Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-04-14
Price Of SUGAR
WELL WARRANTED
Especial Correspondence, Czarnikow-
Rionda Company. liz Wall ST.


Rionda Company. 112 Wall ST.
NEW YORK, N. Y. March 23.-Re-
cent settlement OF the threatened rail-
road strike, by dispelling the tempo
rary depressing effect on our market
through fears of its severely hamper
ing the distribution Of refined sugars.
along with the appearance OF foreign
buyers for American Granulated, as
well as raws, and MEETINGS increased
by good general demand for the
product of refiners we're the various
causes responsible for the decidedly
firmer tone impaired to the market.
Another contributing factor was the
reduction to less than 100000 tons in
Mr.. Hinely's estimate of the Cuban
crop.
After early sales of Cubas at 4.S75c
c. and (. l5.40c) had been followed by
others at a decline to 4.25c c. (. (5.27c),
the close of the week, after refiners
had cleared up all distressed" par
GELS at 4.50c c. T., finds ready buyers
OF March shipment at 4.5Oc c. I. (5.62cl
and Of April shipment at .O6c per 10.
above that price.
During the week Porto Rico sugars
sold up from SIZE to $3.50, delivered
New York, there being rumors cur
rent today Of sales having been made
for shipment to Philadelphia at the
consider ably higher level of 5.52c
C. l. 4.
That our market should now be
quoted at 5.52c landed, basis go, is
quite in accordance with the existing
conditions, ard especially SO il COM
pared with those of the corresponding
period last year when, despite the
larger Cuban crop in sight, sugars in
prompt positions were selling .l9c per
ID. higher at 571c, basis &C.. And
with present necessity for keeping
weekly MEETINGS around the maximum
rate for some time to come in order
to adequately meet a natural domes-
tic demand, augmented by the need
OF repienishing trade stocks which had
been greatly depleted as result OF
~eent labor troubles at the refineries,
in conjunction with an accelerated de-
mand for export, coming simultaneous
ly at a time when only a limited por-
ton of refiners' April requirements Of
raws had been purchased, augurs well
for continued strength and activity in
markets for the latter description, and
consequently further advance in
prices. IS.
Moderately large transactions in re-
fined sugars have been closed this
week for shipment to both Europe
and South America at 6.25c T. o. b.,
and only the reluctance of refiners to
increase their commitments prevented
a larger amount of business being re-
corded at that price. Canadian re.
finers also disposed of about 5000 tons
of their product for export at about
&C T. o. b., and as a result came into
cur market for prompt and afloat
Cubas at 4.375c C. T., in some cases
paying even 4.50c c. Z. " F..
Small sales OF raws have been re-
corded recently at 4.lDc t. o. b. terms
In Cuba. Conditions In the Island are
still somewhat unsettled, but no re.
ports of further important damage to
cane fields have been received. How
ever. present state of Reorganization
among the laboring element continues
to prevent great many factories
from operating at fun capacity, and
in addition to this drawback the yield
is less than II was at same time last
year.
Trading in sugar futures en- the New
York Coffee and Sugar Exchange has
been active, at steadily advancing
prices. Today's closing bids of March
4.61c, April 463c, May 46Sc, June
4.72c, July ACC, August 4.7Sc. Septem-
Der 4S2c, October 4.74c. November
46Sc, December 4.56c and January
ACC, show net gains of .15c to &c
per Id. throughout the list since last
Fridays close.
The receipts for the week at the
three Atlantic ports were 1868 tons,
compared with 53.494 tons last year
compared with 53,z94 tens last year.