The Hawaiian gazette., 1917-02-09
SUGAR SHORTAGE
HOLDS PRICE FIRM
refinery Labor Troubles Fail To
Depress Market and Weak
ening Is Slight

Reports on the New York sugar
market for the week EN- ding January
25 show a continuance of the forces
that are making for firmness in the
price Of rsws. Worldwide shortage of
sugar supplies at this time and Cxhaus-
tion Of surplus supplies continue to
\ dominate the situation. Under date Of
January ~, the Louisiana Planter re.
ports; '.@
'The general sugar markets Of the
world have developed no particular
f~etrres during the past week. With
the Louisiana crop exhausted so far rs
the source Of supply is concerned, with
Cuba far behind 20 the extent of some
10000 in its delivery of the new crop
ms compared with the same date last
ycar, With England endeavoring to
I, force the people Of the United King.
dom into a materially diminished con
sumption Of sugar, with Russia recently
entering the American market as a
sugar buyer and with the Argentine
Republic buying in the New York
market, although the republic produces
nearly enough sugar to supply its own
consumers, all combine in aceentnating
! the fact that the sugar supply Of the
world is short, that all surplus sup
plies OF sugar everywhere are exhaust
/ ed, with the result that those who we're
anticipating materially lower figures
are all disappointed. -
Price weakens A Little
/ Quotations on the Hawaiian basis for
the week were 1905, SOC for three days
and 4.89. Slight weakening of the
4 pfIcs during tae week was attributed
to the strikes of refinery employees.
One report states: j.
| "The stop at the Havemeyer and FL
der refinery this week gave the mar
ket a blow that was badly felt, sellers
I of raws fastening to make concessions
in order to get rid of offerings. Jan
| nary sold at cents cost and freight,
and February at u cents with re.
finers not keen even at these substan-
tial reductions. ,ry'. .3.t.... 49,
"The American plant was prac.
tically closed down by the walkout Of
5000 men and fear was expressed in
trade circles that the trouble might
spread to other refneries as was the
case last year g.. . 49,.
Strikes of Refinery Workers
"Unrcst is in the air and the
scarcity of labor puts the employer at
a disadvantage not ordinarily expert
| enced.
"There is every effort being made 20
| prevent the country becoming fright
ened and rushing to cover future com
mitmcnts with contracts for graduated
sugar. Reiiners are just getting caught
up in deliveries and wish to keep the
movement on a hand-to-mouth basis,
the idea being to prevent forced pur-
chases of raws until the pressure from
Cuba makes for a 31a cent cost and
freight market. - 49,, .s.. 20
1T is argued that the large crop is
bear argument coupled with a light
demand for refined.
Export Orders Lost 49,. g.
"The refnCrs may be OVERRIDING
their conservatism however, for sight
should not be lost of the large orders
for export that could be placed If
pHces were right. II was suggested
that $4,000 to $4,000 tons would be
taken round Sis cents, but local in
terests are sold up for the present and
hendh see no reason to cut prices, as
high as 5.35 cents being asked. r.. =.
Futures have been heavy in sympa.
tiny with raw sugar January declining
despite some support from the Cuban
interests. The short interest apparent
~ has been covered so that from now
on the market win act in sympathy
with the situation in Cuba Sales of
later months point to hedging opera.
tons by the planter, who is making the
most Of this facility to sell q part Of
his crop ahead" =. 80. ~
Market Eases Gradually ~
\ Sales reported were heavy. Monday
, the market was shade easier from
the previous Saturdays close with
1900 bags Cubas immediate clearance
selling for price equal to $50 cents
duty paid delivered By Wednesd day
the market was still easier with sales
reported of $4,000 bags Cubas for Feb
ruary clearance at four cents, or 5.02
DUTY paid delivered. Several other lots
were sold at the same price and 10000
bags Cubas sold down to 4 96 duty paid
dehVered for shipment 10 New Orleans.
Other early clearance lots were sold at
$40 and all February sold at 4.S9. The
J report states:
VI This positive decline left the mar
ket somewhat unsettled and the report
OF strike of refinery employees in
Ne" York to the extent of 1000 Of
them, was used to depress the market,
but without much success On Thurs.
day, January rs nearby sugars were
reported as worth four cents cost and
freight and SOC cents duty maid de-
hVered, with nearby February ship
ments at 4.s9. A sale was mude TO
; spectators Of 5000 bugs afloat Mt 500
and $4,000 bags to re6ners and opera
tors Tor hrst half of February at 4.S9
, ana lo,9oO tons of February delivery
TO, D. Cuba at 3.So cents Later re-
ports indicate sales Of 10000 bags for
February and March delivery at 1928
cents +. o. b. Cuba"