Word: freight
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...years ago, he won a proxy fight for control of the Minneapolis & St. Louis Railway, has since boosted earnings per share 14% to $2.35. He is also trying to outbid the Santa Fe and the Pennsylvania for little Toledo, Peoria & Western Railroad, a main bypass around Chicago for transcontinental freight. Last week Heineman announced that he is after a much bigger prize: the long (7,870 miles) and longtime ailing Chicago & North Western Railway, which runs from Chicago to Lander...
TRANSPORTATION. Businesslike operation of the fabulously inefficient government-owned railroads; construction of 6,200 miles of roads; improvement of existing roads. Purchase of 50-odd ships of various tonnages to trim the country's dollar-draining ocean-freight bills...
...ranks with inflation as the nation's most serious economic malady. Even with imports curbed by government controls, Brazil runs up exchange deficits. The two main exports, coffee and cotton, are subject to price tremors. About half of Brazil's export earnings go for debt service, ocean freight, oil and wheat; what is left for machinery, raw materials and all other imports amounts to some $700 million a year-about $12 per Brazilian. The shortage of foreign exchange stunts economic growth by holding down Brazil's capacity to service foreign loans and pay for capital goods...
What the dealers wanted was more sympathetic cooperation from automakers, plus federal legislation to ensure dealers a better profit by ending runaway price cutting, auto bootlegging and "phantom freight," a manufacturer's charge equal to the cost of shipping from Detroit, no matter where cars are shipped from. Dealers close to auto plants complain that bootleggers can pick up cars in Detroit without paying the charge, ship them around the country for less than the factory-set freight, thus gain an unfair advantage...
Progress' Casualties. Russell has virtually written off passenger operations as a perpetual profit-loser, but his freight business grows as new companies move in. Every day at least one new company chooses a site on S.P.'s right of way; 15,000 new freight cars are on order. Southern Pacific's 1954 net of $48.7 million made it the third most profitable U.S. railroad (after Union Pacific and Santa Fe), and 1955 profits reached $56 million. To continue to earn such good profits, Russell believes that railroads must change with the times. Instead of carping about airlines...