Evening journal., 1921-04-14
PR. R. ESCAPES
RAIL CRISIS
Rea Says Understanding
With Workers Saves
Corporation
MAKES ADDRESS
ON 18TH BIRTHDAY


statement addressed to the directors
the employees and the public. on the
railroads seventy-hfth birthday.
"The present is time Of unprece-
dented loss Of traffic" the statement
says. "The railroads OF the United
states are confronted with a crisis
OF unparalleled difficulties. The way
out Of that crisis can be found. and
the successful future OF railroad
transportation in America can be
more fully assured by;
"a "The realization OF an un-
derstanding between railroad cor
porations and their employees as a
result Of which every officer and em-
ploye will have reasonable compen-
sation depending on traffic and busi-
ness and financial conditions and will
give to the public and to his com
pany loyal service and the utmost
effort Of which he is capable; and
t2.) THE development OF such re-
lations between the railroads and the
public that adequate revenues may
be maintained with which to pro-
vide satisfactory transportation SER
vice. TO supply adequate facilities in
the future for the needs OF a grow
ing country. to pay fair wages, and
10 give the investors who furnished
the money a fair return. with full
confidence in those whom they EN-
ploy to manage and operate the prop
erty they have provided for public
use"
The Pennsylvania Railroad Com
pany is scventy-five years old to-
day" said Mr.. Rea al the beginning
Of his statement cts charter was
granted by the Legislature OF Penn
syivania April IS. 1S46.
ron that date. THE Pennsylvania
Railroad Company" represented the
conception IN the minds Of enter
prising citizens Of a transportation
line connecting Philadelphia, by
railroad. with Pittsburgh. the gate
way to the new west.
Largest I'm World.
To-day that conception has be-
come a reality. taking form in the
largest Railroad System in the world.
representing an investment OF over
two billions OF dollars and employ
ing the savings Of 100000 stock
holders and tens OF thousands Of in
vestors. including savings. insurance.
Industrial, education and charitable
Institutions; It's lines OF rail extend
ing into thirteen states and the Dis
trict Of Columbia: serving directly
fully half the population OF the
United States and employing, when
The full tide Of business was flowing
over its rails last october some 279,-
600 men.
THE Pennsylvania Railroad Com
pany has sought during the seventy
five years Of its history to maintain
high standards Of public service and
has been a pioneer in many notable
improvements that have resulted in
the progressive transportation eff
cheney which has enabled American
railroads TO lead the world in the
greatest train loads ana the lowest
freight rates.
"The PENNSYLVANIA Railroad Sys-
tenn has 1900 miles OF line. and
5000 miles Of track-more than
any other road in this country or
abroad II has 7445 locomotives,
l.
senger cars. OF its passenger cars,
1881 are steel. representing more
than one-third Of the total number
Of steel passenger cars in the United
states II carries 10 per cent. Of
the total freight and passenger
traffic Of all the steam railroads OF
the Unites States.
notwithstanding the many finan-
cial and commercial disturbances
which have marked its period OF
existence. the Pennsylvania Railroad
has discharged its responsibility to
he public by maintaining at all
times the highest standards Of trans
p0rtation service with respect "a
convenience. regularity and safety
By encouraging the development OF
he territory served by its lines; and
by safeguarding the investments OF
is stock and bond holders, and the
welfare Of its employees
Conservative Foundation.
-The foundations OF its progress
may be found chiefly in the con-
seryative financial policy adhered
10 continuously throughout its his
tory BIZ the directors and manage
capital stock represents an invest
ment not merely equal 10 its par
value. but many millions in excess
n the same BY reason OF premiums
paid upon the issuance OF much Of
the stock and by the pioughing in Of
several hundred millions OF dollars
out of income and profits 20 provide
oettermenis and improvements 70
me railroad and equipment devoted
20 the public use
Legally and morally all OF such
profits might have been distributed
10 the stockholders in dividends in
which case capital stock or o+her
securities would have been sold 10
provide the funds needed for the
betterments but the directors ana
management believed at an times
that the policy pursued would prove
wiser in the long run. and are con.
WINGED that its fundamental sound
ness ls being demonstrated now Fl
these days Of uncertainty and de
preston.
"On this. its seventy-hfth birth
day, the management Of the Penn
sylvania Railroad re-dedicates Il
property 10 the public service an
TO the maintenance OF sound pol
ries and practices.
Therefore. on this. the company
seventy-fifth anniversary. agai
ask the cooperation OF every office
and employe OF the Pennsylvani
Railroad. and Of the public whol
they serve, in assisting the director