Indianapolis Times, Indianapolis, Marion County, 1 March 1945 — Page 6

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years, Mrs. McKenzie was 71. is survived by her husband, John;

all of Indianapolis; a

| Harley R., Oklahoma Clty,

{ brother, — Frank,

Okla;

- Elwood, and Mrs. Anna Reed, Mas- | sillion, O., and ‘two grandchildren. CECIL NEAL

Police Force for 24 Years.

1448 Silver Ave,

Indianapolis police force for- 24 ; polie . home, 3018 W. years, died festerday at Tucker's Michigan st. will on grug store; 1219 pe held at 2 p.m. Kentucky ave, of gaturday- at - the a heart attack; He yegidence.. Burial was 55. will be in WashSgt. Moorman ‘ington Park. had gone to the - My Neal, who store because hel yas 61, joined the felt ‘ill and Was police forte in waiting-fon a-drug 1920 and retired clerk to prepare in, 1943. A resimedicin® for hiM.iqent heme Xu) A lifelong resi-| years he was: 4 dent—of apolis, he was a 4ining the force. railway brakeman before Joining : the police department in 1921. served as a motorcycle traffic police- |p & A. M. man for 11 years. - | surviving

Cecil Neal ;

Sgt. M A Indiang | putcher at Kingan & Col before had” been married more than 50 |

include England;

Survivors Hattie M.

Grotto:

mother, Mrs. gan, \evay, Ind. AR

\ French, with the navy at Great Lakes, 71, and Mark Moorman, | ton ave.

. wore. Michigan City; and five grandchil- | of her sister dren. Marott-Hotel.,

, Mrs. James E. Cunning She was 67

survived by Martha Pangborn, Rye

She is

MRS. ELIZABETH McKENZIE | ters, Mrs.

* her home, 2854 MacPherson st., willl V, Eichholtz, Indianapolis, be held at 9:30 a. m, tomorrow at! whom she made her home.

in &

11 ‘mal | Moore & Kirk colonial chapel. Bu-| : Si MOORMAN {rial will in Union Chapel. igs ) AW) | A resident of Marion county 32

She |

DETECTIVE, DIES 2:7 55:5 25

three sisters, Mrs. Addie

Native Here Had Served ON 0 cojumbus; Mrs, Estella Rigers,

Detective Sgt. John Moorman, i Rites for Cecil Neal, member of a member of the the Indianapolis police department 23 years, who died yesterday at his

| He was a member of the Fraternal | He! order of Police, and Centre lodge, |

are his wife, Marietta | He was a member of Muraliy. o prother, Calude, Indianapolis Chanters, Scottish Rite and Sahara ,ng two sisters, Mrs. Della Donahvie, [yooh or Edward W. Stucky, all of his | tndianapolis, and Mrs. Nettie Mor- | 1h dianapolis and two grandchil-

died yesterday at.the home

two _daugh-

Rites for Mrs. Elizabeth J. Mc- N. Y., and Mrs. Ray Chiles, InKensie, who died Tuesday night “at [dianapolis,” and a brother, Charles for services at Christ .church and wit burial in Crown Hill > Mrs. Judson, i

President

| Trust Co.

terday at Methodist hospital. Bu‘rial will be in Richmond. - A resident of Indianapolis. more |t0 have your mo {than 45 years, Mrs. Binkley was a ; ‘eraduate of DePauw university 4nd | for Coughs, Chest Colds, Bronchitis Metropolitan School semis She and Mr. Binkley, {who were classmates at DePauw, |

the ol Music here.

| years.

4dren, Mrs. Jo

two daughters, Mrs. Mary McCleerey NL aren Ye ip Th and Mrs. Marcia Hawthorne, all of a TN acksonville, N. C. an illiam Indianapolis; two brothers, Melvin MRS. EVA HOLLAND Foreman Binkley, Indianapolis. Mrs, Eva-A—Holland, 6157 Carroll- &\

The body was taken to Beanblos-| A resident here 50 years, Mrs Indianapolis resident, died yestersom mortuary. : |Holland was a member of * Fist day while visiting her daughter, — ‘ United Lutheran church. Mrs. Jeanette Dresser, at Colo-

Wife of Bankers Trust Co.

