Facts & Figures

Oil Well. At the peak of the summer driving season, the gasoline shortage feared by many oilmen had failed to show itself. Said Jersey Standard's Economist Courtney C. Brown: barring "unforeseeable trouble," prospects were good for continued adequate supplies of both gasoline and fuel oil.

Boost into Black. U.S. railroads, which had received a 21.4% temporary freight-rate increase since last October, got the increase made permanent by the Interstate Commerce Commission. ICC also added a new 1.2% boost (about $67.4 million a year), much less than the additional 5.6% the railroads had asked. Nevertheless, the roads were feeling a lot better. Example: in June, the Pennsylvania netted some $8,000,000, almost triple the May profit. It was enough to wipe out four previous months of red ink and put the road in the black for the half year.

Jackpot. General Motors' second-quarter earnings were something. On sales of $1,145,000,000, the net profit was $110 million. For the half year, G.M.'s gross was up only 22% over 1947. But its net was up more than 50% ($4.55 per common share v. $2.97), thanks to higher prices and steadier operations.

Comeback. Harry Ferguson, who lost his tractor supplier when Henry Ford II bowed out (TIME, July 21, 1947), completed a new $11.5 million, 72-acre factory in Detroit. He expects to get into production in 60 days, turn out 250 tractors a day within a year.

Going Up. Consumer credit reached a record of $14,149,000,000 in June, the Federal Reserve Board reported. Two-thirds of the rise was due to installment buying; the rest was charge accounts.

Fewer Voices, More Rooms. The boom in the hotel business had begun to taper off. Horwath & Horwath, accountants for the industry, reported that in the first half of 1948, the national occupancy rate was 88% of capacity, down from the 92% in the first six months of 1947.

Air Sickness. Seven major U.S. airlines (notable exception: Eastern) had been in the red since last October. They got into the black again in May, but still have a long way to go to make up their deficits. Example: United Air Lines, the first of the big carriers to report second-quarter earnings, netted $310,682. But it still lost $3,239,852 for the first half of 1948.

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