The following information comes from research conducted by Greg Hurd.
The catalog notes that kits contain embossed cardboard sides and ends, floors, and under-floor braces, die-cast details, printed sides, no couplers, no trucks, and no glue.
It also notes in the parts section that tank domes and tank ends are of sanded wood, and the tank itself is made of cardboard tube. Locomotives are wood and cardboard construction and include wheels, drivers, siderods, and motor.
The layout photo showing catalog train items is the company's (probably the owner's) layout called the "Tippecanoe, Tuckahoe & Tehachapi Line RR".
This catalog indicated that it contains the same listing as 1937 catalog but references 28 different freight rolling stock items.
The catalog notes that kits contain embossed cardboard sides and wood ends, pine floors, and under-floor braces, die-cast details, printed sides, no couplers, die-cast trucks, metal wheel sets, glue, and copyrighted photos with detailed instructions.
It also states the locomotives and passenger cars listing for 1946 is identical to the 1939 catalog.