[Herman Lurie's Weekly Letter, January 7, 1955] Page: 1 of 2
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4-53 IM 63757
FROM HERMAN LUE
TO Suga:t Lena & Galveston
COPIES TO
SUBJECT L ket Letter
VIA NEW YORK CITY January 7, 195k
Now York longshoremen voted overwhelmingly to accept the agreement reached last
week between their officers vad tie New lurk Shippiin Association. This leaves
only only the Puerto Pican stevedore strike still to be settled ann there c-.t
indications that constructive developments in connection with it may be forthcoming
next week.
Raw. advanced five points to 5.95# this wek on sales t of 14,000 tons J .nuary
arrivaL Philippinas to Eastern refiners. Offerings were almost exclusively of
Philippines with Cubas being conspicuous by their absence. One Southern refiner
with Cuban producing connections, who ii ex,'eriencinvl-bor ta&ublcs a;t his Cuban
port of shipment, was forced to ;o into the local Cibcbl fob market Erna puid the equiva-
lent mitixx t of 5.9 $ ani 5.950 .auty paid hie;'t rleains for sugars to meet his ocean
freight commitments. Today an-other Southern refiner pAid 5 .930 for 3,500 tons prompt
shipment Cubas. Generally,sellers are holding for 6.UOO with buyers willing to
pay 5.95# for suitable positions. It is expected that settlement oi the Puertbhican
strike, if it comes, may proviae the incentive for increased market activity.
Cuba has decreed that grinding shall start any time hetwes J.nuary 16th anci february
15th except in hardship easej and one mill has already started unuer the latter
provision. Another decree has tixec the nini uu pr ice of ;."5# fas for all sales
to the world market mace from su;ars of the 1955 crop. CarryovIr sugar:. from 1954
e ot subject to the mi min price restrictiou. The current market vclue is 3.17 fas.
he size of the 1955 crop has not yet been decreed.
et oro from Washigton is that a determined effort will be made by domestic bet ano
ine interests at this session of Congrese to amend the Sugar Act to give them a
greater share of the United States sugar market. Any quota increase for such
areas eik will of necessity be at the expense Qt Cuba for Puerto Rico and
Hawaiihave enough political XflUXAj backing to hold their o'&n. In fact, when the
free-for-all starts in Congress, Puerto Rico will probably be mtmu looking for an
increase herself. There can be no cut I the Phili in c, ota which is covered by
special legislation. In the meantime powr little Cuba is having her own troubles
in trying to keep her economic head above water even under the current provisions of
the Sugar Act. Last year she produced 5,395,000 short tons against 5,679,Ou short
tons in 1953 and aka her carryover into 1955 is expected to be about 6oU,000 tons
greater than on December ,l.t 1953. The State Department will undoubtedly champion
Cuba's cause and a battle royal thus looms in Congress.
Distribution for the week ending January 1st totaled 8015,15 tons against 127,645 tons
for the week ending December 25th and 20b54 tons during the corresponnaing week
last year. Cumultive figures for 1954 &re preliiinarily given a &,lr9,&UO tons
wLichx compares with 8,4E5,O00 ton, distributen cauring, 1953.
File: Lurie's Wet, ly Report
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Lurie, Herman. [Herman Lurie's Weekly Letter, January 7, 1955], report, January 7, 1955; (https://texashistory.unt.edu/ark:/67531/metapth1182597/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.