Indianapolis Times, Indianapolis, Marion County, 27 February 1946 — Page 19
ourse, 134 mB. tess today for Jr. American
re Mesdames - Hawkins and S$. M. D. Mul
yd Claycombe . Earl D, Finnnual history
fale ]
Next Fall
NEw 4 ANTI ITT
Witkin Music Co.
PENN.SY
No. 2 can cream style corn 1 ¢. evaporated milk 1 tsp. salt 2) ¥% tsp. celery salt x pi De) Dash of black pepper ZZ rr EY 33 in ar var (STOREY be .
18-20 FAST WASH. $1
%hE NEEDS PROTECTION NOW THAT SHE'S WEARING FLORESS, THE NEW \ FLUORESCENT LIPSTICK!
HAVE LIPS AS RADIANT AS GLOWING EMBERS
with FLORESS the new FLUORESCENT lipstick. A new velvety lipstick that giv new life. Brilliant with fire at night. In five new jon shades in a handsome swivel case. Get yours today. Five high fashion shades— Pink Passion, Neon Red, Scarlet T F RESS, Dept. 0009, 205 N. Michigan, Chicago 1,
$| PLUS TAX AT DRUGGISTS
£4
Ie
Melt bacon drippings in large saucepan, add onion and celery, cover and simmer flve minutes. Put through a sieve the can of tomatoes
Cook brocesll until just tender. Make a white sauce over hot water with the butter, milk, salt and bouillon cube. Add slowly to beaten egg yolks. Return to double boiler and continue cooking for five minutes. Add lemon juice gradually,
Story-A-Month Anniversary
The 10th anniversary of the Story-A-Month club was celebrated at.a dinner in the Y. W. C. A, last night. The speaker was Mrs. Clotilde Embree Funk, artist and illustrator. She illustrated her talk with chalk drawings. Mrs. John A. Dyer, author of children’s stories, presented the history of the club. On the committee in charge of thé dinner are | Miss Estelle Wiemeller, Miss Kathryn McPherson, Mrs. Wilbur A. Elliott and Mrs. Garrison Winders, chairman. } New officers of the club taking office in March are Mesdames George L. Bradshaw, Ralph Bidgood and Winders and Miss Horchairmen; Robert McGinnis, secretary; Mrs. H. A. Schmutte, treasurer; Mrs. Bidgood, librarian; Mrs. Bradshaw, publicity chairman; Mrs. Ellot*, membership chairman, and Mrs.
Lois Compton Fuller, Miss Amy Keene and Miss Le Von Cox, readers.
‘Lambda Chi Omega
His supplies of fresh, crisp vegetables are shipped direct from the growers in beds of ICE. Tests have proven that this is the way to assure your getting
more of the natural vitamins. Modern grocers are
careful to continue this protection by displaying produce in ICED display units. You get MORE FOOD YALUE where this is done. .
POLA!
2000 NORTHWESTERN AVENUE 3N7 W. 16th St. 1902 S. East St.
RY) ir
1c AND | FUEL CO.
* Events Planned
The annual inspection of Beta | Zeta chapter, Lambda Chi Omega sorority, will be held March 10 in the Hotel Lincoln. Mrs. Aurora Kingsland, Canton, Ill, national vice president who will conduct the inspection, will be the guest of Mrs. Harold Jackson, 5614 E. Michigan st. The second rush party of the sorority will be held tomorrow in the home of Mrs. Paul Jamison, 5610 E. Michigan st. .
W. S. C. S. Session
The Woman's Society of Christian Service of the St. Paul Methodist church will have a' business meeting at 10 a. m. tomorrow in the church parlor. A noon luncheon served by the Martha circle will follow. Mrs. L. S. Trent will review “Cross Over Africa” at the program beginning .at 1 p. m.
Olson Club
The Elsa Huebner Olson club will meet at 11:30 a. m. tomorrow at the Washington Street Presbyterian church, Miley ave. and Washington st. Mrs. I. R. Yeagy will be the hostess.
