Word: freighting
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Dates: during 1950-1959
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...though still down 5.8% from last year). Truckers expect the June figures to show a bigger rise. To economists, who consider trucking a good index of general business conditions, it was another cheering sign of improvement in the U.S. economy. Truckers haul about 20% of the nation's freight -and because most of their freight is finished products rather than raw materials, they are sensitive to a pickup in sales...
...Both houses passed and sent to the President a tax bill that extends corporate income taxes and excises at present levels, generally in line with the Administration's hold-the-line policy against tax cuts. Single exception: repeal of federal taxes on air, truck, railroad and other freight transportation, a compromise to head off the Senate's demand for a repeal of a broad range of transportation taxes (TIME, June...
...Administration's stand-pat tax bill last week, Florida's handsome Senator George Smathers found plenty of allies from the South and West. A top Capitol Hill specialist in transportation affairs, Smathers wanted to kill off the $700 million-a-year federal transportation taxes-3% on freight, 10% on passenger tickets, 4½% on pipelined oil, 4? a ton on coal shipments. And the South and West had long been grumbling that the freight tax discriminates unfairly against states far removed from the big-city markets and industrial centers...
...pickup in business, the stock market rose to a new 1958 high last week. Stocks hit 478.97 in the Dow-Jones industrial average, then recovered from a sharp sell-off to close the week at 473.60. Encouraged by the Senate vote to repeal the 10% passenger and 3% freight taxes, rails closed at 119.17, a whisker under the year's high. But while the confidence of many investors returned, the skepticism of others increased. The short position, which has been rising for five months, was reported last week at 5,795,105 shares, highest since the records began...
...first time in six months, the nation's stalled railroads showed signs of picking up speed. Freight carloadings jumped 7% in a fortnight, hit a 1958 high of 612,715 cars. The rise was in all types of freight, with the most significant gain in wheat shipments. Railroadmen expect that wheat shipments will reach a peak around July 4, stay high as the U.S. harvests its fourth fattest crop in history...