Evening star., 1942-03-12

THE NATIONAL EMERGENCY
The railroads have again demonstrated
their capacity and ability. under private
management, to meet successfully and COM
pletely the demands made upon them BY
the National Emergency. The efficient per-
Torrance has been well recognized.
During 1874 the freight traffic was greater
than any previous year in their history
and the passenger traffic was greater than
any year since 1929. Although the owner
ship of freight cars was 10000, or 26's
less than in 1919. with greater capacity
Of ears and locomotives it was possible,
by continuous improvement in facilities
and operating methods, to handle this large
traffic without congestion or car shortage.
The railroads of the country are alert to
their responsibility in the moving of men
and materials 50 essential to our National
Defense The Company IS participating
with all its resources. including expend,
tlres for improvements, towards producing
the maximum Of transportation efficiency.
FINANCE
The Companys net funded debt was
reduced s17,o47,o7o during the past year.
Equipment Trust Obligations increased
S4,7o4, 900 due to the issuance OF 11,o15 900
,Flfteen.year 1N9e obligations, which were
Ssold on 1.744eo basis to finance, in part.
the cost of new equipment. This in turn
was Offset by the payment Of obligations
samounting to s7,2a1,ooo.
: The Systems funded debt in the hands
softhe public wasreduced almost $50 o,ooo, 900
through securities retired at maturity, bonds
redeemed through sinking funds, and b. :
acquired by System Companies.
EQUIPMENT
7 To meet the requirements Of Naticr- /
!, Defense new equipment placed in service
during 1o41 included 1854 freight carrying
ears, 100 cabin cars, ) locomotives, Al large
capacity tenders, 66S freight containers, 4
passenger coaches, J car floats and tug
boat In addition no passenger train cars
were remodeled. On order at the end of the
year were 6,o77 freight carrying cars, $50
cabin cars, !, locomotives, Is large capacity
tenders, "A passenger coaches, 10 car floats,
%15 barges, 10 lighters. tug boat and
track sweeper.
: Capital expenditures were also made for
additions to, and betterments Of, roadway.
: structure. and equipment, many of which
were necessary in connection with National
Defense.
In the II year period ended December
u. 1o41. in addition to new and improved
types of passenger coaches and dining cars,
and remodeling and airconditionsg OF
8 passenger train equipment, more than $ 900
new freight cars and 3,6 locomotives OF the
most efficient type and advanced design
we're placed in service There was also ex'
pended nearly s67o, 900 900 for additions
and betterments to equipment, roadway,
structures. and other facilities in the in
terest Of improved service to the public
This program of additions and better
nnents is indicative Of the Company efforts
to be prepared to meet the defense needs
Of the country.
PASSENGER SERVICE
During the year, passenger services were
further improved and three entirely new
trains were added: (D The Jefersonian" I.
an all coach train operating between St.
Louis and New York on aoA hour sched'
ule; (1) The Patriot. operating between
Washington. Baltimoce, Philadelphia, New
York, and Boston, with modern coaches.
dining and lounge cars, and pullman sleep
ers, on an s hour, 20 minute schedule, the
s fastest service ever provided between
: Washington and Boston; and (,) The
; The Board takes pleasure in az
!. and loyalty of all the employees dul
! We know that they will continue
= additional heavy responsibilities Il
THE PENNSYLA
SHIP AND TRAVEI
Stockholders can obtdir col
J. Tarey Wilcox, Secretary. Broad