Clicking Along

FACTS & FIGURES

Railroads. Thanks to a rate boost in May, the Class 1 U.S. railroads clicked off a $76.7 million net profit in July, more than double 1947's July net. For the first seven months of 1948, the roads netted $334 million, compared to $247 million in the 1947 period.

WAA-Kaiser. Henry Kaiser took over another surplus war plant: the War Assets Administration leased the $22.8 million, 36-building aluminum mill at Newark, Ohio to Kaiser's Permanente Metals for ten years. Terms: 5% of the first year's sales, $125,000 a year minimum for the second, third and fourth years, and $250,000 minimum thereafter.

Airlines. Some U.S. airlines raised their basic fares 10%--and started a rate war. Eastern, T.W.A. and United announced that they would also raise their extra-fare (DC6 and Constellation) rates, which had been around 10% higher than ordinary fares. American Airlines, which thought the traffic was already being charged all it would bear, kept the present fare on DC-6s, wiping out the extra-fare differential and underselling the other lines. The new basic fares brought the U.S. average to 6-c- a mile (highest since 1935), compared to a 3-c- average for railroad coach fares.

Annual Reports. U.S. corporations, long belabored for turning out complicated annual reports which few people could understand, have worked hard to simplify them with charts, pictures and plain talk. In the current Harvard Business Review, President George D. Bailey of the American Institute of Accountants belabors corporations for making reports too simple: "The emphasis has been on getting more people to read the reports . . . rather than on giving more significant information to those capable of using it."

Profits. Slimmed-down General Aniline & Film Corp., which recently agreed to lease over 3,500 of its basic patents (TIME, March 29), seemed to thrive on the reduced diet. By paring costs and concentrating on fast-selling dyes and photographic equipment, President Jack Frye (who runs G.A.F. for the Office of Alien 'Property) upped half-year sales 25% to $44.439,000, profits more than 50% to $3,651,000.

Credit Plan. Westinghouse Electric Corp., which thought appliance sales might be nipped by the Government's installment credit curb, announced a new plan to make credit easier: Westinghouse will guarantee the buyer's bank loan. If he defaults, Westinghouse will buy back the equipment, and repay the balance of the loan.

Autos. Packard's earnings had never been so good since 1929, said President George T. Christopher, announcing a one-third boost in the company's quarterly dividend: from 15-c- to 20-c-.

Scrap Hunt. The first big load of scrap from German battlefields (10,000 tons) arrived in New York City last week. Another 40,000 tons is expected by month's end. To keep the scrap away from speculators, the industry is forming a company to handle all German scrap. In another step to ease the critical shortage, 500 trade association executives will meet this week to launch a nationwide campaign to collect scrap from farms, plants and auto junkyards.

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