Coffee roasters raised prices substantially.
The nation’s three largest coffee roasters raised wholesale prices by significant amounts, 60 cents a pound for two of them and 65 cents for the other. The roasters--General Foods, Procter & Gamble and Chock Full O’Nuts--were catching up with coffee futures prices, which during two weeks of advances have almost constantly struck the 6-cent-a-pound limit set for daily trading by the Coffee, Sugar and Cocoa Exchange in New York. The stimulant for the soaring prices is the weather in Brazil, where a drought has severely damaged the crop.
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