THE CUBA RE V lEW 37 



Sugar Review 



specially written for THE CUBA REVIEW by Willett & Gray, New York, N. Y. 



Our last review was dated March 22, 1923 and since that time we have had quite 

 exciting times in the sugar business. Operators and speculators, influenced by a wave 

 of reduced Cuba crop estimates, very few of which will likely be realized, pushed 

 prices up so high that it caused considerable excitement and indignation throughout 

 the country, making almost a united move on the part of housewives of the whole 

 United States to protest against the rapid advances in sugar prices. Government 

 officials encouraged this step, both local, state and general governments, and naturally, 

 these circumstances have caused a much demoralized condition. As far as prices are 

 concerned, at the time of our last report, Cubas were quoted at 5 7/16 c. & f. and after 

 a decline to 5^c. c. & f. the market steadily advanced until April 19th, when 6^4 c. 

 c. & f. was paid. At that time the United States Government requested an injunction 

 from the Courts to restrain the New York Sugar Exchange from operating in futures, 

 alleging that the Exchange was highly instrumental, by excessive speculation, in pushing 

 prices up to their level at that time. The injunction proceedings, the hearings of which 

 have been postponed until May 7 before the U. S. Court, unsettled the market and 

 caused a rapid decline in future quotations on the Exchange, which enabled Cubas at 

 one time to be offered as low as 6c. c. & f., but no transactions were reported at this 

 figure. Sales were made at 6^c. c. & f., and the market rapidly advanced to ty^c. 

 c. & f. for prompt and 6^c. c. & f. for distant Cubas, but the agitation carried on 

 by the press throughout the country caused a change in feeling and sugars were largely 

 offered at the higher prices paid and then lower limits until ty^c. c. & f. was reached, 

 at which some transactions were made. The market further declined until, on May 3d, 

 6c. c. & f. was paid for limited quantities of sugar. 



Advices from Germany by cable to us indicate that Europe has made quite a 

 material increase in their sowings for the next beet crop, harvesting of which takes 

 place in September/October this year and, while Germany, owing to unsettled political 

 conditions, will show no increase but, perhaps, a slight decline, the other countries all 

 appear to have contracted for acreage largely in excess of last year, making an average 

 increase in the sowings for Europe of 18 per cent. This increase, under normal weather 

 conditions, will show 750,000 tons increase in the European beet sugar crops and if the 

 weather conditions are exceptionally favorable it should easily reach 1,000.000 tons 

 increase. 



The United Kingdom and Continent have been purchasing sugars steadily but have 

 made no very heavy purchases, taking a cargo or two practically every day, not only 

 for shipments from Cuba, but from other sugar producing countries of the world as well. 



The so-called "Buyers' Strike," advocated by the press throughout the countr\-, 

 has caused a complete stoppage of buying of refined sugar from the refiners and many 

 of the trade, who previously bought considerably of refined sugar have been endeavoring 

 to resell at prices much below refiners and refined quotations can now be stated at 

 9.S0c. for first hands and $9. 25c. basis for second hands. 



New York, N. Y., May 3, 1923. 



Cuban Coffee Crop is estimated at 400,000 pounds. Most 



of the coffee grown in the eastern part 



The estimates receiving from eastern ^f q^^^^ is consumed locally and only a 



Cuba predict a good coffee crop this com- very small proportion reaches Habana. 



ing season, in spite of the unusually dry Porto Rican coffee is the most popular 



weather which has prevailed. The yield variety on the Habana market. 



