Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-03-15
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Especial Correspondence Czarnikow-
Rinnda Cnnananv 10 Wall Cfrnaf 4

Especial Correspondence Czarnikow-
Rionda Company, 112 Wall Street,
NEW YORK, n. Y, Feb. 23.-An I'M
settled and somewhat easier market
has prevailed here during the past
week. After sales early in the week
OF Cubas afloat and for prompt, first
half March shipment at 4.50c Of.
(5.52c), and in one instance even
4.56c CT. (5.5Sc) being paid by ope-
rators for a small parcel afloat, the
development of an easier tone resulted
In subsequent transactions being re-
corded at values gradually declining
until 4.19c CT. l5.21c) was touched on
2lst inst, when that price was accept
ed from operators for about 5000
bags March shipment cubas. At the
close the limited offerings of both
February and March shipment sugars
fail to find buyers at this reduced
level.
Porto Rican holders were quick TO
take advantage of the recent advance.
and became such free sellers that a
large business was done, in sugars
from that ISlanas. at prices ranging
between 5.02c and 5.27c, delivered.
With our refiners fairly well sup
piled for their remaining February
requirements, which are below normal
as result of diminished weekly melt
ings attending recent strikes at their
plants, and with stocks in their pos
session at the Atlantic ports $4,000
tons In excess of their holdings at
same time last year, they naturally
have not as yet been disposed to act
lively provide for March needs.
I'm these circumstances it was quite
natural that our market should suffer
a temporary setback. The outlook for
the more distant future. however.
would seem to forecast a stiffening Of
prices after existing labor troubles at
the refineries have run their course,
and TIE trade are again forced to sup
ply themselves with graduated Ac;
cording to the best information OBJ
taina HE. stocks of refined sugars have
dwindled to almost nothing, and that
assertion appears to be fully confirm
ed by the exorbitant prices Tin some
localities reported as high as &c per
pound. now being demanded by re-
tailers from consumers.
Another factor that is bound to
WELD considerable influence upon the
situation in the near future is the ex-
tent of reduction in crop estimates
made necessary by present political
disturbances in Cuba. which have
caused q general curtailment OF daily
OUTPUT OF the plantations, owing to a
lack of labor and facilities for hauling
the raw material over the railroads Of
the ISLAM. Late mail and cabled ad-
vices received from reliable sources
there are now generally agreed that
outturn of the current campaign is not
likeiv to reach even last years fig.
ures of 3,007.915 tons. and of course,
the longer It takes for conditions to
permit of return to normal grinding
operations at the mills, the greater
viii be the deficit in the ultimate pro-
duction.
Quotations of sugar futures on the
New York Coffee and Sugar Exchange
have this week suffered sharp reac-
tons. today's closing bids of February
also, March 4.14c. April Also. May
4:1Se, June 4.t9c, July 4.20c. August
4.21c. September 4.23c. October 4.13c,
November 4.e2c and December 1890,
showing aggregate declines Of .63c per
lb. in February, .45c in March and
from CSC to .37c in the other deliver
les. This wiped out almost the whole
of the previous weeks gains.
Refined sugars have been In good
demand. hut business has been of only
restricted volume, owing to the effect
nf labor strikes upon operations at
the various refineries A further gen.
ersl advance Of Csc perth. this week
raised the American Sugar Refining
Co. and y. II. Howell. Son & Co. to
basis 7.25e. less 2 per cent and
brought Arhuckle Bros. up to Warner
Sugar Refining Co.'S level of 7.50c,
less 3 per cent, but Federal Sugar Re
timing Co. have. gone still higher to
basis Sc. less per cent.