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(Studio) Congress hearings with regard to coffee prices continue.
REPORTER: Roger Mudd
(DC) General Foods Corporation representative says coffee prices to go up again, as wholesale price rises haven't yet been reflected in retail sales. [General Foods Vice President Bill TOWER - says as soon as company recovers inflationary and other costs, prices will decline.] [Representative Frederick RICHMOND - asks if company not making profit now.] [TOWER - says they are.] [RICHMOND - asks why savings can't be passed to consumer as soon as bean price goes down.] [TOWER - says it will when extra energy costs recovered.] [RICHMOND - asks if Tower means within mos. after price of coffee down, consumer will get savings.] [TOWER - says yes.] Richmond says he's planning meeting in 2 weeks with representatives of Treasury, State and Agriculture Depts. to see if they can get international coffee prices down.
REPORTER: Lesley Stahl
- Mudd, Roger;
- Stahl, Lesley
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