The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-07-17

OF raw sugar at New York arc attri.
buted directly 10 the sudden inroads
that ruthless submarine warfare made
on the sugar carrying trade late in
June, according TO the market letter
Of the New York correspondent OF n
local sugar house, received by mail
yesterday.
Sugar eargoes en- route to England
totalling forty thousand tons were
destroyed by German divers in the
short space of ten days and Immediate
W the price FOR raws scared. The
British commission was forced TO buy
at once to replace the lost sugar, and
entering a market that had boep,stag.
nant ell Of June, started period Of
aetiyitiy and strengthening of price
that has not yet ended and that re-
suited yesterday in quotation Of $40
ents, Hawaiian basis, the SECOND high.
'st quotation thus far this Year.
Late in the afternoon, The Adver.
tiser received second quotation for
he dav Of 6.455 cents, a slight shad-
ing of. ..
Advance Last Two Weeks
The past two weeks have seen the
result of this strong market wildly
effected in the Hawaiian basis quo.
alton which has lowered well above
TX cents, fuctuating between ego
ents and 652 cents. 49,. ......ss.!
The story of the effect on market
Of the diver warfare is told In the
ecord Of the market quotation. i..
Late May saw an end to the six
weeks Of a steadily maintained market
hat followed Immediately after the
declaration of war on Germany, dur.
ng which time the Hawaiian quota
ion held firm above six cents from
April 8 to May Is.
The depression that started in May
asted most of June and the quota
ion held near to $50 cents. The last
our days OF June showed the effect
IF the diver inrOads on sugar carry,
ng bottoms. The quotation jumped
rom OH cents to sos cents on June
20, to 8.l45-cents the next day, then.
0 6.3l cents, and reached 6.52 cents,
he highest mark this year, on Friday,
June 30. ... '.,H Il
Above Six Cents 49,. EN n,
Since June 30, the quotation has Re.
uained above 500 cents, the huctua-
ions for the first two weeks of this
month becoming a gradual rise again
Turing the last few days that have
cen the price advance from 6.23 to
1895 to $40 cents. M
Dated June 20, just when the recent
,apid rise in sugar price started, the
market report received by local SUI.
gar house gives a good insight into
he effect Of the submarine warfare
IN the sugar market at New York. The
otter follows: S
IA period has at last come to the
loubt and hesitation whhh has char.
leterized this market for some weeks
asst. g@. D.. o., 81. tt'
Diver War Hits Sugar III
The sinking by submarine In the
short space of ten days Of 10000 tons
;uba sugar en- route to England com
'elled the British Commission to buy
Z once to replace the quantity lost
md in the end of last week %. 600
ons of refined sugar were bought from
he American Sugar Refining Com
any for that purpose. x
These refners had in turn TO find
avs and in doing SO put up the price
five cents G, & +.
This set the bail a.rolling and.
rom day to day since, all refiners
rave, been active buyers at advancing
'rices so that today SIX cents. g. & II.
las been paid for July shipment
Jubas., aIJE' .o. s.e,r9sda Z
GAS usual in an. advancing market,
iuban sellers bave become very SCARE
nd are now holding for 51b cents.