Word: freight
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...Tall in body and mind," a handsome, brown-eyed man with a deep voice, Brann first hit Waco at the age of 39 after an odyssey that began in rural Illinois. He went to work as a bellhop when he was 13. By 21, he had been a painter, freight-train fireman, brakeman, baseball pitcher and manager of an opera company. Then, educating himself as he went along, he worked on newspapers in St. Louis, Galveston, Houston, Austin and San Antonio. In Austin, his first attempt to run his own paper foundered...
...upturn was in the face of discouraging news. Freight carloadings for the Christmas week were down to 410,022, the lowest for that week since 1932. New applications for unemployment compensation for the week ending Dec. 28 rose to 550,995, the highest in any week since unemployment insurance began in 1938. The Commerce Department disclosed that manufacturers' sales (seasonally adjusted) dropped 2% in November. And for the second month in a row. manufacturers continued to liquidate inventories, by an amount greater than in any other month since the 1954 recession...
...about refinery stocks of 437 million bbl., one of the highest early winter supplies in history, chopped back production 5%. Appliances, autos, machine tools all felt a slowdown. Private housing starts dropped 10% to less than 1,000,000 new houses, for the first time since 1947. And as freight-car loadings fell 16% at year's end, railroads were in such a fever to cut rising costs and bolster sagging profits that the Pennsylvania and the New York Central, giants of the industry, talked longingly of merger...
...cars next year. They sold about 5,800,000 in 1957 and at year's end estimated sales of about 5,500,000 in 1958. As for the troubled railroads, they will see still another 5% to 7% drop in passenger traffic, while freight car loadings will show a continuing, but smaller (less than 10%), decline than in 1957. U.S. industry's headlong expansion will taper off in 1958; industry will invest only $34.5 billion in new plants and machines, down 7% from 1957. Autos, aluminum, machinery and many others are planning fewer additions. But utilities, which never...
Railmen argue that passengers must carry more of the load because of the railroads' sharply falling freight business. Passenger losses ate up 52% of the Pennsylvania's freight profit in the first eight months of 1957, and 61% of the New York Central's. Says an official of Illinois Central, whose overall net is down from last year's $23.8 million to $16.5 million: "We've just got to sew up some of the holes in our pockets...