Evening star., 1923-02-15
WORLD SHORTAGE
|NSUGAR SECUTED
Wild Fluctuations Blamed on
"Cuban CroWd"-SIightiy
Higher Prices Likely.
BY J. c. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The Star
NE" YORK, February 1o.-There
bly, will be no world shortage
or sugar this year. although the sur
plus production will be small. That
appeared to be the widespread gen
eral opinion Of those in closest touch
with the sugar industry Throughout
this country and Cuba today as the
sugar situation steadied down after
furry which brought wide changes
OF price, and manifold charges o!
speculation, manipulation and spread
Ing OF propaganda in Its wake Man.
refiners and operators retired from
the market entirely for the time be-
ing.
Many well informed interests de
clared today that there were indica-
tions that there had been secret Eu-
ropean buying OF sugar to a create,
extent than had been previously real
lZed and that greater prosperity III
thls country means an increase in PEI
capita consumption.
"Cuban Crowd" Blamed.
Beet sugar men of Utah, COLORADO
and Idaho denied today that there
had been speculation engineered By
beet sugar interests back of the sud
den price fluctuations. They labeled
TINS charge, brought in the east as
propaganda by the Cuban crowd.
they pointed out, however, that while
CUBA had started 1922 with carry
over of 100000 tons and raised oveI
100000 tons, this had now been al
absorbed and that the sugar pro-
duction last year had not been heavy.
The size OF the available supply, how
ever, they added, was not suttcieu1
cause for any sudden radical price
squirt.
On the Pacific coast the five
| largest sugar refineries. the Califog-
nia-Hawaiian. Western Sugar, Ala
media. spreckles and Union, have wItb-
drawn from the market pending re
| turn to normal conditions from wha.
| they term "a speculative market
All the coast concerns stated that SO
was nething to be feared in the way
| of sugar shortage, pointing out that
all the sugar from Hawaii and the
! larger part of the Philippine crop
| inforced by the California beet suga.
production.
See No Serious Shortage.
| Officials of the California -HawaiIa,i
and Western sugar companies, larges,
importers of cane sugar in the west.
! declared that So per cent of the Ha
waiian crop still was unmoved. anG
to "speculators running wild on op
tions." They asserted statements OF
a world shortage were unveritied by
! facts. Andrew Brown. head of the
| California Hawaiian company, said
that Hawaiian tonnage. was more
than sufficient TO supply the demands
of the west.
!; Michigan beet sugar manufacturers
today flung back the charge that the,
/ had any hand III causing speculative
/ nr in nrir nSjh
! which, they assert. rests with The
| sugar futures spectators" F. +
; hathaway, secretary OF the Michl-
! gan Sugar Company, largest owne:
OF beet sugar in that section, de
clared today the Michigan companies
had done the only fair thing by thei.
customers In withdrawing from the
market He explained that the price
of beet sugar was based on the price
OF refined cane sugar at Philadel
phia, and that when eastern refluers
stopped quoting prices for immediate
delivery, there was nothing for the
beet sugar makers but 10 follow
suit.
Slightly Higher Prices.
There was reason. Hathaway said
I. to expect a slightly higher trend OF
! prices. a s compared with last year
! because of the deficiency from norma.
| in the carry-over Of the Cuban crop
and because the recent sugar beet
/ crop IN this country was pul lWo-
I thirds as large a that of the previous
| season. He added, however. that there
was no occasion for skyrocketing
/, prices. Jobbers in the northwest arr
being told that when their preseu
supply runs out they will be taken
! care Of by the beet sugar companies
who still refuse to Sell sugar or quote
prices-on a day-to-day basis.
Except for two or three OF the
! larger companies the sugar crop ia
| the Michigan and Ohio region has
! been pretty we'll sold. but the firms
F, in easier financial situation have not
J hurried to dispose OF their holdings
and have considerable sugar on hand.
J The crop of the cane producers il
/ the south already has been sold -
T; prices which. while not high, yielded
| good profit to growers