[Letter from Robert Markle Armstrong to All Brokers - List #1, August 16, 1954] Page: 1 of 2
This letter is part of the collection entitled: Harris and Eliza Kempner and was provided to The Portal to Texas History by the Rosenberg Library.
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IMPERIAL SUGAR COMPANY
SUGAR LAND, TEXASTO ALL BROKERS = LIST #1:
Gentlemen:
Mr. Herman Lurie, Vice President in Charge of Raw Sugars, has written us from Now York
under date of August 13 as follows:
"Raws advanced five points to 6.10$ this week on sales to an Eastern refiner total-
ing 12,000 tons of Puerto Ricos, St. Croix and Philippines for August arrival.
Southern refiners paid 6.08$ and 6.09$ for 5,600 tons August arrival Cuban. There
are further sellers of September arrival Philippines at 6.10$ but on the other hand
there appears to be further buying interest at that price for Cubas and Puerto Ricos
in the right position. Such sugars are held at 6.15#. The U. S. Department of
Agriculture crop report as of August lst estimated the forthcoming mainland sugar
cane crop at 6,844,000 tons and sugar beets at 13,195,000 tons which is 138,000
and 176,000 tons higher, respectively,than the July let estimate.
"Distribution continues unsatisfactory, the figure for the week ending August 7th
being 154,720 tons against 173,895 tons for the week ending July 31st and 159,906
tons during the corresponding week last year. Cumulative figures since January 1st
are 4907,334 tons this year and 5,013,790 tons for 1953."The only reported sales in the world
and a cargo of Cuban raws to Ceylon.
which is considerably lower than the
made by an international grain house
price considerations.market consisted of a cargo of Australian
The Cuban sale figures about 3.08/3.09 fae
current 3.18 spot price and since it was
it probably involves other than purely sugar"Cuba is again getting ready to try to neutralize the adverse effects of the law of
supply and demand by taking sugar out of one pocket, as it were, and putting it into
another, in the hope that it will raise the price of sugar in the world market. Her
total exports to July 15th were 2,316,725 Spanish tons against 3,155,392 tons to the
same date last year. On that date her shipments to U. S. were 28,207 tons ahead of
last year but 838,667 tons behind to other countries. Her contemplated action in-
volves taking 350,000 tons out of her 'World Retained' quota and putting it into her
'U. S. Stabilization Reserve t, for shipment to the United States during 11j8. At
the beginning of this year ft 'Stabilisation Reserve' amounted to around 1,400,000
tons. 350,000 tons were released to U. S. this year and similar quantities are ear-
marked for release in 1955, 1956 and 1957. The theory behind the contemplated action
puts the final day of reckoning off another year but it will enable Cuba to produce
a larger 1955 crop than she otherwise would produce. It has popular Cuban support
because the 'Stabilisation Reserver is financed by the government owned Banco Nacional.
Unfortunately,the inevitable operation of the law of supply and demand has not been
known to recognize any such book-keeping sleight of hand, but that is not expected
to deter Cuba from once again trying to circus it."
Oboascutive ice President
in Charge of Sale
ICE 0.12-53 SM 66529
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Armstrong, Robert Markle. [Letter from Robert Markle Armstrong to All Brokers - List #1, August 16, 1954], letter, August 16, 1954; (https://texashistory.unt.edu/ark:/67531/metapth1134008/m1/1/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Rosenberg Library.