The Washington times., 1932-04-05

FINANCE
The Company met its maturing obligations in'
cluding $500, 900 Equipment Trust Certificates.
Under authority previously given bv the Board of
Directors there were issued and sold during the
year $4,000, 900 Fhty,Year M % General Mort
gage Gold Bonds due April 1st. 1851.
NEW FACILITIES AND EQUIPMENT
The Company expended $15,36o,o6a in 1881
for improvements on its own road and equipment,
in addition to expenditures by its leased and
affiliated lines. The net increase in the investment
in road and equipment for the entire Pennsylvania
Railroad System was $32,o51,816.
Important items of new equipment placed in
service were: 1900 al>steel 7o>ton gondola cars;
electric passenger locomotives; locomotive
tenders. Orders for delivery of equipment include:
ooeectrc passenger locomotives; 61 electric freight
locomotives and 40 locomotive tenders. The elec>
tric locomotives constitute part Of the equipment
required for use when the electrihcation of the
lines between New York, Philadelphia and Wash,
ington is completed and have been designed for
maximum interchsngeabiity between passenger
and freight service.
During the year new design of rail, weighing
13I lbs. per yard, was adopted and placed in
general use, replacing the old 1870 lb. rail section;
also heavy duty section, weighing I52 lbs. per
yard, was adopted for experimental use in heavier
traffic territory to provide rail considerably
stronger and sitter for the heavier axle loads and
higher speed This is the heaviest weight of rail
ever used.
PROGRESS ON IMPROVEMENT PROGRAM
Substantial progress was made on the Com
pany's improvement program including work on
the following principal items: passenger terminal
improvements at West Philadelphia; Improvement
and expansion of lines and facilities in and near
Baltimore: extensive grade separations in Chicago;
new passenger terminal improvements at Gin.
einnati and electri6cation between New York and
Warrington. The new Hailwater terminal at
jersey City was completed and placed in service.
1t is expected to complete identification be.
tween New York and Philadelphia and have this
section of the line ready for service in 1888 when
electric operation of all local and through passenger
trains between those cities will be inaugurated.
This will complete the first unit of the Company's
elcctri6cation project between New York and
Washington, designed to speed up and improve
operations in this dense traffic territory as we'll as
improving through service between the north
and south.
Active continuation of the Company's large
program Of construction and cectri6cation depends
chiefly upon its ability to obtain the necessary
capital on reasonable terms. Owing to the diff
Guilty of obtaining capital for this purpose on
acceptable terms from ordinary investment sources
due to the unfavorable business conditions, the
Company recently applied to the Interstate
Commerce Commission to approve a three>year
$4,000 900 loan from the Reconstruction Finance
Corpocation.
BETTER AND FASTER SERVICE
As result of the constant study being made to -
adjust services and facilities to the changing re-
quirements Of passengers and shippers, both pas
senger and freight services were improved during
the year. Faster passenger train time was estab>
hshed between many important centres and faster
Notwithstanding extremely adverse busint
the results accomplished by the Pennsyl
better than those attained by railroads gen
fortitude of the officers and the employees.
Continued cooperation of stockholders
in securing additional passenger and freigl
Philadelphia, PG., April 4th. 1882
The PENNSYLX
Carries More Passengers, HGGk More F
SHIP AND TRAVEL
rs may obtain COPIES Of the Annual Report from J. TGr