Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-02-15
Especial Correspondence, Facts About
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Especial Correspondence, Facts About
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NEW YORK, N. Y, Jan. 26.-The
market during the week has shown a
decline of 3sc. in the price of raws
from last week, as reflected in the
reported sales of prompt shipment
Cubas. The increased production in
Cuba, freer offerings and growth OF
refiners' receipts during the week,
which were of much larger volume
than heretofore, have all contributed
to bring about the decline in prices.
The report Wednesday Of a strike OF
the inside and dock men at the Amer
leans Havemeyer and Elder plant and
the fear that this might spread to
plants of the other refiners, have also
had a depressing effect on the raw
market. Holders during the week
have shown a decided inclination to
meet buyers ideas of"value. At each
decline in offered prices they have so
licited bids at continued lower levels.
The market during the week has been
decidedly in favor of buyers.
Bottom Price Is Reached
The bottom price for January and
first half February Cuban shipment
sugars seems to have been Spuched
yesterday, on sales for these petitions
at 3M c.&f. (4.S9). Refiners and OPP
orators at the close today were fur
Their buyers at this level. Holders
have advanced their offered prices
1-16c. Later, with continued favor
able reports OF production in Cuba,
prices for the latter part Of February
and March shipments will probably
reach slightly lower levels. Refiners
up to date have purchased Cubas in
a very limited way for February ship
ment. .
Refined Buying Limited
The refined basis of SIS cents, less
2 per cent, not having followed the
decline in raw prices, has had the ef-
feet in the domestic refined trade of
limiting buying to hand-to-mouth
basis to cover only pressing needs.
The present differential of 1925 points
between the present refined basis and
the last sales of raws at 4.S9 cents is
materially above normal differential
at any time in the Immediate past.
The comparatively small purchases
by this trade have also enabled the
refiners to practically withdraw from
the raw market at will, excepting as
moderate purchasers at the various
declines.
Export Demand Controls Price
Future prices for last half Fehru-
ary-March positions viii depend to a
very material extent on TIE volume OF
the domestic export business receiyeu,
freighting conditions and general con-
litions prevailing in Cuba. A con-
siderably lessened demand for export
refined to the Allied countries during
the year Is expected compared with
that of last year, although very fair
business is expected for Anril and
Nav shipments Exports Of refined
to neutral countries in Europe and TO
South America viii also probably
show a falling off from the business
done last year.
Early Estimate Seems High
ne general expectation in the trade
is that il will be impossible for the
Cuban crop to reach the earlier est-
mates. Many we'll informed obsery-
ers now figure that the present crop
will not exceed last years outturn to
any large extent. Recent advices
from Cuba state that the Cuban pro-
ducers hardly expect the present crop
will exceed that of last year. The
reasons given are: The comparative
shortage of labor; the unfayorable
transportation situation on the CUBAN
railroads, delaying receipt of nlachin.
cry for grinding and cutting down ae-
cumuIatten of stocks ct shipping
ports; the abnormally early tasseling