Word: ftc
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Dates: during 1950-1959
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...years the Federal Trade Commission has tried snuffing out misleading cigarette ads as often as they appear. But by the time a cease-and-desist order can be issued, the company in question is apt to be off on another tack. Last week the FTC attempted to bring the industry into line all at once by issuing a new set of "suggested" rules for cigarette-ad copy. In view of recent studies linking cigarettes to cancer and heart trouble, FTC thought that the time had come to guard the public from misleading...
...that, FTC blamed big speculators on the New York Coffee and Sugar Exchange. Caught in the squeeze, five big U.S. roasters (General Foods, A. & P., Hills Brothers, Standard Brands, and J. A. Folger & Co.) started buying coffee to guard against future shortages and still higher prices. Result: prices soared again. The increases were rapidly passed on to U.S. housewives, and only when they rebelled did the spiral start downward...
...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...
East Coast coffee traders are just as adamant that speculation on the New York exchange had little to do 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...
Nobody knows the whole truth of the coffee situation; undoubtedly, both Brazil's crop-reporting system and the New York Coffee and Sugar Exchange could stand better regulation. FTC is thinking of asking Congress to police the coffee exchange more closely, possibly by putting it under the Commodity Exchange Authority, which could keep an eye on excess speculation. FTC also hopes to improve crop reporting by increasing U.S. agriculture attache staffs in Brazil, which check up on local forecasts with estimates of their...