Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-11
HIGH Price FOR
CUbAS CROWNED
ON BY HOOVER
(ey MEYERS G. cALLAeHAN.J


NEW YORK. Sept. 28.-Another
week has passed without any activity
in the sugar market. Although during
the early part Of the week Canadian
refiners and local operators continued
buying privately small quantities Of
nearby Cubas at SC basis SO deg c. &
T., even this business was checked
later in the week when it become ap-
parent that further business in Cubas
at this level was contrary to the wishes
of the food administration. Thereaf
ter all operations were checked until
later in the week when sale was re-
ported Of 1000 bags of Cubas for
prompt shipment to local reflner at
5.1-6c basis sc deg. c. L f. This sale
was interpreted to mean that the local
refineTs will apparently be permitted
to renew purchases of raw sugar from
now on under certain restrictions. The
transaction resulted after the follow
ing announcement from the lnternd-
tiOnal Sugar committee: The Inter
national Sugar committee suggests I'M
til further notice United States refin-
ers do not attempt to keep on hand at
a ten days supply of raw sugar The
Trade interprets this notice to mean
that local refiners could resume pur-
ehases of raw supplies in a very limit
ed way provided no higher than 7-SC
basis So deg. c. 4 +. be paid for Cubas
or the equivalent thereof for other
sugars. as it is clearly apparent that
purchases above this basis would in
terfere with the arrangements which
the food administration is at present
perfecting to cover future regulations
of the sugar industry in all it branches
while the war lasts During the per
iod of inactivity that has prevailed
for the past four weeks, holders OF
the unsold balance of the Cuban crop,
estimated at 75-100,000 tons, have
shown no anxiety to part with their
holdings, and now that it is felt that
the efforts of the food administration
will be directed towards discouraginG
any higher level above the 7-8c basis
So deg. C. & f. for Cubas, it remains to
be seen how these holders will act.
Each day brings us closer to the time
that the domestic beet sugar crop will
become available throughout the Unit
ed States at 1850 basis for graduated,
and should Cuban holders over-stay
that time with the small balance they
still hold they would undoubtedly
have to accept a considerable cOnces-
sion below 7.Sc for their sugars.
There is nothing new to report in
the refined situation. The only
change during the week was the with
drawal from the market on Wednesday
of the Federal Sugar Refining Co. All
other refiners quote graduated S.40c
less 2 per cent except Arbuckle Bros.
who, although closed down, still con
tinues selling refined at S.50c less 2
per cent. There has been moderate
domestic business doing from day to
day. During the week the food admin
istration announced that starting on
October LIST, by agreement reached the
maximum price of both cane and beet
granulated sugar at points West OF
and including Chicago and st. Louis
would not be in excess of 7.25c basis,
seaboard refining points, and that until
further notice refiners would be per-
mitted to continue selling cane granu-
lated at S.40c basis to points East of a
dividing line drawn from North to
South through Chicago and st. Louis.
For export refined, no new business
is being reported. The food admins
tration is permitting shipment of old
orders for refined to allied countries
and would probably sanction further
business to the Allies but is not per
hitting shipments to neutrals.