Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-03-13
SUGAR UNSETTLED
During FEBRUARY
Especial Correspondence. Nevers &
Callaghan. 80 Wall Street.

CaIlaghan, 80 Wall Street,
NEW YORK, n. Y, Feb. 23.-The
advancing trend noted in our last re-
view was checked at the opening OF
this week and since that time a rather
sharp reaction has been in progress.
and prices have declined to the basis
OF 5.02c for Porto Ricos and 3-16c
basis Sc c. and (. (5.02c) for Cubas,
showing losses OF .25c and .375c, re-
spectively,4 from the high points re-
Gently reached.
Several factors have contributed to
this change in the market. The poll
teal disturbances in Cuba have not
assumed the serious proportions at
first feared and thus far there has
been an absence of any destruction o.
cane fields or factories, although con-
siderable interruption Of harvesting
has been. occasioned by the unrest
among the field laborers. The buying
movement for refined here has also
subsidized, due to the fact that refiners
sold all the sugar they could deliver
promptly and the high prices asked
proved unattractive for future con-
tracing. As a result, holders Of raws
have been rather free sellers, but have
found refiners less anxious buyers and
throughout the week business has been
transacted on a gradually declining
basis, say at from 9-16c down to
3-16c basis go c. and I. for Cubas
9eo C. l. Z. for Porto Ricos. Both re-
timers and operators participated in
the business which reached fair pro-
portions as is noted below. At the
close there are further light offerings
of sugars in nearby positions at 5.02c
basis So c. i. f. for Porto Ricos and
at 3-16c basis go c. and t. for
Cubas. The arrivals of previously
purchased raws have been quite liberal
and as several refiners here have
been practically closed down, owing to
labor difficulties, there is some con-
gestion of raw sugars in port, and con-
sequently nearby sugars instead Of
commanding premium are becoming
more difficult to sell than sugars
further off. - ..'~..f.
The weekly cable from Cuba on
Tuesday gave only incomplete returns
because OF the interrupted lines OF
communication throughout the island.
The incomplete receipts were 1920
tons and 1859 tons to United States
Atlantic ports and 1858 tons to New
Orleans. The export figures had a
ebearish influence on the market, as
complete exports were naturally con-
siderably larger, whereas the opinion
prevailed last week that the political
disturbances were going to curtail
shipments. -. =
There has been cessation of the
buying movement of refined, but re-
timers, owing to the fact that several
plants are st1lf closed by strikes, have
found it impossible to ship promptly
the large orders recently booked. In
order TO shut off any further business,
the prices of refined have been sharp
ly advanced During the week the
Federal s. r. Co., advanced prices to
the record level OF SC less 2 per cent.
Arbuckle Bros. and the Warner S. r.
Co. advanced to 7.50c less per cent.
The American s. r. Co. and the Ma
tional s. r. Co. advanced to 7.25c less
2 per. cent, but subsequently, reduced
prices to &c less per cent. All re.
finers are one to three weeks behind
in deliveries and as the trade gener-
ally were carrying minimum stocks,
this delay has caused some retailers
to 60 entirely nut of stocks, or nearly
so, and in some instances retailers
have raised their prices to extortion-
ate levels, say Zoe per pound and over.