~~ Here 45 Years. | on sys : Rites ‘will be: held at 10 a. m. to-{=- Bronchitis :

marrow at Hisey & Titys’ funeral | 2 Creomulsion relieves promptly behome for Mrs. Louise Stucky Bink- : |ley, 4120 Ruckle st., wife-of Howard ‘col laden ir geld er gl |C. Binkley, president of ‘Bankers | to soothe and hi

Mrs. Binkley died yes-|pranes. Tell your a bottle of Creomulsion with the un- | -

She was a member of Central Avenue Methodist church and the {Matinee Musicale club. | Surviving are her husband; two! isons, [Charles C. and Louis S.; a

MRS. CHARLES E. JUDSON ‘Mrs. Charles

rado Springs, Colo. The body will be returned here

yg P*\J here to St. Petersburg, Kla., several BINKL Y years ago, -is survived by another i + daughter, , Mrs, Storey M. Larkin, Indianapolis, and twe grandsons, Capt. Storey 'M. Larkin and Sgt. Charles E. Larkin, both overseas . with the army air force. ~ How To Relieve

Had Resided |

l.trouble - to hel expel

eal raw, tender, in=| flamed bronchial ‘mucous mem-|

| derstanding you must like the way it | | quickly allays the cough or yor are ney

MULSION

Of | see ———

INDIANAPOLIS 7

cause it goes right to the seat of the | and

to sell you |

Ann Binkley Paul,

E. Judson, a former .

She was T4.

who moyed from

PRACTICAL FURNITURE AT LOW COST

ry FRONTS. 4c

\ oy afew J a “ld . drawers have oak Intexiors Thtame e failed - | corner. ‘construc tion. Large anity IT 47 inches. wide, has 4!-inch ‘m®or and plate i er | . _t + i alass cosmeric Ct 550 nches— . 1 Ne 2 high, with deep. usable drawer spaces. Uni aed : ny usually good looking finish in*light, modern - French tone, Conservative modern styling.

(RY

ps and s are fully veneereg—-1ronts in atcned s ed wajnut with inlaid ‘marquetry ‘de All

_ the cost of handling the larger volume of business:

Small ca rrying charge

on deferred-payinents

a ¢

Lila \

sis

"Rp

¥ INCOME: Operating’Revenues—Freight, Passenger, Mail, Express, etc. + + +» Other Income—chiefly dividends and interest on securities owned ,

Total . .

EXPENSES:

Operating. Expenses . 4 « ov v vt vv 0 # sv sv sv sv sv vv

TAXES vss vv vn

Equipment and Joint Facility Ren Cun eae Other Charges—chiefly rentals paid for leased roads and interest 6n the Company's debt EE ry

Total Sy

Netlncome. « « + vv v0 5.5»

RE SEE

SREB

Yeon 0

Pennsylvania Railroad Reports on its 981

» 1

INCOME STATEMENT .

h Year of Service

DISPOSITION OE-NET INCOME:

Retirement of Debt—Penna. R. Dividend 5% ($2.50 per share

Transferred to.credit of Profitand Loss + v «av vs ov +o »

1944 Comparison with 1943 $1,010,015,912 1 $30,242,757 "39,272,649- D . 3,230,869 tess te des rssndunnass rss 1,049,288,561 I' 27,011,888 736,318,743 1 72,808,034 . Sets essen essen 152,838,409 D 27,567,082 £8 4 co ves 8. udy w 11,886,692 I 3,576,150 Cr esr Sisal D 5107161 TERE rete te Eee Ye. 984,568,130 1 47,709,941 J “0 Pe sYyEEeDd 64,720,431 D 20,698,05% 2 § “Appropriations to sinking and other funds, etc. v + oo vv vu ove . 3,244,558 I 1,320,4%9 WG REE 18,767,970 I 1,456,970 ® 9 9 EYEE SE YEE EYEE 32,919,385 -—: 0,788,518 D 23,475,462

