The Hawaiian gazette., 1917-08-31
MARKET HESITATES
AWAITING ACTION
ONPRIcE CONTROL
First Hesitation In Advance Of
Hawaiian Sugar In Weeks Is
Noted II New York
GROWERS AND REFlNERS
BOTH IN WAITING MOOD
Stopping Of Training In Futures
Is Well Received BY Those
In Legitimate Business

.. .
Hesitation in the New York sugar
market following the stopping of trad.
ing in futures and the consequent eli
mination Of the speculative element
uncertainty in the minds of the sugar
producers and the refiuers relative to
the action which the food controllers
viii take relative TO fixing price for
refined sugar, the first hesitation in
the advance Of HAWAIIAN sugar for
weeks, are told in the letter which a
local agency has received this week
from its New York representative. He
considers high prices warranted by sta
tistical conditions but recognizes that
the price determined upon for refined
sugar is the big and all important Gle.
ment In the sugar market. =
The sentiment on the stopping Of
trading in futures, accustomed by the
request and practically the command
Of the food controllers, the writer SAYS,
Is generally favorable. a....
His letter follows in full:
"Last week saw the COLONIZATION Of
the rise in prices Of raw sugar and this
week, so far rs buyers are concerned.
hos been one Of doubt and hesitation.
Not, we Believe, because the prices at,
tais,ed have not been fully justified by
the statistical situation, but because
both buyers and sellers, particularly
the former, think it advisable to take
y breathing spell until SOM more light
end leading come out Of the murk OF
Washington whittier many men promi-
nent IN sugcr circles have been sum.
moned 20 meet AIR. Hoover In conf fer
ence. Toe gSrations % our option mar
ket these past few DAYS will doubtiess
suprISsa feSt fs'f discussion and What
win be deci'ed upon at this conf r
ence is waited With much interest. The
fluctuations Of said market arc believed
to have beer due 10 The desire of the
speculative element 10 anticipate dras,
tie action ny standing from under, ana
there was no very great surprise when,
yesterday, all trading was suddenly
suspended in obedience to a virtual
command to that effect from Washing
ton. s hi.rA.u .@H ..r Z
FIRST Reaction Felt ....... ... 81
"0fferings Of Cubas are not very
large some 10000 to 10000 bags being
offered at $50 cents G. 4 +. with rein.
ers protesting indifference and indieat.
ing not more than CPS cents. Cuban
holders are still very confident and
some Of them will hold out for better
than 6.75 cents for September ship
ment The one sale yesterday to the
Federal of $500 bags Cuban for prompt
shipment ut 6.3712 cents c. & F. eqpal
TO TAO cents duty paid was made just
before the exchange market received
its quietus. II establishes the first re-
action in the basis for Hawaiian sugars
that we had in weeks. Today there ii
one small lot of 1000 bags offering AZ
6.371I cents G. & F., but for the present
the attitude of the street may be
described in the phrase, he also serves
who wits . 4
Some Welcome Change
1.-THE pail of gloom which has set
tied over the exchange market is not
likely to be dissipated for some time.
Many of the habitues of the street are
glad that the outside speculative ele-
ment has been eliminated. Some of the
raw sugar producers feel that a legiti,
mate method of hedging against unfor.
seen eventualities has been unneeessa.
rily taken from them, but all are will
ing 10 accept the fortunes of war in
the best possible spirit. ":.'', ...g'E,
"'Figures from Cuba Gin tons) for
week ending 18th inst, follow: s