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Economy #51120

ABC Evening News for Friday, Oct 13, 1978
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(Studio) Federal Reserve's increase in discount rate reported Further increase in prime rate by major banks noted; Chase Manhattan's increase on Thursday mentioned. Govt.'s report of record corn harvest earlier in week recalled.
REPORTER: Max Robinson

(Iowa) Slight increases in corn prices, contrary to amount of corn harvested, noted; reasons stated include farmers' holding corn off market and government program to pay farmers for not growing as much corn this year [Corn Growers Association spokesperson Donald SCHLICTE - discusses relief government program has given.] Problem in moving grain stated; example given is Iowa grain elevator, where railroad cars haven't come since August Problems involved in law of supply and demand and effect on consumer prices outlined.
REPORTER: Ron Miller

Reporter(s):
Miller, Ron;
Robinson, Max
Duration:
00:02:20

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