Evening star., 1945-02-24

Of the System in the hands Of the public shows q net
reduction of $13s 900 during the last FIVE years
REFLNANCLNG OF BONDS
Refunding operations detailed in the report have re-
suited in calling for redemption during 1914 and far
this ye. four issues of bonds totalling $l4o ooo
while issues, totaling $129 733,ooo and bearing
lower of interest," have been sold provide funds
for the redempons These transactions insure ultimate
savings of approximately $6l ooo,o ,ooo In addition.
funding operations of three terminal companies jointly
owned with other railroads. will produce ultimate savings
to the Pennsylvania of approximately 100000.
ADDITIONS AND BEITERMENTs
The continuance Of traffic unusually high level
neoessitated every effort further increase the railroads
capacity which nvolved.arge expenditures for improve
and additions road and equipment that would
not have been necessary except for the war
Despite the urgent need for increased passenger carrying
capacity it impossible acquire any passenger
due the continuance of restrictions resulting from
the extraordinary wartime demands for critical materials
1t is hoped that this situation may improve during 1915
RESEARCH
Through research the iroads of the country have kept
In the forefront Of archaeological progress They have
only been continuously engaged in original work of their
own but have also ntensvely followed the development
of every branch of science and engineering for discoveries
and advances adaptable railroad To the railroads.
research the organized scientific endeavor
stanry provide better equipment facilities and methods
of operation and improve those already in They
conduct research individually separate companies col
lectvey through the Association of American Railroads.
and oooperatvely with equipment manufacturers and
others in all fields
RAILROAD SOCIAL SECURITY
The pension the security in old age for lfes work well
DONE has been of the principal rewards for service
with the Company since the of the century To the
employe the pension stands in importance the
job itself There has been introduced in the Congress
legislation which would ntermingle with the pension
plan, exists other forms of social security of
known soundness which would result in the judgment Of
the Management, in undermining the existing plan the
dement of the employees situation which the manage
thinks from the standpo of both the employees
and the stockholders would be most unfortunate
THE EMPLOYEES
The Board takes pleasure in acknowledging the con.
tnued loyalty and efficiency of the employees who have
supported the effort in FULL and eooperated whole
heartedly and effectively with the management
The employees have served their Country and their
Company we'll Since the beginning of the war; 1859 have
gone into the AIMED Forces GA have given their lives
The management gratefully Acknowledges the efficiency
Of the than 2l 900 who have into the
service of the Company 50 that men could 90 TO war.
A remarkable job has been done by these employees
continuously for FIVE yearsand it is the lasting
credit of these and who staff and operate the
railroad that they have failed their response
btes al the problems that have confronted the railroad
STOCKHOLDERS
The Capital Stock of the Company the close of the
year owned by 213121 stockholders, increase of
3.,o3 compared with December 81 le43 with average
holding of 6ls shares.
The management is always apPfeeatve Of the eoopea-
ton extended BY security holders the public and employees
and recognizes its responsibility keep them informed a
to the Compenys business, service. finances and Other
important matters;
n. ". CLEMENT, Pnaksss.
ENNSYLXANIA Rail
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