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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
The Federal Trade Commission filed charges against the New York Coffee and Sugar Exchange, its officers, members, and the Clearing Association for unlawfully restraining international coffee trade, leading to high prices in 1953-1954. They have 20 days to respond.
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WASHINGTON, (AP) The Federal Trade Commission filed charges today against the New York Coffee and Sugar Exchange in connection with the recent high prices of coffee. The FTC said the exchange unlawfully restrained international trade in coffee and thereby promoted substantial increases in prices. The complaint named the New York Coffee and Sugar Exchange, 4 of its officers and 8 of its members, and the N.Y. Coffee and Sugar Clearing Association.
The government said the complaint is a followup to the economic study of the coffee market made last spring in its report on this study. The trade commission said last July the sharp increases in coffee prices during 1953 and 1954 cannot be explained in terms of the competitive laws of supply and demand.
The Federal Trade Commission gave the coffee exchange and others named in the complaint 20 days in which to file answers.
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Where did it happen?
Domestic News Details
Primary Location
New York
Event Date
Today
Outcome
20 days to file answers
Event Details
The Federal Trade Commission filed charges against the New York Coffee and Sugar Exchange, 4 of its officers, 8 of its members, and the N.Y. Coffee and Sugar Clearing Association for unlawfully restraining international trade in coffee, promoting substantial price increases. This follows a spring economic study and July report stating 1953-1954 price rises unexplained by supply and demand.