EXHIBITS ACCOMPANYING STATEMENT OF DAVID C. BEVAN, VICE PRESIDENT, FINANCE, THE PENNSYLVANIA RAILROAD Co.

TABLE 2.-Comparison of rate of return on net assets with yield on long-term U. S. Treasury bonds, 1940 to 1955

NOTE.-Ratio of net income to net assets.

Net income is taken as reported, after depreciation, interest, taxes, and other charges and reserves, but before dividends. Net assets represent book value of outstanding preferred and common stock and surplus account at beginning of each year. Sources: First National City Bank of New York; Federal Reserve.

TABLE 3.-The Pennsylvania RR. Co.-Relationship of net income and dividends paid to net assets