P.-T. A. Card Party
The Beech Grove P.-T. A. will spohsor a card party at 8 p. m. today in the Beech Grove city hall.
10 KZzp THAT YOUTHFUL
i oy
PINK CHEEKS
N VITAMINS
MAKE
APPEARANCE
KEEP ON DRINKING
AND MINE
NIV dled h
r
| Meeting Tomorrow (Mrs. Zinter Speaker |Bridge Party
Cb
. THE INDIANAPOLIS TIMES __-
The Progressive
meet &t 12:90 p. m. tomorrow in| national Travel-Study club, will/Inc, will have a bridge party y i ol 519 5 , in| 1:30 p. m, $i bid in goign
As it completes One Hundred Years of Transportation Progress...
PENNSYLVANIA RAILROAD REPORTS FOR THE YEAR 1945
~
INCOME STATEMENT
Year 1945 Comparison with 1944 $603,561,529 D $70,833,779
INCOME: Freight “ev eee
Passenger . « + +» 258,864,371 D 1,940,611 Operating Reveoues . . { Mail . . oc 0 0 14,821,654 DD 21,018 Express sev NY 10,836,165 D 1,327,154 Other « s 6 sv 5 » 48,369,692 I $60,058 - 936,453,411 D 73,562,501 Other Income—chiefly dividends ; and interest on securitiesowned . + ov + +» + *42,990622 | 3,717,973 Total . ® 9 9 0 8 EYEE YY 979,444,033 D 69,844,528 EXPENSES: : - Operating Expenses Te SP PIL IEEE LEEES 783,947,431 I 47,628,686 Theth . .. i... *¢ ss ess TREN 54,340,013 D 98,498,395 Equipment and Joint Facility Rents . . . . «4 « 10,985,428 D 901,265 Rent for Leased Roads, Interést on Debt, etc. + .__- 81;162,923 “DD 2,361,361 TOME, «4 +s 60s 8 00d evsns 930,435,795 D 54,132,335 Netlncome. os « « oo os ¢ s 000 0 4 49,008,238 D 15,712,193 | DISPOSITION OF NET INCOME: Appropriations to Sinking and Other Funds, etc. 3,680,996 | 436,438 Retirement of Debt—Pennisylvania RR. Co. . . t D 18,767,970 Dividend of 59% ($2.50 pet share) . . . . . . ._ 32,919,385 — Balanceof Income . . . . . ¢ so 4 ¢ + + 12,407,857 i 2,619,339 *lacludes dividend of $3,000,000 (par valoe) in secutities received from Peadnsylvania Company. 1$21,189,880 of debt was retired from current cash and other alsets in 1945. : .
taxes of $12,741,141, and Railroad Re. tiremént taxes of $13,802,891, aggregated
RESULTS FOR THE YEAR The high level of business that pre.
vailed during the war years continued $54,340,013. during 1943, the volume Being the tind largest in the Company's history, and . | EGISLATION exsesiled Gly in 1974 dnd 1944. To clarify the intent of Congress with Costs of tion constantly increased respect to carriers subject to the Inter-
due ro higher costs of labor and higher costs of materials. Operating revenues of the Company declined $73,562,501, caused by the cessation of hostilities
and labor disturbances in some of the
state Commerce Act, and to resolve any regulatoty conflicts with the Antitrust laws, Congressman Bulwinkle of North Carolina introduced a bill, H. R. 2536, ‘known as the Bulwinkle Bill, which gives
larger industries. Expenses of operation such carriers protection from the Antincreased $47,628,686, includin trust laws only to the extent that their $41,395,479 to cover the unamortized acts and ures have obtained prior portion of the cost of emergency facili- Commission val. The Bill was en-
ties required for prosecution of the WAL, e Net Income in 1945 was $49,008,238 compared with $64,720,431 in 1944, a decrease of $15,712,193. Notwichsuading this decrease in Net Income, dividends paid in 1945 were maintained ac the same rate paid in 1944, 1943 and 1942—5% ($2.50 per
dorsed by the Interstate Commerce Commission 2nd numerous state commissi: jad by public a Cmecal bodies an y shippers an ucers generally. It wis passed by the House b A large majority and now awaits action by the te.
