The Hawaiian gazette., 1917-02-16
Many Unique Factors Combine To
Create An Unprecedented
World Situation
PRICES HOLD FAIRLY FIRM
IN FACE or DIFFICULTIES
Refiners' Need of Raws Causes
Sales That Hold Market
In Strong Position

The New York sugar market was
affected by two main factors during
the last two weeks of February, the
labor troubles in the refneries and close
on the heels of this the announcement
Of Germany Of return TO unrestricted
submarine warfare. Other factors Gu
tered in the general disturbance of the
market and are noted by the Louisiana
Planter under date Of February as
follows:
1.-THE sugar markets of the world
have been disturbed during the week
by the direct and indirect results of
the great war in Europe, the earnest
efforts making by the English govern
ment to largely reduce the consumption
of sugar in England, the very short sup
plies of sugar available at the Atlantic
coast sugar re6neries, which latter is
increased by the advanced cost of ship
ping from Cuba, by the withdrawal of
the United States beet sugar producers
TO their own immediate territory, by
the very short supply expected from the
Philippines and all these influences com
bfning creating disturbed condition.
without precedent since the early days
Of the last century" .
Describing the effect of the new sub.
marine warfare on the trade, a special
telegram from New York to this journ
al dated February says:
Divers Trouble Trade I@a.I
The trade is waiting for develop
ments tuuight, and trying to fathom
what effect the renewal of the unre-
strieted submarine warfare by Germans
will have on sugar.
"Local circles were inclined to argue
bearishly from the premises, suggesting
for instance that the shipments to the
United Kingdom and France would be
either prevented or sunk thus forcing
the Cuban planter to press his crop in
this country.
"Refners, il was said, would make
the most Of the opportunity to pick up
cheap raws though on the other hand,
they would hardly be happy at suffer
ing curtailment of the profitable ex.
port business. ,'.'.r
Peace To Increase Demand
However, this view was not gen
eral, il being suggested that the British
would see that their food supplies would
be conveyed within minimum losses re-
sulting and where such occurred, de-
mhnd for replenishment should follow.
The American government is not
likely TO allow it's commerce to be in,
terfered with in this fashion, according
TO the general view, and some think
that recent developments meaa a mate
rial short ending Of the war no matter
what happens. And peace, in their opin-
ion, will witness an urgent inquiry for
sugar from both neutral and belhgerent.
Refners have been confirmed in
their waiting attitude by the strikes ut
their plants, there being little improve
ment at the H. and L. or the New York,
while the Franklin and Pennsylvania
are mentioned as experiencing some
trouble as web. 4
Strikes Limit Purchases /
Labor is FESTIVE aud until the
trouble is settled, purchases will be
limited. Receipts are larger than melt
ings naturally and stocks accommodating
The country is holding off at the 6.75
level -. 81,
nary 81 quiet and dull, depressed by
the strikes at the Havemeyer, Arbuckle
and Long Island reGneries. Last sales
reported, on Friday of that week, in
'cluded 5000 bags Porto Ricos at 4.75
cents and 1900 bags Cubas at equal to
SOC duty paid delivered 10 a Spectator
and 5000 bags for January shipment at
equal TO 4.95. summary of the market
for the week of January 20 TO February
2 follows: F"
Market Is Steady H@
AT the opening of the market Mon
day Il was called steady with buyers
willing TO take more sugars at the last
quotations and il was further reported
that ON Saturday $4,000 bags of Cubas
in port and ahoat and including some
January clearance sugars, were sold at
3M cents cost and freight. .' "
Some Porto Rico for prompt shipment
was sold at Az cents and lot of full
duty sugars, due February l, sold at
Az cents These sales left the brokers
quoting the market steady at 31 cents
for Cuba, cost and freight, equal to
4.S9 cents duty paid. ..
On Tuesday, January 30, the market
was reported quiet and steady, with
operators willing to take all February
at 3M cents cost and freight, but with
no sales reported. Sugar refiners were
reported as showing but little interest
because of the Increased movement
from Cuba and the prospective reduc-
tiOn in MEETINGS because Of their own
stoppage, the result Of the strike. In
other words, they were over sold and
expecting lower prices, although they