RESULTS FOR THE YEAK >

Business continued at 2 very high level during . 1944, the volume being the largest in the Company’s history. Operating revenues for the first time in almost one a years of operation amounted to over one billion dollars. Notwithstanding the unprecedented demands for transportation service, the Company's operations were performed as well as, if not better than, in any of the previous war years.

ing revenues increased $30,242,757, due to the greater volume of traffic, this was more than offset by an increase of $72,808,034 in opérating expenses, caused principally by the full effect of the wage increases referred to in the 1943 report, increased costs of material and fuel, and

Taxes remained abnormally high. As a result, even though the volume of business was greater than

_inany year in the Company's history, Net Income of $64,720,431 was $20,698,053 Tess than in 1943, - and hh the less than in 1942. Notwithstand.

ing this Page, the dividend paid in 1944 was maintained ar the szme rate paid in 1943 and 1942, or 5% ($2.50 per share).

The madagement looks forward with confidence that the Company will, continue to serve the country successfully in 1945 while planning for the time when the economic changes brought about by the end of the war will have to be met and new stindards of peace-ine transportation established. .

WAR TRANSPORTATION

The perfofmance of the American railroads in meeting the unprecedented demands upon them for transportation service in these-war years has been widely commended. They have not only

“carried the enormous war-time load that would - normally move in railroad service, but they have

also moved the immense volume of traffic which has been forced off thé highways by fuel, vehicle and tire shortages, together with practically all of the traffic formerly moving in coastwise and intercoastal shipping.

Their ability to render satisfactory service during this period of record-breaking traffic was due primarily to the fact that all through the depression fron» 1932 t6 1939 the railroads, both individually and collectively, had been developing improved transportation methods and facilities and building up a central organization to meet war-time emergencies.

The enormous volume of traffic incident to the war effort concentrated on the railroad, which serves the largest centers of population and industry east of the Mississippi River, and reaches the Great Lakes and the Atlantic Seaboard, has been handled only because the Company, through the war years, has at great gxpense, added to its plant #nd equipment:

TAXES

Railway taxes of the Company for 1944 (federal income iaxes, excess profits taxes and other federal, state and local corporate and property taxes), amounted to $126,034,483. They were, with the exception of 1943, the highest in the history ‘of the Company. These taxes, together with Unemployment Insurance taxes of $12,862,679, and Railroad Retirement taxes of $13,941,247, aggregated $1:52,838,409.

All taxes required 15.2 cents out of each dollar of operating revenue, the equivalent of 23.3% upon,the capital stock, or $11.63 per share. The extent of the tax bill in 1944 is — indicated bythe fact that taxes took about 70 cents out of every dollar left after paying operating expenses and other charges.

The railroads are taxed not only by the Federal Government and the various States, hi by many of the counties, cities and. otlrer municipalities they serve. These taxes, which the railroads have botne for many years at ever increasing rates, together with all other kinds of taxes, principally

the heavy Income and Excess Profits Taxes, haves -

reached the point where practically all of the so: called lprge profits of the railroads during the war iy have been and are now being drained off in taxes.

The result is that the railroads have been un-

—shleto create the reserves that should be provided,

in fact shouldbe required, for rehabilitation after the war. ,

REDUCTION OF FUNDED DEBT _ Substantial reductions in the outstanding debt

in the hands of the public contipued during the yest, the debt of System Companies being re uced

ova

. -

IHE

“-mately-$9,200;000.

$31,283,927. The deby of the System in the hands of the public shows a net teduction of $138,000,000 during the last five years.

REFINANCING OF BONDS

Refunding operations, detailed in the report, have resulted in calling for redemption, during 1944 and so far this year, four issues of bonds totalling $140,735,000, while new issues, totalling $129,735,000; and bearing lower rates of interest, have been sold to provide funds for the redemptions. These transactions insure ultimate savings of approximately $61,000,000. In addition, refunding operations of three terminal companies, jointly owned with other railroads, will produce ultimate savings to the Pennsylvania of approxi-

"ADDITIONS AND BETTERMENTS

“— The continuance of traffic at an unusually high level niecessitated every effort to further increase «the railroad’s capacity, which involved large expenditures for improvements and additions to road and equipment that would not have been necessary except for the war. z

Despite the urgent need for increased passenger carrying capacity, it was impossible to acquire any aew passenger cars due to the continuance” of restrictions resulting from the extraordinary war-time demands for critical matemals. It is hoped that this situation mas improve during 1945.

