Evening star., 1923-10-13
Special Dispatch to The Star.

Special Dispatch to The Star.
WELLESLEY HILLS, Mass, Octo-
DER 13.-Sugar consumption, which
has increased every year for the last
hVe years, is about to decline.
The per capita. consumption of su-
gar in the United States was eighty
hVe pounds in 1913. In 1919 it had
peen reduced to eighty three, only to
rise TO ninety-one pounds in 1920. In
l92l the figure reached /ninety-seyen
"hile last year we jumped to 102
pounds per capitalize highest sugar
consumption in history. This year
the ngure will tend to decline.
Sugar Prices Unsteady.
sugar had been a staple commodity
Huctuating' within a rather narrow
price range: that is, until the war
upset things. During the last four
years prices have travelled a rough,
unsteady path. From the fixed price
OF cents at the end of 1919 prices
shot up to % cents-a level of 900 per
cent anoVe pre-ware quotations. Then
came the break and the toboggan
sllde to low of cents in December,
1871 Since then there has been a
steady recovery to peak of over IL
cents reached this year. Again the
reaction set in and prices softened to
q level at about Z u cents.
In recent weeks there has been a
recurrence of the bullish tendency
ana prices are again close to the
years peak. The fundamental situa-
tlon. however, both in the sugar in
dustry and in general business would
lnolcate that the upswing is about
over and that prices are about to turn
toward a more popular level.
Against Heavy Buying.
Consumers of sugar should not
STOCK up heavily today, but should
BUY supplies as needed. Prices should
be lower by the end of the year.
The securities of the sugar COM
panleS nave also t. aveled a spectac-
ular course. Sugar stocks like one
or TWO other groups, notably coppers,
move in close conformity with the
price trend of their commodity. When
the commodity is rising the stocks
are rising and vice versa. In a sense.
therefore, the sugar stocks do, not
discount the future as nuch"as other
groups. but are governed by the same
conditions that affect the commodity,
climate, production and demand.
The stock market in general
touched its peak in November, 1919,
and declined with only occasional in
terruptlonS all through 1920. Sugar
stocks touched peak in November
AaCSlillCu al lIlS SpI lIS ell lS-U
and then scared 10 a~leveT II per gent
higher than their previous top. From
that point they declined almost with
out interruption, Misunderstanding a
low lin October. 1921, under the pre-
War,average. - :.
Sugar Stocks independent. '.es'
During this same period the tend
ency of the general market had been
downward, but the movement was of
an entirely different character: that
is, low was registered in 1920 and a
sizeable rally witnessed from that
level with another low in June, 1921,
slightly under the first point BY Oc-
tober, at the time the sugars were
making their low. the general mark ct
had made considerable progress in its
long swing upward, which continued
all through 1922 and reached a peak
last March
The recent action of the sugar
stocks has been likewise somewhat
out of conformity with the move
ments of the general list They
reached peak in the fall of 1922 and
declined with the rest of the market
rallying IN March to new high