Word: coffeemen
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...Coffeemen already knew that a menacing surplus was piling up (TIME, June 20). What surprised them was the fact that the U.S. State Department's representative on the committee joined the Latin experts in signing a report calling for export quotas and stockpiling to keep coffee prices from sinking through the floor. Main reason for the softening of the State Department's longtime opposition to international coffee-price props is that coffee is, after all, Latin America's No. 1 export. It accounts for 97% of El Salvador's exports to the U.S., 90% of Colombia...
...face of the FTC report, the coffee industry flatly denies that it was responsible for coffee's dizzy spin. Brazilian growers argue that all early crop reports are bound to be inaccurate. To judge yesterday's estimate by today's knowledge, say the coffeemen, is both unsound and unfair. Furthermore, when viewed in terms of the expected 1954 harvest v. the actual harvest, the crop loss from frost was an estimated 2,932,700 bags, or 17%; FTC's 8% figure is based on a false comparison with 1953 production...
...with coffee's rise. Speculation, say the traders, was no greater than normal. They also dispute FTC's contention that exchange rules that restrict trading to Santos coffee only-about 10% of U.S. annual consumption-result in a narrow, rapidly fluctuating market. The fact is, according to coffeemen, that about 40% of all U.S. coffee is traded on the exchange. The price rise, they insist, was simply due to heavy demand coupled with the fear of a low, frost-bitten supply. Says Gustavo Lobo Jr., president of the New York exchange: "If speculation occurred, it was within permissible...
...Chapman promised the coffeemen: "Our first duty will be to tell American housewives that the [frost blight] reports are true." Mrs. Swanbeck summed up: "The hearts of women beat the same all over the world. We are going to keep our friendship, and it is not going to dissolve in a cup of coffee...
COFFEE prices may soar to $1.50 a Ib. within the next year. Brazilian coffeemen say that with inventories exhausted the losses from last June's frost are just beginning to be felt. They expect high prices for at least three years. Meanwhile, consumption keeps climbing; a supermarket survey shows coffee sales up 15% in the New York area, mostly because of scare-buying...