Word: freight
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...FREIGHT CARLOADiNGS: Bernard Baruch is reputed to have said long ago that the surest way to gauge the whole economy is to "watch freight carload-ings." That was long before trucks and planes captured such a large share of the changing cargo market, and also before freight cars were built bigger to carry more cargo. Result: freight loadings often go down-as they have for four of the past ten weeks-at the same time that total cargo tonnage goes up. For such reasons, the Pennsylvania Railroad, the nation's largest, last week announced that it will no longer...
...steal away earnings and its ships, hotels and airline to slip into the red. Even worse, it sold off or leased much of its 25 million acres of valuable oil, gas and mineral and timber land, largely because it was reluctant to compete directly with some of its own freight customers...
...course, soap. In Venezuela police found themselves confiscating the same launch three times-the smugglers simply kept buying it back at auction. In Argentina one crafty operator kept police baffled by using two planes with the same markings and registration-one for smuggling and one for legitimate freight. Other pros ship Scotch in gasoline tankers, diamonds in chunky chocolate bars, cigarettes under false truck floor boards...
...profits last year achieved a six-year high of $651 million, should climb at least another $50 million this year, if only because the Supreme Court's ruling against featherbedding will lower labor costs. Traffic is also rising. So far this year, the roads have carried 5% more freight than in the same period of 1963, and shortages of rail cars are cropping up in some places. Freight-car makers are busier than at any time in the last six years, and their backlogs of unfilled orders for new cars are rising...
...equipment and new ideas are partly responsible for the railroads' rise. Chrysler Corp., for example, recently started shipping its models on the new three-level freight cars instead of Great Lakes steamers. "Unitized" freight trains that carry only coal and move directly from mines to power plants save Chicago's Commonwealth Edison $5,000,000 a year. At the same time, the regulatory climate in Washington has changed. Switching from its policy of helping one form of transportation at the expense of another, the Interstate Commerce Commission has lately permitted railroads to reduce some rates to compete better...