To insute consistént policies with re-
share). spect to legislation, 4nd the future efficiency of the transportation system, the TRANSPORTATION Bill is worthy of the earnest support of
the people, who have recently seen the viral im ce to the nation of the ability of the carriers to work together in the public interest.
FOR THE FUTURE The 's vast system of airways, highways and oy will be expanded at the Government's expense, while all of the improvements for the ~ railroads will be privately financed. The probleats with which the railroads are ced as a result ¢ war should have intelligent consideration by state and national suthorities wherever regulation restricts the oppottunity for the rails to move forward. The railroads want no subsidy; they want equity. They are a hetvily taxed industry competing with subsidized induscries, and all. they ask is equality of opportunity. As the railroads planned to meet the tequirements of wir, so they are plan.
FREIGHT AND
PASSENGER RATES
The railroads have done the war job with practically no ‘Increase in freight rates aid a relacivély small increase in ssenger fares—2/10 of a cent per mile in basic coach fares and 3/10 of a cent per mile in fares good in Pullman cars.
The year 1946 will be one of greatly increased cost of operation and maintenance with a decreasing business, and it is cherefore imperative to consider the need for increased railtoad freight rates.
ning for the opporturities of peace, and : ini given 4 fair and Suitable chance they aa Milokls weve Britecd . dod will furnish the public the best in freight 8 " Yas
which however was suspended until six months after the war; batt as the sicuttion 4 to developing, it will be Bo for the. om $ to . petition the Interstate Commetce Commission for an increase than that under suspension, in order to meet tly increased expenses and avoid
and passenger service.
TAXES The Pennsylvania’ Railroad Company during the wir years paid in taxes and disbursed fot improvements and repairs,’ to meet the wir load 2 sum of money
Squl w the entire debt upon the prop- eficit operation. . A national railroad system without any debt would place the railroads in the Large expenditures must be made for
the rehabilitation of the railroads. All of these necessities will require money in large amounts. Money requires credit, and the credit of the Company is very much affected by the rates ac which the business is cartied.
same position as their competitors, as the Government furnishes #large amount of the capital for the waterways, the highways and the airways. :
There was much deferred maintenance during the wir period. The Interstate Commerce Commission gave the railroads authority to create reserves to meet this situation. The taxation system, however, would not permit them to take any tax benefit on reserves so created, and money thac should have been set aside for this purpose was tixed the same as othetincome. Deferred maintenancemust, therefore, be paid out of post-war earnings, and the more the jostcda edtnings are siphoned off through taxation, theless will be the money the railroads can spend on rehabilitation and improvements, Ruilway tixes, after adjuscment by tax credits of $24,443,381 for prior war years, together with Unemployment. Insurance
REDUCTION
OF PUNDED DEBT
Matutities during the year amounted to $11,807,880, which together with othet debt retired and canceled amounting to $9,382,000, made # total reduction of $21,189,880 in 1945. This re. duction was offset, in part, by the issuance Of $16,290,000 Equipment Trust Obligations.
In addition, as a result of refinancing of bonds and purchases from the public, other debe of System Companies was reduced $5,380,087.
#
The debe of che System in the hands of the public’ was, therefore, reduced $10,279,967 in 1945, making a net reduction of $148,670,000 during the last six years,
REVINANCING OF BONDS e Company continued its policy of taking advantage of the ing money yr to ag. ofthe previ bonds, as well as those of its affiliated companies, and was able to make some advan. tageous refundings, from which it will ultimately realize approximately $47,000,000 of savings.
EQUIPMENT
The ehding of the war made it possible to Acquire materials for construction of passenger cars, and thete are undet construction one hundred 1nd eg tela senger triin cars, tweight con. Be of which ninety are A built in Altoona Shops, and twenty-two by an outside builder. They are the finest type ever to be built for the Company, and ate especially designed for safety.
