Fall Report

There was no slackening in October.

P: Before the killing frosts came, most U.S. farmers had their rich harvests safely tucked into the warm barns--perhaps the greatest harvest on record, refuting the famine worrywarts of last spring. Farm gross income will be over $20 billion.

P:The seasonal peak in freight traffic had the railroads hustling to prevent the tightest car supply in 20 years from developing into a serious car shortage. Car-loadings for the week of Oct. 21 numbered 905,941, unchanged from a year ago. But this year freight ton-miles are expected to hit an alltime high of 750 billion, up 3% over last year, and more than double 1939's ton-miles.

P:The railroads, although making more money than they can lift, suddenly began to worry. They predicted traffic declines ranging from 15 to 25% after V-E day cutbacks in military orders. Alarmed at this prospect, and at the inroads that higher costs of materials and wages have made in this year's net (estimated at $650 million v. $874 million in 1943); the carriers asked the ICC to increase rates by an average of 4-7%-One argument: at war's end the railroads expect to spend $1.7 billion for new equipment, but owing to higher prices will get less for their money. Examples: passenger coaches sought during the '20s and still in service cost $30,000 v. replacement cost of $ 80,000.

P: On the 15th anniversary of the great Wall Street debacle, trading on the New York Stock Exchange was steady but dull. But investors were busier than at any time since 1929--cashing dividend checks. Dividend payments on 857 common stocks for the first nine months of the year were $1.5 billion--up 7% over a year ago, and about 70% of 1929's.

P: WPBoss Julius A. Krug warned civilians that cotton textiles and shoes would continue in short supply. Cotton piece-goods production this year will be down to 9.9 billion yards, 12% under 1942.

P: Plans for postwar construction projects now total $11 billion in 37 states east of the Rockies, according to a survey F. W. Dodge Corp. Significantly, the survey showed that some 20% of this construction is planned by private investors. The balance will be Government-financed public works and utilities.

P: Department stores noted that Christmas shopping had begun.

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