RESEARCH

Through research, thé railroads of the country .

have kept in the forefront of technological progress. They hive not only been contranously eagaged in original work of their own, but have also intensively.. followed the development of «every branch of science and engineering for discoveries and advances adaptable to railroad-use. To the railroads, research means the organized, scientific endéavor constantly to provide better equipment, facilities and methods of operation, and to improve those ziready in use. They conduct tesearch individually, as separate.companies, collectively through the Association of American Railroads, and -cooperatively with equipment manufacturers and others in all fields. t

RAILROAD SOCIAL SECURITY

The pension, the security’ in old age for'life’s work well done, has been one of the principil rewards for service with the Company since the turn of the century. To the employe, the pension stands next in importance to the job itself. There now has been introduced in the Congress legislation which would intermingle with the pension plan, as it now exists, other forms of social security of unknown soundness which would result, in the judgment of the management, in undermining the existing plan to the detriment of the employes

—a situation which the management thinks, fom A A

the standpoint of both the employes and the = stockholders, would be most unfortunate,

THE EMPLOYES

The Board takes pleasure in acknowledging'the continued loyalty and efficiency of the employes who have supported the war effort in fulf, an cooperated wholeheartedly and effectively with the management.

The employes have served their Country and their Company well. Since the beginning of the war, 51,559 have gone into the Armed Forces, 614 have given their lives. .

The management gratefully acknowledges the efficiency of the more than 21,000 women who have come into the service of the Company so that men could go to war.

A remarkable job has been done by these employes—continuously now for five years—and it is to the lasting credit of these men and women who staff and operate the railroad that they have never failed to meet their responsibilities in all the ‘problems that have confronted the railtoad

STOCKHOLDERS

* The Capital Stock Tof the Company a the close of the year was owned by 2137121 stockholders, ' an increase of 3,503 compared with Deceribes-31; 1943; with an_average holding of 61.8 shares.

~The management is always appreciative of the cooperation extended by security holders, the public and employes, and recognizés its respon. sibility to keep them informed as tothe Company's business, service, finances and other impor. tant matters. ; : M. W. CLEMENT, President.

PENNSYLVANIA RAILROAD. “WO Shvving Bo flim v He

BUY UNITED STATES WAR BONDS AND STARPS

mpi mene SOO or

INCREASING BUSINESS DECREASING PROFITS

{MILLIONS OF DOLLARS)

greater than in any year in the Company's history, Net Income of $64,720,431 was $20,698,053 less

Even though the volume of ‘business was than in 1943, and $36,748,362 less than in 1942.

REDUCTION OF SYSTEM DEBT IN HANDS OF PUBLIC

MVE YEAR REDUCTION (1940-1944) $38,390,000

«A

133,114,000

129,415.000

The 1944 net reduction of the debe of the Pennsylvania Railroad System in the hands of | the public amounted to $31,283,927. Over the last five years the net reduction has been $138,000,000.

» ;

[LS

AVERAGE COMPENSATION AND PAYROLL TAXES PER EMPLOYE

i f..

1,962

COMPENSATION

; 12,508 2,007 ‘2319 e

_ PAYROLL TAXES GAIROAD'S SHARE UNEMPLOYMENT INSURANCE AND RAILROAD RETIREMENT PAYMENTS)

a i

PAYROLL COST PER EMPLOYS

12,927 ' . 42.676 12, 2% 12,453 2244

The chart shows the steady increase in the average compensation per employe of the Penns. sylvania Railroad, and in the railroad’s share of unemployment insirance and railroad setites ment payments over the past five years.

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lighting thin “The elect evening, and out restrictic it was gueri and maybe s Then after ‘ing and uny gate and a came rolling lights, & tan

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