Since the close of the year, orders have been placed with outside builders for the construction of two hun: and foutteen train cars of which one hundred and fifty-nine ace to be sleepers, for the improvement of the jor passenger service on the railroad.
Twenty-five of the largest and most modetn steam t locomotives and tenders were in service during the year. Orders wete placed for fifty addi. tional steam passenget locomotives and tenders and part of the order was delivered. One Diesel electric passenger locomotive was delivered during the year, and'ten more wete ordered.
On December 18, 1945, the District Court of the United States for the East. "etn District of Pennsylvania approved the sale by Pullman Incorporited to a Buying Group of Railroads of all the outstanding stock of its wholly owned subsidiaty, The Pullman Company, which owns and services the sleeping cars.
The Pennsylvania Railroad Company, as one of the railroads in the Buying Group, has purchased from The Pullman Company 142 lightweight sleeping cars assigned for service on its lines, as well as 123 regularly assigned parlor cars.
RESEARCH The Company, dlways seeking through research in science and through discovery and invention, to in the forefront of progressive impravement in miltoad travel and shipping, has continued to move forward during the year. Through its own research suff, through the research laboratories of the Association of Atnefiten Railroads, 404 cooperatively ‘with equipmetit manufac pre ge the Compt 8 to in weiliziag to the utmost imptovéments in the fiel of electtonics, metallurgy, chemistry and engineering, which can be applied to increase the efficiency, comfort and safety of rail transportation.
EMPLOYES
As we come out of the war and enter the peace, itis a Jleasure to acknowledge the efficiency and loyalty-of the employes of the Pennsylvania Railroad an devotion to duty.
~~ From the low ehb of the depression in 1938, with a depleted force, the Com. pany moved into the heavy traffic of the war, met the peak load of its history, both passenger and freight, and is mov. ing into the reconvetsion era. The Management wishes to acknowledge the spendid way the employes served thei won and the Company by meeting successfully every emergency they were called upon to face.
their
STOCKHOLDERS The growth and expansion of the Comrpany during the one hundred years of its
existence is refl in the number of shareholders, the shares outstanding and their distribution, When the Company was chartered there were 2,635 subscribers to the original issue of 60,257 shares of stock of the par value of $50 eath, being an average holding of 22.87 shares by each subsctiber.
On December 31, 1945, there were 214,995 holders of stock, and the number of shares outstanding had grown to 13,167,754. The average holding was 61.24 shares.
M. W. CLEMENT, Presidens;
PENNSYLVANIA RAILROAD
BUY UNITED STATES SAVINGS BONDS
technology,
=
WHERE THE DOLLAR WENT WAR YEARS 1941. as
terest, rentals and other necessary charges, . gver half the remaining income went t6 thxek.
&
Gand
NEt REDUCHION IN SYSTEM DESY IN HANDS OF PUBIC
SIX YEAR REDUCTION SW8,70,000 fen: 1948)
‘33,114,000
LLLTEE ETL LITE SULT ET
ALLL LEEPER NR
FLL LTTE
- te SQ CITTItiT pl TTL LLL LLL TLL TTITTL
There has been a stéddy and. substantial reduction of futided debt in the hands of the public, as this graph shows. Over thé last sis years The Penndylvania Railroad System debt has been reduced $148,670,000.
INCREASING EQUITY OF STOCKNOLDIRS
PRR SYSTEM
| oaokivaifisaz]isa: fons)
This chart shows how the property Imvest. ment in therailroad system has steadily grown
- while publicly held debt has decreased. The
money put back into the maijread not only has increased the stockholder’s equity but has brought the total investment to a point where it 1s equal to more than $17,000 per employe. Lh Ta
A BRIEF HISTORY of the ralirond’s growth and development over the hundred years since its founding April 13, 1846, is included in the Annual Reporteent to stockholders. Copies of it may be had by writing © Office of the Secretary, Broad St 4 Station Building, Philadelphia, Pa.