The Hawaiian gazette., 1917-01-05
Additional Bearish Features Are
Evident To Add To Weak
ened Tone
RALLY FOLLOWS CAUSING
CONFIDENCE IN FUTURE
Allies Forecast As Heavy
!. Buyers Of American and
l.. Cuban After War y.

The New York correspondent of
local sugar house writing under date
Of December IL gives the following re-
view Of the week; .li &"sr.ss..a
"'The past week has been. one Of
great depression in this market due
largely to the spectacular announcement
by the German government of its will
to make peace. But in addition to
that potent influence we had every
bearish feature possible exploited, so
that it is with somewhat of surprise
that at the end ofathe week we find
the market rallying and a feeling Of
greuter confidence in the future becom',
ing evident. Ha.&. Id, -5 .'-
Cuban Crop Estimates .gqs j., /. T.. 49,.
Estimates of Gthe coming crop from
Cuba were given out this week. Guma.
Meier put it at 3,572,000 tons, and
Timely 3,466,0O0 tons. Willet 4 Gray
stick to their former estimate Of 3,400,.
900 tons and in view of the fact that
both of the estimates from Cuba are
based on the maximum production pos.
Sible, from the cane supposed to be
growing, the last estimate is more likely
to be feasible. -. rrrE,. 80
awe have reason, however, to be-
lieve that the stocks per hill this year
in Cuba are fewer than in the previous
two years and that the severity Of the
brought in the first four months of this
year will, show IN the cane tonnage as
the season proceeds. j& -,
Forty More Cuban Centrais ;,
cit is interesting to note that the
! number of centrals expected to operate
IN 1917 is 220, an increase Of more than
forty. ,'.,. ~. -. g. -.@t'r
"Up till the present sixteen centrals
have commenced as against fifty FIVE
last year, forty four in 1915 and eighty.
; three in 1914 at approximately the
same date. .s' '- H.. +.
!" Sales Of old crop sugars this week
have ranged from Az to Az cents, the
last having been sale to the Pennsyl-
vanfa Sugar Company late yesterday Of
! 5000 bags Cpbas exstore at AZ cents
equal to ST cents duty paid, ., IT,.
Refined Demand Poor T.
"A present new crop Cubas are to
he bad n Az cents c. & f., January
shipment and at 4 cents c, i. {, for
February and, March shipment, but as
freigbts are stiffening it is not at all
likely that the Cuban III his strong
fnan"al position will be forced TO alb
sofb the advance. ....
Refined sugar is in very poor de.
mand, and the nominal basis of IT'S
cents is being cut in some cases from
10 20 Is points. ~.
Allies To Continue Buying
awe don I think, however, that sug
ar is going out Of consumption and be
licNe too that, war or no war, the ma.
tions now Known as the Allies will con
tinun to buy immense quantities of raw
sugar from Cuba and refined sugar
from the United States indefinitely,
hence our faith in the future of the
market. ,..s-. D. ..-. A.,.... g. g. &c.,.
"The Exchange market has had rath-
err an exciting week and the slump in
prices due TO the German ,overtures for
peace gave some anxious bears the op-
pOrtunity to transfer their burden to
other shoulders, but the sellers of De-
cpmber options still exist and it is
known that the pOssessor5 of the only
sugars available for December delivery
is going to exact his pound of flesh
If, he can. The possibility Of a
squeeze in the last few days of this
month has not been eliminated. -.
D.