Centrals
at work at the corresponding date
last year. Today, 10 Centrals are in
operation and the weather is favor
able~for the growing crop.
The combination Of unreasonable
weather and nigh prices to curtail
consumption have undoubtedly caused
a delay in new buying of graduated
on the part of the domestic trade.
Further, the 35 point margin of diff |
ference in the price of graduated, |
quoted by some refiners, suggests suf- |
ficient uncertainty to restrain the
trade from doing any liberal buying,
even if in need of supplies. In con-
sequence, the domestic demand con- |
tinues limited. All refiners here
quote 1850 less 2 per cent for granu-
lated, except Arbuckle Bros, who |
quote 1900 less per cent, and this
latter price is also being quoted by |
some Philadelphia refiners. Gran
ulated in barrels has sold from sec
ond hands at 1850 to 7.40c less per |
cent in moderate quantities during |
the week. No large export business
has been consummated this week, but |
there have been inquiries both from
Europe and South America for fair |
sized quantities, the prices asked by
refiners being slightly above buyers
ideas.
The trading in options during the
week reached a total of $500 tons |
Closing quotations today are; July |
5.39c q $40. August 5.46c q SAC
September 5.52c q $3.50, December
5.15c q Sic and January 4.S5c O. |